Tech Talk for Tuesday November 23rd 2021

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Pre-opening Comments for Tuesday November 23rd

U.S. equity index futures were lower this morning. S&P 500 futures were down 2 points in pre-opening trade.

Dollar Tree dropped $2.61 to $129.95 after reporting lower than consensus third quarter earnings.

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Best Buy dropped $15.63 to $122.37 despite reporting higher than consensus third quarter revenues and earnings. Profit margins were less than consensus.

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Dick’s Sporting Goods advanced $3.95 to $144.23 after reporting higher than consensus third quarter revenues and earnings.

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Analog Devices slipped $0.43 to $185.07 despite reporting higher than consensus quarterly revenues and earnings.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/11/22/stock-market-outlook-for-november-23-2021/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Retail sales in Canada slipped by 1.9% (NSA) in September, which is much stronger than the 4.1% decline that is average for this time of year. Strength in gasoline, clothing, shoes, and jewelry store sales in recent months highlight how consumers are emerging from COVID isolation. $MACRO $STUDY #CDNecon #CAD

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Russia ETF $RSX moved below $29.09 extending an intermediate downtrend. Responding to lower crude oil and natural gas prices.

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Consumer Discretionary SPDRs $XLY moved above $176.66 to an all-time high extending an intermediate uptrend.

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American Express $AXP a Dow Jones Industrial Average stock moved below $171.66 completing a double top pattern.

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Splunk $SPLK a NASDAQ 100 stock moved below $131.94 extending an intermediate downtrend.

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Xcel Energy $XEL a NASDAQ 100 stock moved above $66.00 resuming an intermediate uptrend.

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MasterCard $MA an S&P 100 stock moved below $323.34 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.22nd 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for Nov.22nd 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Nov.22nd 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).

 

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Watch Live: MoneyShow Canada Virtual Expo | November 30 – December 2, 2021

 

Seasonality Chart of the Day from www.EquityClock.com

Seasonal influences on a real and relative basis for the base metals sector are favourable to mid-February.

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Technical parameters finally are showing signs of improvement. Yesterday, strength relative to the S&P 500 Index turned from negative to neutral, units moved above their 20 and 50 day moving averages and short term momentum indicators (Stochastics, RSI, MACD) turned higher.

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S&P 500 Momentum Barometers

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The intermediate term Barometer added 2.20 to 64.73 yesterday. It remains Overbought.

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The long term Barometer added 2.00 to 72.75 yesterday. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer dropped 3.74 to 61.68 yesterday. It remains Overbought and trending down.

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The long term Barometers slipped 1.40 to 68.69 yesterday. It remains Overbought and trending down.

 

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




8 Responses to “Tech Talk for Tuesday November 23rd 2021”

  1. Paula Says:

    Sell the rumour, buy the news?

    https://schrts.co/verBuHhB

  2. Paula Says:

    Something else I am watching:

    https://schrts.co/wayHIMmr

  3. Vik Says:

    Thanks for sharing XLE chart Paula. Was curious and put a Fibonacci on the recent move and interestingly price found support at the first retracement. Also bullish divergences on indicators.
    https://schrts.co/kVMYrsSe

  4. Larry/ON Says:

    Market Rotation – Definitely happening. Paula you point out energy. Materials are also hot. Financials doing well. Tech not so well. IMO no panic going on. You don’t want to regret being shaken out of quality stocks.
    I’m overseas closing on my retirement condo in downtown Budapest having some homemade schnapps. I get high quality work here that would cost well more than double in Toronto. The building is as environmentally friendly as you can get. Heating and cooling is all by heat pump and solar panels. Covid is pretty serious over here but you just wear your N95 and limit contact.

  5. Larry/ON Says:

    NVDA – Doing a bit of gap fill. Good partial buy point without going all in.

  6. Paula Says:

    Vik,
    Thanks for the improvement on the XLE chart. Funny how those Fibs seem to work!

    Larry,
    I think it is very brave of you to be retiring in Budapest. Perhaps you have family there.

  7. Larry/ON Says:

    Paula – Yes we have family here. I was nervous about coming here now but we are pretty careful. I connected through Warsaw and laughed when I saw the smoking room near the departure gates. It is an 10ft by 8ft plexiglass room full of maskless smokers.

  8. Paula Says:

    Larry,
    I have heard that nicotine is more addictive than heroin. Hope the ventilation for that smoking room is separate from the rest of the airport.

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