Tech Talk for Wednesday November 10th 2021

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Pre-opening Comments for Wednesday November 10th

U.S. equity index futures were lower this morning. S&P 500 futures were down 18 points in pre-opening trade.

Index futures moved lower following release of the October Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.6% versus a gain of 0.4% in September. Actual was an increase of 0.9%. Excluding food and energy, consensus was an increase of 0.4% versus a gain of 0.2% in September. Actual was an increase of 0.6%.

General Electric added another $1.29 to $112.58 after the company announced a restructure into three separate entities. Deutsche Bank raised its rating from Hold to Buy. In addition, the company announced plans to re-purchase debt valued up to $23 billion.

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Krispy Kreme advanced $0.57 to $13.55 after reporting higher than consensus quarterly revenues and earnings.

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Wendy’s gained $0.06 to $23.10 after reporting higher than consensus third quarter revenues and earnings.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/11/09/stock-market-outlook-for-november-10-2021/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Eurozone iShares $EZU moved above $51.58 to an all-time high. Seasonal influences on a real and relative basis are favourable to January 5th. If a subscriber to EquityClock, see seasonality chart at charts.equityclock.com/isha…

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Junior Gold ETF $GDXJ moved above $45.75 setting an intermediate uptrend.

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Infrastructure beneficiaries were the big winners during Monday’s session, just in time for the start of the optimal holding periods for each around the middle of November. equityclock.com/2021/11/08/… $SLX $XME $PKB

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General Electric $GE moved above $115.02 and $115.14 extending an intermediate uptrend. The company announced a restructuring into three new entities.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.9th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for Nov.9th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Nov.9th 2021

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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).

 

Seasonality Chart of the Day from www.EquityClock.com

Seasonal influences for Technology SPDRs (Symbol: XLK) relative to the S&P 500 Index changes from Positive to Neutral from November 10th to January 15th

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XLK remains in an intermediate uptrend. However, daily momentum indicators (i.e. Stochastics, RSI and MACD) are Overbought and rolling over.

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S&P 500 Barometers

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The intermediate Barometer slipped 0.60 to 73.15 yesterday. It remains Overbought.

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The long term Barometer added 0.20 to 76.15 yesterday. It remains Overbought.

 

TSX Barometers

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The intermediate Barometer slipped 0.96 to 76.08 yesterday. It remains Overbought.

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The long term Barometer added 0.48 to 71.29 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




11 Responses to “Tech Talk for Wednesday November 10th 2021”

  1. Larry/ON Says:

    SPX – Down but absolutely no sense of panic. Growth stocks hit with the CPI inflation figure but TSLA already rebounded. PYPL also off the mat on a down morning which obviously means buyers want in. NVDA and AMD rebounding off their lows for now.

  2. Rol Lew Says:

    https://stockcharts.com/h-sc/ui?s=AMD&p=D&yr=0&mn=6&dy=0&id=p31049562304

    https://tse3.mm.bing.net/th?id=OIP.A8TqrKqzjGq6Va3YeRwf8wHaCF&pid=Api&P=0&w=545&h=153

  3. Rol Lew Says:

    s – t – r – e – a – c – h – e – d

    https://stockcharts.com/h-sc/ui?s=SMURF&p=D&b=5&g=0&id=p72408409060

    https://tse2.mm.bing.net/th?id=OIP.e3TouzsYGvddn-VwoO-YwQHaD-&pid=Api&P=0&w=379&h=203

    https://stockcharts.com/h-sc/ui?s=QQQ&p=D&b=5&g=0&id=p14583076185

  4. Ron/BC Says:

    Nice clean breakout on the $GOLD ETFs and other $GOLD stocks as well.

    https://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=1&mn=0&dy=0&id=p18892838606&a=673066441

  5. Larry/ON Says:

    Financials – Holding up nicely but no big surge on the idea that rates will go up. I an guessing on Cdn banks that strength will show up just shortly before earnings dates. I lucked out and managed to get TSLA today two dollars above the low. How I wish it was for a lot more shares. I think hard support on TSLA is at the point of the breakout in the 910-950 area.

  6. Paula Says:

    Ron/BC
    Thanks for all the gold and gold related charts. Some things I am wondering:
    1. Will the gaps need to be filled at some point?

    2. The closing prices were well off their highs and actually lower than the opening prices. Do you take this into consideration in your trading?

    3. Here is an old GDX chart of yours that I have shown before. The GDX:GLD ratio does not seem to me to have broken out yet. How do you see it and does it matter?

    https://schrts.co/HedtTZsA

  7. Ron/bc Says:

    Paula
    Not at my computer now but will look at the charts later.I am concerned about those things as well and took profits yesterday. But then I’m not a long term investor. (In the long term we are all dead). I’ll look at the charts later but if the breakouts hold all is well.

  8. Ron/bc Says:

    Paula
    Gaps almost always get filled at some point as there’s no support or resistance there.

  9. Paula Says:

    Ron/BC
    No worries. We all have other things going on in our lives. It’s interesting that you already took profits but I don’t blame you. Profits in gold can disappear quickly.

    If you get a chance sometime, I am always interested in your charts and comments.

    I was wondering if you had any luck contacting Tawny. I recall that she was having health issues last time she posted, which must have been before Covid. I hope she’s ok.

  10. Ron/BC Says:

    Paula
    Here is a chart of GDX and price has cleared 33.50 and 33.75 and the 200ema. The ratio chart of GDX:GLD has been positive for the last 6 weeks. The ratio Histogram chart of 50,200,20 has been bullish for over a month now as well. And the seasonality chart is bullish ahead. And the price chart pattern from early August is a very bullish Inverse Head and Shoulders pattern & so is the GDX:GLD chart. Sooooooooooooo, things look much improved. Doesn’t mean price can’t pull back some but overall this chart and technicals are bullish.

    https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=0&dy=0&id=p26466747840&a=673066134

    https://stockcharts.com/freecharts/seasonality.php?symbol=GDX

  11. Ron/BC Says:

    Paula

    Here is XGD.to. Nice downtrendline breakout. Price could pull back to the broken downtrendline as well.

    https://stockcharts.com/h-sc/ui?s=XGD.TO&p=D&yr=1&mn=0&dy=0&id=p38471286023&a=673066137

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