Tech Talk for Tuesday November 30th 2021

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Pre-opening Comments for Tuesday November 30th

U.S. equity index futures were lower this morning. S&P 500 futures were down 42 points in pre-opening trade. Traders are becoming increasingly concerned about the new COVID 19 variant.

Traders will listen closely to testimony given this morning by Federal Reserve Chairman Powell and Secretary Treasurer Yellen to the Senate Banking Committee

The Canadian Dollar was virtually unchanged at US78.26 cents following release of Canada’s September GDP growth rate at 8:30 AM EST. Consensus was unchanged versus a gain of 0.4% in August. Actual was an increase of 0.1%.

Shopify added $11.93 to US$1.567.02 after the company was featured last night on Jim Cramer’s Mad Money.

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Dollar Tree dropped $2.44 to $138.91 after Goldman Sachs downgraded the stock from Buy to Neutral.

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Bank of Nova Scotia slipped $0.08 to Cdn$81.35 despite reporting higher than consensus fiscal fourth quarter earnings. The Bank also increased its dividend and announced plans to resume a share buyback program.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/11/29/stock-market-outlook-for-november-30-2021/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Incyte $INCY a NASDAQ 100 stock moved above intermediate resistance at $69.06.

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eBay $EBAY a NASDAQ 100 stock moved below $70.55 completing a double top pattern

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Moderna $MRNA a NASDAQ 100 stock moved above intermediate resistance at $356.77

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Lam Research $LRCX a NASDAQ 100 stock moved above $670.81 to an all-time high extending an intermediate uptrend.

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Canopy Growth $WEED.CA a TSX 60 stock moved below Cdn$14.08 extending an intermediate downtrend.

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Enbridge $ENB.CA a TSX 60 stock moved below $48.72 setting an intermediate downtrend.

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Rogers Communications $RCI a TSX 60 stock moved below US$45.20 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.29th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for Nov.29th 2021

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for Nov.29th 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 Biotech ETFs (IBB, BBH, FBT) are favourable between now and the middle of January in anticipation of news on new products released at the annual JP Morgan Healthcare conference in San Francisco: This year from January 10th to January 13th 2022.

clip_image015Biotech ETFs (e.g., IBB) show early signs of technical strength: Momentum has turned higher, units moved above their 20 day MA yesterday and relative strength has just turned positive.

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S&P 500 Momentum Barometers

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The intermediate term Barometer added 3.81 to 56.51 yesterday. It remains Neutral.

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The long term Barometer added 0.61 to 66.13 yesterday. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer added 0.21 to 44.91 yesterday. It remains Neutral.

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The long term Barometer added 0.74 to 60.65 yesterday. It changed from Neutral to Overbought on a return above 60.00.

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




One Response to “Tech Talk for Tuesday November 30th 2021”

  1. Ron/BC Says:

    The SPX has sold off and is testing price support at the early September high of 4545. This price point needs to hold as support or a much worse sell off will occur.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=2&mn=0&dy=0&id=p19627146420&a=682178007

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