Tech Talk for Thursday November 4th 2021

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Pre-opening Comments for Thursday November 4th

U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points in pre-opening trade.

Equity index futures were quiet prior to release of the U.S. September Trade Deficit Report at 8:30 AM EDT. Consensus is a deficit of $74.1 billion versus a deficit of $73.3 billion in August.

The Canadian Dollar was quiet at U.S. 80.51 cents prior to release of Canada’s September Merchandise Trade report at 8:30 AM EDT. Consensus is a surplus of $0.43 billion versus a surplus of $1.94 billion in August.

QualComm advanced $6.76 to $`145.24 after reporting higher than consensus third quarter results.

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Take Two improved $2.34 to $186.50 after offering positive guidance.

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Roku dropped $26.36 to $286.50 after announcing supply chain issues that are reducing revenues and earnings.

EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/11/03/stock-market-outlook-for-november-4-2021/

 

Responses to FOMC news at 2:00 PM EDT yesterday

The Federal Reserve decided to start tapering their bond purchases. Responses were as follows:

Broadly based U.S. equity indices moved higher.

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Yield on 10 year Treasuries moved higher

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Conversely, long term government bond prices moved lower

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U.S. Dollar Index ETN moved lower

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U.S. Financial stocks and related ETFs moved higher

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Gold moved higher

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Base metals prices (copper, zinc, aluminum) rose sharply

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Technical Notes released yesterday at

StockTwits.com@EquityClock

Retail SPDRs $XRT moved above $98.35 and $98.74 to an all-time high extending an intermediate uptrend.

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Dupont $DD an S&P 100 stock moved above $78.39 and $80.17 setting an intermediate uptrend. The stock was a focus yesterday on Cramer’s Mad Money

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Watching the price of copper closely as it tests previous trendline resistance as support. equityclock.com/2021/11/02/… $CPER $COPX $HG_F $XME $FCX $UUP $USDX

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Europe iShares $IEV moved above $55.65 to an all-time high extending an intermediate uptrend.

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Italy iShares $EWI moved above $34.12 to an all-time high extending an intermediate uptrend.

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Sirius XM $SIRI a NASDAQ 100 stock moved above intermediate resistance at $6.38 . Seasonal influences on a real and relative basis are favourable until mid-January. If a subscriber to equityclock.com/ See: charts.equityclock.com/siri…

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Blackberry $BB.CA a TSX 60 stock moved above intermediate resistance at Cdn$15.14. Seasonal influences on a real and relative basis are strongly positive to the end of January. If a subscriber to equityclock.com/. see charts.equityclock.com/blac…

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.3rd 2021

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Green: Increase from previous week

Red: Decrease from previous week

 

Commodities

Daily Seasonal/Technical Commodities Trends for Nov.3rd 2021

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Green: Increase from previous week

Red: Decrease from previous week

Sectors

Daily Seasonal/Technical Sector Trends for Nov.3rd 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)

 

Links from Valued Providers

Thank you to Mark Bunting and www.uncommonsenseinvestor.com for a link to the following comments and videos.

Five Factors Bearish Strategist Admits Could Drive S&P 500 Higher by 36% – Uncommon Sense Investor

 

Gregg Schnell is “Prepping for the 2022 Energy Rally” Following is a link:

Prepping For The 2022 Energy Rally | Greg Schnell, CMT | Market Buzz (11.03.21) – YouTube

 

Editor’s Note: Seasonal influences on a real and relative basis for the energy sector normally bottom in U.S. and Canadian equity indices at the end of November for a seasonal trade lasting until late April. If a subscriber to www.EquityClock.com see:

https://charts.equityclock.com/ishares-sptsx-capped-energy-index-etf-tsexeg-seasonal-chart and

 

https://charts.equityclock.com/energy-select-sector-spdr-fund-nysexle-seasonal-chart

 

Seasonality Chart of the Day from www.EquityClock.com

Seasonal influences on a real and relative basis turn favourable in early November and remain favourable until at least January 20th and frequently to March 10th

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XLV has an improving technical profile. It currently is in an intermediate uptrend. Strength relative to the S&P 500 is positive. Units recently moved above their 20 and 50 day moving averages. A move to an all-time high above $136.56 will attract trader attention.

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S&P 500 Momentum Barometers

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The intermediate term Barometer added another 1.81 to 71.08 yesterday. It remains Overbought and continues to trend higher.

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The long term Barometer added 3.21 to 3.21 to 76.10 yesterday. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer gained 2.60 to 65.22 yesterday. It remains Overbought.

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The long term Barometer added 3.56 to 67.15 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




3 Responses to “Tech Talk for Thursday November 4th 2021”

  1. Larry/ON Says:

    OSFI Announcement At 2PM – Caught wind of it watching BNN. The head of OSFI will be on BNN at 4:10. I’m not expecting instant riches on my bank shares after the announcement but it will help.
    SPX is overbought. Some tech stocks like NVDA are way way up there.

  2. still_learning Says:

    Here’s hoping re bank shares. I bought some more ZEB.TO this morning.
    Sure hope it’s not sell the news.

  3. Ron/BC Says:

    still_learning

    Don’t worry about the news. As long as price holds above the August high of $37.37 that price broke out over in October all is well…………………Price is king!

    https://stockcharts.com/h-sc/ui?s=ZEB.TO&p=D&yr=1&mn=0&dy=0&id=p19538776221&a=1055739122

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