Tech Talk for Wednesday November 24th 2021

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Next report is scheduled to be released on Friday. U.S. equity markets are closed tomorrow for the Thanksgiving holiday and volumes on Canadian equity exchanges are expected to be substantially below average.

Pre-opening Comments for Wednesday November 24th

U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade.

Index futures moved slightly higher following release of economic news at 8:30 AM EST. Consensus for October Durable Goods Orders was a gain of 0.3% versus a drop of 0.3% in September. Actual was a drop of 0.5%. Excluding transportation orders, consensus for October Durable Goods Orders was an increase of 0.5% versus a gain of 0.5% in September. Actual was an increase of 0.5%. Consensus for next estimate of third quarter real GDP was growth at a 2.2% annual rate versus the previous estimate for growth at a 2.0% annual rate. Actual was growth at a 2.1% annual rate. Consensus for weekly jobless claims was unchanged at 270,000. Actual was a drop of 71,000 to 199,000.

HP Inc. gained $2.05 to 434.24 after reporting higher than consensus third quarter sales and earnings.

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Gap Stores dropped $3.51 to $19.92 after reporting lower than consensus third quarter sales and earnings.

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Nordstrom fell 7.23 to $24.70 after reporting lower than consensus third quarter sales and earnings.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/11/23/stock-market-outlook-for-november-24-2021/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Turkey iShares $TUR moved below $20.43 extending an intermediate downtrend.

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Solar ETF $TAN moved below $92.34 completing a double top pattern.

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Technology sector ETF charting an outside reversal candlestick precisely around the upper limit to its rising trading range. equityclock.com/2021/11/22/… $XLK $VGT $QQQ

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CSX Corp $CSX a NASDAQ 100 stock moved above $36.45 extending an intermediate uptrend.

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DocuSign $DOCU a NASDAQ 100 stock moved below $241.95 extending an intermediate downtrend.

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Check Point $CHKP a NASDAQ 100 stock moved below $112.57 extending an intermediate downtrend

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Pembina Pipeline $PPL.CA a TSX 60 stock moved below $40.15 completing a double top pattern.

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Restaurant Brands International $QSR.CA a TSX 60 stock moved above $74.66 completing a double bottom pattern

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.23rd 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for Nov.23rd 2021

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Nov.23rd 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

Greg Schnell discusses “Finding entries in Steels and Miners”. Following is a link:

Finding Entries In Steel And Miners | Greg Schnell, CMT (11.23.21) – YouTube

 

Seasonality chart of the day from www.EquityClock.com

Seasonal influence on a real and relative basis for the Metals and Mining SPDRs turns positive near the end of November for a seasonal trade lasting until at least mid-February.

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Price chart shows an intermediate uptrend. Units recently touched an all-time high. Strength relative to the S&P 500 has just turned positive. Units recently bounced from their 50 day moving average Short term momentum indicators (Stochastics, RSI, MACD) are turning higher.

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S&P 500 Momentum Barometers

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The intermediate term Barometer added 3.61 to 68.34 yesterday. It remains Overbought.

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The long term Barometer gained 1.00 to 73.75 yesterday. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer added 0.53 to 62.21 yesterday. It remains Overbought.

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The long term Barometer dropped 3.71 to 64.98 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




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