Tech Talk for Friday November 12th 2021

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Pre-opening Comments for Friday November 12th

U.S. equity index futures were higher this morning. S&P 500 futures advanced 11 points in pre-opening trade.

Johnson & Johnson added $1.21 to $164.27 after the company announced a split in operations into two separate entities.

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Nvidia dropped $3.90 to $300.00 after Wedbush downgraded the stock from Outperform to Neutral.

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Hewlett Packard Enterprises fell 40.74 to $15.20 after Goldman Sachs downgraded the stock to Sell.

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EquityClock’s Daily Comment

http://www.equityclock.com/2021/11/11/stock-market-outlook-for-november-12-2021/

A Review of Silver for Technicians

Greg Schnell offers a comment:

A Review of Silver For Technicians | The Canadian Technician | StockCharts.com

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Inflationary pressures are starting to become out of control as consumers are being forced to pay more for a wide range of goods. equityclock.com/2021/11/10/… $TLT $GLD $GDX $TIPS $STUDY $MACRO #Economy #CPI

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U.S. Dollar Index ETN $UUP moved above $25.39 extending an intermediate uptrend. Conversely, the Canadian Dollar relative to the U.S. Dollar is sharply lower.

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BMO Emerging Markets ETF $ZEM.CA moved above Cdn$23.72 completing a double bottom pattern.

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Agnico-Eagle $AEM.CA a TSX 60 stock moved above Cdn$72.71 completing a double bottom pattern.

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Royal Bank $RY.CA a TSX 60 stock moved above $133.14 and $133.25 to an all-time high extending an intermediate uptrend.

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NetEase $NTES a NASDAQ 100 stock moved above $107.97 extending an intermediate uptrend. Seasonal influences are favourable on a real and relative basis until at least December 20th. If a subscriber to EquityClock, see:charts.equityclock.com/nete…

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.11th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for Nov.11th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Nov.11th 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).

Your Daily Five

Profit opportunities off the radar” by Greg Schnell Following is a link:

https://www.youtube.com/watch?v=kNGHbVbyDLE

 

S&P 500 Momentum Barometer

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The intermediate term Barometer slipped 1.20 to 73.35 yesterday. It remains Overbought.

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The long term Barometer slipped 0.80 to 75.85 yesterday. It remains Overbought.

 

TSX Momentum Barometer

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The intermediate Barometer added 2.39 to 74.64 yesterday. It remains Overbought.

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The long term Barometer gained 3.35 to 76.08 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




14 Responses to “Tech Talk for Friday November 12th 2021”

  1. Dave/AB Says:

    Hi Ron/BC & Paula

    I agree the best way to see the big picture is through a chart. I like looking at different time frames too. Trading gold has taught me to many lessons. I’m going to trade gold less and keep shorter holds.

  2. Larry/ON Says:

    SMH – Semis got a little overextended on the back of high flyers NVDA and AMD. Those two got taken down a notch and we got a pullback in the ETF. The downgrade on NVDA by Wedbush I sense is due to overvaluation. I would look for any drop down to the 20dayMA as a buying opportunity. It is the “value” semis that look best now as money does not want to go into the high flyers right now. Look at the charts.
    AMAT – Best – Breakout from an extended consolidation period.
    MU – Got trashed and recently broke its’ downtrend line

  3. Larry/ON Says:

    LRCX – I will add that one to my picks. Breaking out above resistance.

  4. Ron/BC Says:

    Dave/AB

    I’ve always found owning a $Gold stock is like having a pet rattle snake………….interesting & exciting but as soon as you turn your back it can bite you in the ass…………………

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

  5. Ron/BC Says:

    Here is the XLI Industrial ETF again. Price poked its nose above the resistance line again but hasn’t blasted off yet. There are a few ETF charts that look like this such as XME Very bullish but like all nose pokes price does have to “Clear & Hold” above that resistance to be valid.

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

    https://stockcharts.com/h-sc/ui?s=XME&p=D&yr=2&mn=0&dy=0&id=p59259098070&a=673066257

    The XSU broke out over resistance recently as well.
    https://stockcharts.com/h-sc/ui?s=XSU.TO&p=D&yr=2&mn=0&dy=0&id=p77086898025&a=673066108

  6. Ron/BC Says:

    Two more chart patterns worth watching as they are at major resistance points….The XRT has already broken out.

    https://stockcharts.com/h-sc/ui?s=XLRE&p=D&yr=2&mn=0&dy=0&id=p59259098070&a=673066113

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

    And another breakout ETF:XBAL.TO

    https://stockcharts.com/h-sc/ui?s=XBAL.TO&p=D&yr=1&mn=0&dy=0&id=p83349215865&a=1032346575

  7. Ron/BC Says:

    Nice bullish W pattern on NEM Gold stock also…………….

    https://stockcharts.com/h-sc/ui?s=NEM&p=D&yr=2&mn=0&dy=0&id=p59259098070&a=851696533

  8. Paula Says:

    Dave/AB
    Re your #1: Ron/BC said it all in post #4. That is why I have sworn off individual gold/mining stocks. It’s hard enough to trade the ETFs but at least you won’t wake up to some story that bites you…even if they have a nice bullish W pattern as Ron/BC points out in post #7 on NEM.

  9. Ron/BC Says:

    And for those brave souls that want a lot of price action on their $Gold stocks there is always JNUG that just recently broke out over $75. Huge potential but also high risk.

    https://stockcharts.com/h-sc/ui?s=JNUG&p=D&yr=1&mn=0&dy=0&id=p39931068842&a=923215525

  10. Larry/ON Says:

    I lost enough on resource stocks years ago to give me PTSD. Too volatile and unpredictable. If I do a trade it is very short term. I need confidence in what I am investing in. I would rather hold equities in a secular growth trend – technology. It is a no brainer. Rocks and trees are history.

  11. Ron/BC Says:

    The U.S.$ continues to hold above its breakout point. If it holds there will be consequences.

    https://stockcharts.com/h-sc/ui?s=%24USD&p=D&yr=2&mn=0&dy=0&id=p59259098070&a=673066374

  12. Ron/BC Says:

    Anyone owning Shopify (SHOP.TO) today did well…..up $217 today! Also right at major price resistance just waiting for someone to buy it there.

    https://stockcharts.com/h-sc/ui?s=SHOP.TO&p=D&yr=2&mn=0&dy=0&id=p05382980076&a=1050504654

  13. Larry/ON Says:

    Re 12 – SHOP – It goes on the back burner periodically and the volatility can easily shake investors out. If it ever goes near the 200 day MA that is the buy point. Their busy season is right now going into Cyber Monday which drives earnings. I view SHOP as a leveraged play on small-caps because it is those companies in the retail sector who are going to use SHOP to sell their products. It also has business with larger companies like WMT. Coincidentally SHOP and small-caps (IWM) are breaking out at the same time after a similar period of consolidation since Feb 21. If we are going into a period of high business growth and sales SHOP is going to blow the lights out.

  14. Ron/BC Says:

    RE:#13

    It looks like traders/investors have anticipated that looking at the price move Friday. Getting through $2100 will be a big test though……………

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