Tech Talk for Wednesday October 27th 2021

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Pre-opening Comments for Wednesday October 27th

U.S. equity index futures were mixed this morning. S&P 500 Index were unchanged in pre-opening trade.

The Canadian Dollar was quiet at US80.62 cents prior to an economic update to be released by the Bank of Canada at 10:00 AM EDT. A conference call following the update is scheduled at 11:00 AM EDT. Consensus calls for no change in the Bank of Canada’s overnight lending rate to major Canadian banks.

Microsoft added $1.98 to $312.09 after the company reported higher than consensus fiscal first quarter revenues and earnings. JP Morgan raised its target price from $310 to $320.

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Texas Instruments dropped $3.22 to $193.76 despite reporting higher than consensus third quarter earnings. However, quarterly revenues were less than consensus.

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Coca Cola added $0.25 to 54.72 after reporting higher than consensus third quarter earnings.

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First Quantum Minerals dropped $1.18 to Cdn$28.39 after the company guided to narrowed copper production.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/10/26/stock-market-outlook-for-october-27-2021/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

United Kingdom iShares $EWU moved above $33.96 to an all-time high extending an intermediate uptrend

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Technology SPDRs $XLK moved above $159.85 to an all-time high extending an intermediate uptrend.

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Ahead of Amazon’s earnings report on Thursday, we are downgrading our view of the Broadline Retail industry given the sluggish performance realized in recent weeks. Find out what other actions are prudent for your portfolio in today’s report. equityclock.com/2021/10/25/… $AMZN $XRT $RTH

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United Parcel Services $UPS an S&P 100 stock moved above $217.39 to an all-time high extending an intermediate uptrend. The company reported higher than consensus third quarter earnings.

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Editor’s Note: Seasonal influences on a real and relative basis are favourable to the end of November. If a subscriber to www.EquityClock.com , see: https://charts.equityclock.com/united-parcel-service-inc-nyseups-seasonal-chart

General Electric $GE an S&P 100 stock moved above $107.28 and $107.76 resuming an intermediate uptrend.

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Seagen $SGEN a NASDAQ 100 stock moved above $177.75 extending an intermediate uptrend.

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ANSYS $ANSS a NASDAQ 100 stock moved above $377.26 and $378.75 resuming an intermediate uptrend.

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Lockheed Martin $LMT an S&P 100 stock moved below $335.10 setting an intermediate downtrend.

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Brookfield Infrastructure $BIP a TSX 60 stock moved above US$58.58 to an all-time high extending an intermediate uptrend.

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Celestica $CLS.CA a major Canadian technology stock moved above Cdn$12.58 to a three year high extending an intermediate uptrend. The company reported higher than consensus quarterly earnings.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Oct.25th 2021

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Green: Increase from previous week

Red: Decrease from previous week

 

Commodities

Daily Seasonal/Technical Commodities Trends for Oct.26th 2021

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Green: Increase from previous week

Red: Decrease from previous week

Sectors

Daily Seasonal/Technical Sector Trends for Oct.26th 2021

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Green: Increase from previous week

Red: Decrease from previous week

All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX)

The Next Big Move

Greg Schnell focuses on crude oil, grains and gold. Following is a link:

The Next Big Move | The Canadian Technician | StockCharts.com

 

Seasonality Chart of the Day from

www.EquityClock.com

Seasonal influences on a real and relative basis are positive for Materials SPDRs (XLB) until the first week in January.

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Yesterday, XLB moved above $86.25 resuming an intermediate uptrend.

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S&P 500 Momentum Barometers

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The intermediate term Barometer slipped 0.40 to 64.73 yesterday. It remains Overbought.

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The long term Barometer eased 0.40 to 74.95 yesterday. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer slipped 2.42 to 69.08 yesterday. It remains Overbought.

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The long term Barometer eased 0.48 to 67.63 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




4 Responses to “Tech Talk for Wednesday October 27th 2021”

  1. Larry/ON Says:

    MSFT – The earnings and revenue growth machine beats every time. Never sell MSFT. Techtalk posted JP Morgan’s 320 price target which MSFT will possibly surpass as soon as 10am or tomorrow. If there is any post earnings volatility it should be ignored. Sometimes some shares are sold on the news. Targets range all the way to $400 put out by Goldman Sachs. RBC has a $380 target and IMO the upper end of the range is the more realistic one. In aftermarket trading yesterday I noticed MSFT rise while the conference call was on so good news was coming out. I’m trying to get a handle on the conference call info.

  2. Larry/ON Says:

    320 – 10:05am – JP Morgan please put out your revised target.

  3. Larry/ON Says:

    Oil Bulls Beware – Anyone who has loaded up on the oil sector needed to watch Jim Cramer’s Mad Money last night. He went through a very comprehensive technical analysis of futures contracts and historical data that was provided by Larry Williams. The gist is that the industry consumers of oil have stopped hedging future supply costs while speculators have picked up the slack on the bull side propping up price beyond real supply/demand balance. The final piece of the roll-over in oil is a close below the lowest price over the past five trading days. It hasn’t happened yet but it is not far away.

    Financials Softness Today – They were elevated and you are getting a knee-jerk rotation into tech

  4. Rol Lew Says:

    USO VLO This Sept – Oct Move ending?

    https://stockcharts.com/h-sc/ui?s=USO&p=D&b=5&g=0&id=p98293390021

    https://stockcharts.com/h-sc/ui?s=VLO&p=D&b=5&g=0&id=p52706534572

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