Tech Talk for Friday November 5th 2021

Daily Reports Add comments

Pre-opening Comments for Friday November 5th

U.S. equity index futures were higher this morning. S&P 500 futures were up 21 points in pre-opening trade.

Index futures moved higher following release of the U.S. October Employment Report at 8:30 AM EDT. Consensus for October Non-farm Payrolls was an increase of 450,000 versus an upwardly revised a gain of 312,000 in September. Actual was an increase of 531,000. Consensus for the October Unemployment Rate was 4.7% versus 4.8% in September. Actual was a drop to 4.6%. Consensus for October Hourly Earnings was an increase of 0.4% versus a gain of 0.6% in September. Actual was a gain of 0.4%

The Canadian Dollar moved slightly lower to US8016 cents following release of Canada’s October Employment Report at 8:30 AM EDT. Consensus was an increase of 41,000 versus a gain of 157,100 in September. Actual was an increase of 31,200 Consensus for the October Unemployment Rate was unchanged at 6.9%. Actual was a drop to 6.7%.

Peloton dropped $19.47 to $67.00 after the company reported lower than consensus quarterly results and lowered guidance. KeyBanc dropped its target price from $155 to $110.

clip_image001

Square fell $7.50 to $239.96 after the company reported less than consensus quarterly revenues.

clip_image002[1]

Moderna lost $18.56 to $265.60 after the company announced lower than consensus third quarter COVID vaccine sales. Also, Pfizer announced a pill version of the COVID 19 vaccine.

clip_image003[1]

 

EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/11/04/stock-market-outlook-for-november-5-2021/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Don’t be fooled by the pullback in the price of oil as the demand fundamentals remain supportive of price. equityclock.com/2021/11/03/… $USO $CL_F $UGA $XLE $XOP

clip_image002

QualComm $QCOM an S&P 100 stock moved above $151.57 extending an intermediate uptrend.

Editor’s Note. Seasonal influences on a real and relative basis are favourable to mid-January. If a subscriber to www.EquityClock.com seehttps://charts.equityclock.com/qualcomm-inc-nasdaqqcom-seasonal-chart

clip_image003

Take Two Interactive $TTWO moved above $188.36 extending an intermediate uptrend. Responding to higher than consensus quarterly results.

clip_image004

Moderna $MRNA a NASDAQ 100 stock moved below $293.58 extending an intermediate downtrend.

clip_image005

BlackRock $BLK an S&P 100 stock moved above $955.72 to an all-time high extending an intermediate uptrend

Editor’s Note: Seasonal influences on a real and relative basis are favourable to April.1. If a subscriber to www.EquityClock.com, see https://charts.equityclock.com/blackrock-inc-nyseblk-seasonal-chart

clip_image006

Nike $NKE an S&P 100 stock moved above $174.89 to an all-time high extending an intermediate uptrend. Seasonal influences on a real and relative basis are favourable to the third week in December. If a subscriber to www.EquityClock.com see:charts.equityclock.com/nike…

clip_image007

Adobe $ADBE a NASDAQ 100 stock moved above $673.88 to anall-time high extending an intermediate uptrend.

clip_image008

Applied Materials $AMAT a NASDAQ 100 stock moved above $145.48 to an all-time high extending an intermediate uptrend.

Editor’s Note: Seasonal influences on a real and relative basis are favourable to the third week in March. If a subscriber to www.EquityClock.com, see: https://charts.equityclock.com/applied-materials-inc-nasdaqamat-seasonal-chart

clip_image009

Synopsys $SNPS a NASDAQ 100 stock moved above $340.66 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable to mid-February. If a subscriber to equityclock.com/ see: charts.equityclock.com/syno…

clip_image010

AT&T $T an S&P 100 stock moved below $25.01 extending an intermediate downtrend.

clip_image011

Gildan Activewear $GIL.CA a TSX 60 stock moved above $50.43 extending an intermediate uptrend.

Editor’s Note: Seasonal influences on a real and relative basis are favourable until at least mid-February. If a subscriber to www.EquityClock.com see, https://charts.equityclock.com/gildan-activewear-inc-tsegil-seasonal-chart

clip_image012

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.4th 2021

clip_image014

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for Nov.4th 2021

clip_image016

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Nov.4th 2021

clip_image018

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)

Canadian Association for Technical Analysis

The Association has arrived! Joining the Association provides an excellent opportunity to learn technical analysis techniques and to share opinions on markets.

 

The new web site has just been launched. The Association became “live” in October with free Zoom presentations featuring Keith Richards and Ron Meisels. Next two presentations have been scheduled featuring Greg Schnell on November 9th and David Cox on November 25th

More information on the Association, its services and the current bargain price for joining is available at Emailing – Canadian Association for Technical Analysis (canadianata.ca)

 

 

S&P 500 Momentum Barometers

clip_image019

The intermediate term Barometer slipped 2.01 to 69.08 yesterday. It remains Overbought.

clip_image020

The long term Barometer eased 2.41 to 73.69 yesterday. It remains Overbought.

 

TSX Momentum Barometers

clip_image021

The intermediate Barometer added 4.78 to 70.00 yesterday. It remains Overbought.

clip_image022

The long term Barometer eased 1.44 to 65.71 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




13 Responses to “Tech Talk for Friday November 5th 2021”

  1. Dave/AB Says:

    Hi still_learning

    I thought this might help you. Yesterday on BNN. David Burrows commented on banks and setting new highs. This was before OSFI made their comment.

    https://www.bnnbloomberg.ca/video/david-burrows-discusses-td-bank~2315021

  2. Larry/ON Says:

    This is what will now drive the market even more overbought. Everything is roses and everyone has cash to invest. Don’t know when the euphoria will end but it may be a good ride for a while. You just don’t want to be left holding the bag far out into margin on some high flying stocks when there is a correction.

    https://www.cnbc.com/2021/11/05/pfizer-says-its-covid-pill-with-hiv-drug-cuts-the-risk-of-hospitalization-or-death-by-89percent.html

    https://www.cnbc.com/2021/11/04/cramer-says-this-weeks-election-results-are-good-for-stocks-expects-market-to-go-higher.html

  3. still_learning Says:

    Thanks Dave/AB for the clip. Although I don’t like him anymore, I agree with Burrows on this one.

  4. Ron/BC Says:

    still_learning
    Just thought I’d post this line chart of ZEB.to. You can see how well it’s done but notice on this line chart how price did break its uptrendline which is now serving as resistance. Don’t mean to spook you but thought this just might be a warning with resistance just overhead now. Price is presently testing its low of the day. What would be technically better is a pullback now and then a resumption of the rally. That is what this chart is suggesting to me. But hey, I’m always a little paranoid anyways………………As long as you have an exit strategy it should work out just fine.

    https://stockcharts.com/h-sc/ui?s=ZEB.TO&p=D&yr=1&mn=0&dy=0&id=p06902141652&a=1055739122

  5. still_learning Says:

    hi Ron/BC,

    Thanks for your chart Ron. Along with ENB, ZEB is my slow&steady stock. I’ve got the current danger (support) price for ZEB at 37.85.

    FYI, I use a +/- 2StdDev line, over&under a 34d trend line, to gauge a stocks cycles. I look for short-term buys when a rising stock pulls back and dips below the -2SD line. ZEB has been holding pretty steady around the 34d trend line, never get near the + or – 2SD line.

    Bernie/Lethbridge
    PS. Golfing done here for this season …sigh

  6. Ron/BC Says:

    The Consumer Staples ETF:XLP just made a nose poke above the August high price resistance of $72.80. Price needs to “Clear & Hold” above this price level to confirm a valid breakout.

    https://stockcharts.com/h-sc/ui?s=XLP&p=D&yr=2&mn=0&dy=0&id=p59259098070&a=673066462

  7. Ron/BC Says:

    still_learning

    Sounds like you’ve got the bases covered well. I would think 37.85 support is also the bottom of that “M” pattern that saw its low in early November.

    I’m still golfing here in Victoria between rainfalls. Bernie and I and my lady friend and her friend were out last Saturday. Was very soggy but still golfable. I’m still not that physically healthy since I had a couple of falls mid year but just keep going like the energizer bunny only with a slower drum beat. When it’s time to go I’ll just find a cliff to go over. Meanwhile …….FORE…………………

  8. Ron/BC Says:

    Another nose poke above important price resistance is the INDUSTRIAL ETF:XLI.
    Price must “CLEAR & HOLD” above this level to be a valid breakout.

    https://stockcharts.com/h-sc/ui?s=XLI&p=D&yr=2&mn=0&dy=0&id=p57341484695&a=673066330

  9. Ron/BC Says:

    Lots of bullish chart patterns on the precious metal stocks………….

  10. Larry/ON Says:

    SU – Was a very enticing buy today. The chart is great, the dividend is great, the longer term prospects for oil is great and that is all connected to reopening. Energy stocks held up very well while the price of oil dropped which is a really good indicator.
    PFE- The drug they developed to treat Covid is quite remarkable. IMO the momentum keeps going.

  11. Ron/BC Says:

    A major breakout of the Retail ETF:XRT. And like all breakouts they must hold above the breakout point to be valid.

    https://stockcharts.com/h-sc/ui?s=XRT&p=D&yr=2&mn=0&dy=0&id=p59259098070&a=673066352

  12. FishFat Says:

    re: #11 XRT Retail ETF
    Ron/BC
    Nice call, thanks for the heads-up.
    There are a few red flags on the weekly chart, like the negative divergence on several indicators and the relatively low breakout volume. But the MACD is set to make a bullish cross of the signal line above the the zero level – which often makes a good entry point. Of course, as you said, the breakout needs to hold and the MACD needs to cross and stay above that signal line.
    https://schrts.co/XnJBEBYa

  13. Ron/BC Says:

    FishFat

    Thanks for the info. It confirms my thoughts that while the broad market remains in an uptrend, we are not far away from a major selloff. Look at March 2020 for an example of how quick and dramatic a major selloff takes place. It looks like smart money is getting ready for it. Meanwhile the Daily charts are still looking good on the short term……

Entries RSS Comments RSS Log in