Tech Talk for Wednesday November 3rd 2021

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Pre-opening Comments for Wednesday November 3rd

U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade. Investors are waiting for news at 2:00 PM EDT from the Federal Reserve on interest rates and tapering of its bond purchases.

Index futures were virtually unchanged following release of the October ADP Employment Report at 8:15 AM EDT. Consensus was a gain of 395,000 versus an increase of 568,000 in September. Actual was an increase of 571,000.

T-Mobile advanced $2.70 to $118.50 after reporting higher than consensus quarterly earnings.

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Pfizer added $0.39 to $45.84 after the CDC backed its COVID 19 vaccine for children aged 5-11.

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Bed Bath and Beyond jumped $12.90 to $29.68 after announcing a joint effort \with Kroger to set up an e-commerce in-store pilot.

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New York Times advanced $2.20 to $58.00 after reporting higher than consensus third quarter results. The company also raised guidance.

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EquityClock’s Daily Comment

Following is a link:
http://www.equityclock.com/2021/11/02/stock-market-outlook-for-november-3-2021/

Technical Notes released yesterday at

StockTwits.com@EquityClock

Small-caps breakout, providing a strong argument to be risk-on in investment portfolios. equityclock.com/2021/11/01/… $IWM $RUT $VTWO $IWN $IWO

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Incyte $INCY a NASDAQ 100 stock moved below $64.08 extending an intermediate downtrend.

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Goldman Sachs $GS an S&P 100 stock moved above $418.73 to an all-time high extending an intermediate uptrend.

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Materials SPDRs $XLB moved above intermediate resistance at $86.25. Seasonality is strongly favourable to the first week in January. If a subscriber to equityclock.com/ see: charts.equityclock.com/mate…

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.2nd 2021

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Green: Increase from previous week

Red: Decrease from previous week

Commodities

Daily Seasonal/Technical Commodities Trends for Nov.2nd 2021

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Green: Increase from previous week

Red: Decrease from previous week

Sectors

Daily Seasonal/Technical Sector Trends for Nov.2nd 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)

Seasonality Chart of the Day from www.EquityClock.com

Seasonal influences for Canada’s six largest banks represented by ZEB.TO are strongly positive on a real and relative basis until the end of November when banks report fourth quarter results

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Units are moving higher partially in anticipation later this month of expected reduction or elimination of current OSFI restrictions on dividend payouts and share buybacks.

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S&P 500 Momentum Barometer

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The intermediate term Barometer added 3.21 to 69.28 yesterday. It remains Overbought and continues to trend up.

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The long term Barometer slipped 1.81 to 72.89 yesterday. It remains Overbought.

TSX Momentum Barometer

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The intermediate term Barometer added 1.16 to 62.62 yesterday. It remains Overbought.

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The long term Barometer slipped 1.29 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




9 Responses to “Tech Talk for Wednesday November 3rd 2021”

  1. Ron/BC Says:

    Another bullish looking chart…………….

    https://stockcharts.com/h-sc/ui?s=SCHD&p=D&yr=2&mn=0&dy=0&id=p72007131708&a=673066363

  2. Larry/ON Says:

    LB – Up the most today of the Cdn banks at the moment. Cleared resistance at 42.83 now at highest level since July. 2021 high is 44.29 which is the next stop. The stock gets pounded for months on end by short sellers and then has huge gains on the rebound. When it clears 44.29 the next level of resistance is ultimately $50. This is a turnaround story that is a bit speculative. New CEO took over in March who was an exec at BNS.

  3. Ron/BC Says:

    The Small Cap ETF:XSU.to has finally broken out over its 10 month sideways channel. Very impressive. Just a nose poke over the line so far and must hold above to confirm a valid breakout.

    https://stockcharts.com/h-sc/ui?s=XSU.TO&p=D&yr=2&mn=0&dy=0&id=p77086898025&a=673066108

  4. Larry/ON Says:

    There was some bifurcation between tech and financials in reaction to interest rates and growth prospects. It is really nice to see tech pick up at the same time as financials move strongly higher post Fed announcement.

  5. Paula Says:

    GDX seems to reversing from earlier weakness. Dead cat bounce to resistance around 20 and 50 EMA or possible right shoulder of head and shoulder bottom?

    https://schrts.co/DvWKGHVa

  6. Ron/BC Says:

    Paula

    Re:GDX: “IF” Price can stop about here and turn up and clear 33.50 that would be wildly bullish being an Inverse Head and Shoulder pattern starting from August. Wild and crazy Gold markets for some time now…………………

  7. Paula Says:

    Ron/BC
    yes, anything is possible. I don’t like chasing so this has my attention as something that hasn’t made a big move yet, unlike other parts of the market.

  8. Ron/BC Says:

    Paula

    Here is a chart pattern you don’t hear about much more. Don’t know why because it’s a very good one and quite reliable. It’s called “The Squeeze”. When a variety of moving averages come together like this it tells you investors and traders are waiting for “something”. Then you see price breakout above them and run up. You probably know this but I just thought I’d mention it. Whenever you see The Squeeze it pays to take a 2nd look at the chart in any stock. No need for some sexy news story to buy.

    https://stockcharts.com/h-sc/ui?s=ZEB.TO&p=D&yr=1&mn=0&dy=0&id=p39642396725&a=1055739122

  9. Paula Says:

    Ron/BC https://schrts.co/CdiKxIaU
    Thanks for the chart with the squeeze pattern on the moving averages. I hear the same thing re Bollinger bands but in this example I don’t think they add anything. I do own some banks and recently added to ZWB.TO. nice yield close to 5%. Bruce mentioned this one yesterday.

    https://schrts.co/CdiKxIaU

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