Tech Talk for Friday October 29th 2021

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Pre-opening Comments for Friday October 29th 2021

U.S. equity index futures were lower this morning following release of lower than consensus quarterly results and guidance by Amazon, Apple and Starbucks. S&P 500 Index dropped 19 points in preopening trade.

U.S. equity index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for September Personal Income was a slip of 0.1% versus a gain of 0.2% in August. Actual was a gain of 0.1%. Consensus for September Personal Spending was an increase of 0.5% versus a gain of 0.8% in August. Actual was an increase of 0.8%.

The Canadian Dollar was unchanged at US80.94 cents following release of Canada’s August GDP report at 8:30 AM EDT. Consensus was a month-to-month increase of 0.7% versus a gain of 0.1% in July. Actual was an increase of 0.4%

Amazon plunged $165.57 to $3,281.00 after reporting lower than consensus quarterly revenues. The company also lowered fourth quarter guidance.

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Apple dropped $5.32 to $147.01 after reporting lower than consensus fiscal fourth quarter revenues. The company also lowered guidance.

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Starbucks fell $3.40 to $109.80 after reporting lower than consensus fiscal fourth quarter revenues.

EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/10/28/stock-market-outlook-for-october-29-2021/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Merck $MRK a Dow Jones Industrial Average stock moved above $84.56 to an all-time high extending an intermediate uptrend.

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Boeing $BA a Dow Jones Industrial Average stock moved below $204.80 extending an intermediate downtrend.

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Core-cyclical bets pulling back from levels of resistance into the end of the month, but there is little fundamentally, technically, nor seasonally to suggest that these segments are at risk for declines in the months ahead. equityclock.com/2021/10/27/… $XLI $XLB $XLF $XLE $CRAK

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Grain prices continue to rise. Yesterday $CORN completed a short term breakout setting an upward trend. Today, $WEAT moved above $7.53 setting a five year high extending an intermediate uptrend. Good news for fertilizer/ agribusiness stocks and ETFs e.g. MOO and COW.TO !

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Vietnam ETF $VNM moved above $20.25 resuming an intermediate uptrend.

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Rio Tinto $RIO the world’s largest base metals producer moved below $64.24 extending an intermediate downtrend. Responding to the virtual collapse in iron pellet prices.

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Charter Communications $CHTR a NASDAQ 100 stock moved below $683.44 completing a Head & Shoulders pattern.

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Dollar Tree $DLTR a NASDAQ 100 stock moved above $106.64 extending an intermediate uptrend.

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Suncor $SU.CA a TSX 60 stock moved above $31.10 to an 18 month high extending an intermediate uptrend.

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Late News

The NASDAQ Composite Index moved above 15,403.44 to an all-time high and the NASDAQ 100 moved above 15,701.40 to an all-time high extending intermediate uptrends.

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Please note that these indices are expected to open significantly lower this morning after heavy weight stocks in the indices including Apple, Amazon and Starbucks reported less than consensus quarterly results after the close.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Oct.28th 2021

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Green: Increase from previous week

Red: Decrease from previous week

 

Commodities

Daily Seasonal/Technical Commodities Trends for Oct.28th 2021

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Green: Increase from previous week

Red: Decrease from previous week

 

Sectors

Daily Seasonal/Technical Sector Trends for Oct.28th 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)

 

S&P 500 Momentum Barometers

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The intermediate term Barometer gained back 7.75 to 65.06 yesterday. It returned to Overbought from Neutral on a recovery above 60.00.

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The long term Barometer added 2.55 to 74.10 yesterday. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer added 3.40 to 62.14 yesterday. It changed back from Neutral to Overbought on a move above 60.00.

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The long term Barometer slipped 0.49 to 63.59 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 Friday October 29th 2021”

  1. Larry/ON Says:

    AAPL, AMZN – Supply chain issues, chip shortage and labour costs. That is what is now in the minds of investors and they will avoid stocks that are vulnerable on these points and money will find its’ way into stocks that are not vulnerable on these points. Software, cloud, internet. MSFT had no supply chain issues. Other stocks CRM, NOW, ADBE. Internet security stocks like CRWD. The take on supply chain is that in 12 months it will no longer be an issue. In the meantime it will hold down those that are vulnerable to it maybe for a couple of quarters.
    BNN had a piece on coming lifting of curbs on bank div hikes and buybacks. Hold onto your Cdn bank shares because when it happens there will be a nice pop upwards.

  2. Larry/ON Says:

    X – US Steel will go above 30 lickety split. Massively undervalued.

  3. Rol Lew Says:

    X also has v high daily volume, compared to the others

    https://stockcharts.com/freecharts/candleglance.html?SLX,X,NUE,MT,STLD,SCHN|D|0

  4. Larry/ON Says:

    If China Took Taiwan The World Would Be Hostage For Semi Chips
    The current commercial issues causing the supply chain shortages will end, but ” what frightens me the most is the geopolitical … the politics of this is just getting starting in Washington and Beijing,” Dewardric McNeal, managing director and senior policy analyst at Longview Global, who worked for the Secretary of Defense on East Asia and China security relations during the Obama administration

    https://www.cnbc.com/2021/10/29/apple-chip-woes-will-end-but-us-china-supply-chain-war-just-starting-.html

    https://www.cnbc.com/2021/03/16/2-charts-show-how-much-the-world-depends-on-taiwan-for-semiconductors.html

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