Tech Talk for Wednesday November 17th 2021

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Pre-opening Comments for Wednesday November 17th

U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points in pre-opening trade.

U.S. equity index futures were virtually unchanged following release of the U.S. October Housing Starts report at 8:30 AM EST. Consensus was an increase to 1.576 million units from 1.555 million units in September. Actual was a drop to 1.52 million units.

The Canadian Dollar was virtually unchanged at $US79.67 cents following release of Canada’s October Consumer Price Index at 8:30 AM EST. Consensus was an increase of 0.7% versus a gain of 0.2% in September. Actual was an increase of 0.7%. On a year-over year basis, CPI increased 4.7%.

Loblaw Companies (L Cdn$98.30) is expected to open higher after reporting higher than consensus third quarter sales and earnings.

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Target dropped $11.49 to $254.90 despite reporting higher than consensus third quarter results.

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Lowe’s gained $8.30 to $253.08 after reporting higher than consensus third quarter results.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/11/16/stock-market-outlook-for-november-17-2021/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Retail Sales in the US jumped by 4.3% (NSA) in October, much stronger than the 3.4% rise that is average for this time of year. $MACRO $STUDY $XRT $RTH #Economy #Consumer

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Palladium ETN $PALL moved higher despite mild weakness in precious metal prices. Yesterday, units moved above $201.66 completing a double bottom pattern. Seasonal influences are favourable to early March. If a subscriber to EquityClock, see: https://charts.equityclock.com/palladium-futures-pa-seasonal-chart

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Thomson Reuters $TRI.CA a TSX 60 stock moved above $152.03 to an all-time high extending an intermediate uptrend.

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Illumina $ILMN a NASDAQ 100 stock moved below $378.50 extending an intermediate downtrend.

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Manulife $MFC.CA a TSX 60 stock moved above $25.32 and $25.41 resuming an intermediate uptrend.

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Seasonality Chart of the Day from www.EquityClock.com

Seasonal influences for Palladium on a real and relative basis are favourable between now and the first week in March.

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Also, note price chart above. Technical parameters for precious metals and related equities and ETFs historically have turned positive in mid-December for a seasonal trade lasting to early March. Usually Palladium is the first of the precious metals to record improving technical parameters during years when seasonal influences for the sector are strong.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.16th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for Nov.16th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Nov.16th 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).

 

S&P 500 Momentum Barometers

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The intermediate term Barometer slipped 1.20 to 75.15 yesterday. It remains Overbought.

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The long term Barometer slipped 1.40 to 74.55 yesterday. It remains Overbought and showing early signs of trending lower.

 

TSX Momentum Barometers

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The intermediate term Barometer added 0.94 to 72.64 yesterday. It remains Overbought and showing early signs of rolling over.

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The long term Barometer added 0.47 to 72.64 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 Wednesday November 17th 2021”

  1. Larry/ON Says:

    EVs – The moves in RIVN and LCID are insane. TSLA has become a “value stock” in relative terms. If you wanted to buy TSLA, Musk’s massive share sale over the past week and a half has provided an entry point that will not come again for some time. Stochastics dipped under 20 for the first time since May. Price never did quite test the breakout above the Jan/20 high.

  2. Larry/ON Says:

    Covid is a potential catalyst for a correction at some point. The numbers in Europe are sky high. We really just lag Europe as far as each wave goes. If you look at the US daily case chart numbers bottomed late October and have been on a definite but not out of control rise since then. The question is whether this is something the US just muddles through or if it is something that causes significant economic disruption. There is bound to be some negative market reaction but to what extent.

  3. Larry/ON Says:

    AAPL – Poised to break through resistance at 152.94 on its’ way to test the 157.03 high.
    PFE – Never broke down after that surge higher on the news of its’ oral drug to treat Covid. It has had new all-time high closes and should take out the intra-day high of 51.41 soon.

    That’s it for me for now. Happy trading.

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