Tech Talk for Friday October 8th 2021

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Pre-opening Comments for Friday October 8th

U.S. equity index futures were higher this morning. S&P 500 index futures were up 11 points in pre-opening trade.

Index futures were virtually unchanged following release of the September Employment Report at 8:30 AM EDT. Consensus for September Non-farm Payrolls was an increase of 460,000. Actual was an increase of 194,000. Consensus for the September Unemployment Rate was a slip to 5.1% from 5.2% in August. Actual was a drop to 4.8% Consensus for September Hourly Earnings was an increase of 0.4% versus a gain of 0.6% in August. Actual was an increase of 0.6%.

The Canadian Dollar increased 0.21 to US80.00 cents following release of Canada’s September Employment Report at 8:30 AM EDT. Consensus was a 60,000 gain in employment versus a 90,200 increase in August. Actual was a gain of 157,100. Consensus for the September Unemployment Rate was a decrease to 6.9% from 7.1% in August. Actual was 6.9%.

Union Pacific added $2.33 to $214.21 after JP Morgan upgraded the stock from Neutral to Overweight. Target was increased from $234 to $247

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Tilray slipped $0.11 to $10.91 after Stifel Nicolaus lowered its target price from $11.50 to $10.00.

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Citigroup added $0.31 to $72.50 after JP Morgan raised its target price from $76.00 to $80.50

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/10/07/stock-market-outlook-for-october-8-2021/

Editor’s Note

Although Monday is a holiday (Thanksgiving) in Canada and a partial holiday in the U.S., Tech Talk will appear as usual.

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Dow Jones Industrial Average $DJIA moved above its 20 day moving average at 34,466.92 and its 50 day moving average at 34,917.24

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S&P/TSX Composite Index $TSX moved above its 20 day moving average at 20,359.79 and its 50 day moving average at 20,446.02

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An encouraging technical sign for the base metals sector! Rio Tinto $RIO, the world’s largest base metals producer moved above $67.91 completing a short term double bottom pattern.

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Access to seasonality charts is available for subscribers to www.EquityClock.com

Base Metals iShares XBM.CA moved above Cdn$17.35 completing a short term double bottom pattern.

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Access to seasonality charts is available for subscribers to www.EquityClock.com

Financial SPDRs $XLF moved above $38.87 to an all-time high extending an intermediate uptrend.

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Access to seasonality charts is available for subscribers to www.EquityClock.com

Paychex $PAYX a NASDAQ 100 stock moved above $118.22 to an all-time high extending an intermediate uptrend.

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Access to seasonality charts is available for subscribers to www.EquityClock.com

Ford $F an S&P 100 stock moved above intermediate resistance at $14.79 .

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Access to seasonality charts is available for subscribers to www.EquityClock.com

Enbridge $ENB.CA a TSX 60 stock moved above Cdn$51.34 to an all-time high extending an intermediate uptrend.

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Access to seasonality charts is available for subscribers to www.EquityClock.com

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Oct.7 2021

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for Oct.7 2021

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Oct.7 2021

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Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index

(except TSX)

S&P 500 Momentum Barometers

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The intermediate term Barometer added 6.81 to 42.49 yesterday. It changed from Oversold to Neutral on the move above 40.00, but is trending up.

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The long term Barometer added 2.00 to 71.14 yesterday. It remains Overbought.

TSX Momentum Barometers

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The intermediate term Barometer added 4.81 to 40.00 yesterday. It changed from Oversold to Neutral on a recovery to 40.00, but is trending higher.

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The long term Barometer slipped 0.18 to 61.40 yesterday. It remains Overbought.

Disclaimer: Seasonality and technical ratings offered in this report and at

www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed




11 Responses to “Tech Talk for Friday October 8th 2021”

  1. Larry/ON Says:

    XLF – Nice to see the new high. There were also new intra-day highs on KBE and KRE (by one cent). ZEB moved above resistance around 36.58. On the flip side TLT really broke down yesterday after trying to bottom around the 200day MA.

  2. Ron/BC Says:

    The SPX continues to battle the downtrendline from early September. This is also the 50ema resistance as well. This needs to be cleared and held to expect more upside.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p01337735589&a=939923011

  3. Ana Says:

    Thinking this for $ES

    https://invst.ly/w989n

  4. Ron/bc Says:

    Ana
    If that last price low support breaks down there will be a major sell off!!!

  5. Ana Says:

    #4. Ron/bc

    Thinking this formation is a H & S and it is forming the last leg of the right shoulder. The bottom line (third line)is the resulting target.

    Maybe…

  6. david Says:

    hi Ron, can you analyse ajx.to for me please. thank you.

  7. Ron/BC Says:

    Ana

    RE: #5 Makes sense to me! I recently put all my TFSA cash along side my RRIF cash and am almost ready to buy a S&P ETF or some other major market ETF. Would like to see a major selloff first……..Hope all is going well with you.

  8. Larry/ON Says:

    I was buying Mon-Thrs and will continue to buy on any weakness.
    Among mega-cap tech MSFT and GOOGL had great buying opportunities this week. Financials have everything lined up for them with rising rates. The cratering of the bond market will likely send assets to dividend paying stocks. $CAD has decisively broken its’ downtrend since June after a couple months of bottoming. It’s all tied to rising energy prices and a recovery of equity prices. I like Cdn banks in this environment and they are in their seasonally strong period which lasts until Nov 30th.

  9. Ron/BC Says:

    David

    Re:AJX.to

    There is a Long term downtrendline on this low priced stock. Has found support at 40cents for many years and “something” has caused it to gap up to over the long term downtrendline and close at 73 cents. That leaves a very large ‘gap’ below and it would be likely to close with another gap lower. If it can hold at the 60 cent level that would be positive. Holding above the long term downtrendline would be even more positive. I wouldn’t chase after it here though.

    https://stockcharts.com/h-sc/ui?s=AJX.TO&p=D&yr=10&mn=0&dy=0&id=p87009712757&a=1040299704

  10. Ron/BC Says:

    David

    Here is the seasonal trend chart for AJX.to. Not very positive until next spring.But that wont be the only thing that determines price.

    https://stockcharts.com/freecharts/seasonality.php?symbol=AJX.TO

  11. David Says:

    Ron/BC

    Thanks Ron for your time to look into it for me . I will keep an eye on it but will not jump in at this time, what you say makes sense. Thanks again

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