Tech Talk for Wednesday December 1st 2021

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Pre-opening Comments for Wednesday December 1st

U.S. equity index futures were higher this morning. S&P 500 futures were up 57 points in pre-opening trade.

Index futures moved higher following release of the ADP Private Employment Report at 8:15 AM EST. November employment in the U.S. increased 534,000 jobs, higher than consensus at 506,000 jobs.

MasterCard advanced $2.52 to $317.44 after the company announced an 11% dividend increase and an $8 billion share buyback program.

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Salesforce.com fell $17.47 to $267.49 despite reporting higher than consensus fiscal first quarter results. The company also issued second quarter guidance that was lower than consensus.

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Hewlett Packard Enterprises slipped $0.27 to $14.08 despite reporting higher than consensus fiscal fourth quarter earnings. However, revenues were less than consensus.

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Royal Bank dropped $3.43 to $122.87 despite announcing higher than consensus fiscal fourth quarter results, an 11% increase in its dividend and a 45 million share buyback program.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/11/30/stock-market-outlook-for-december-1-2021/

Technical Notes released yesterday at

StockTwits.com@EquityClock

EAFE iShares $EFA moved below $76.43 completing a Head & Shoulders pattern

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Eurozone iShares $EZU moved below $47.32 and $47.40 completing a triple top pattern

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Defensive sectors receiving much of the benefit of the Omicron rebound, hinting that concerns pertaining to the spread of the virus persist. equityclock.com/2021/11/29/… $XLU $IYR $XLK

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Long term governments bonds (20+years) $TLT moved above $151.94 resuming an intermediate uptrend.

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Hong Kong iShares $EWH moved below $23.37 extending an intermediate downtrend.

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Pharma ETF $PPH moved below $71.53 completing a double top pattern.

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MMM $MMM a Dow Jones Industrial Average stock moved below $172.38 extending an intermediate downtrend.

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Johnson & Johnson $JNJ a Dow Jones Industrial Average stock moved below $156.32 completing a Head & Shoulders pattern

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Citigroup $C an S&P 100 stock moved below $63.42 extending an intermediate downtrend.

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Emerson Electric $EMR an S&P 100 stock moved below $89.88 completing a Head & Shoulders pattern.

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Travelers $TRV a Dow Jones Industrial Average stock moved below $150.59 completing a double top pattern.

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General Electric $GE an S&P 100 stock moved below $94.49 setting an intermediate downtrend.

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Charter Communications $CHTR a NASDAQ 100 stock moved below $660.00 extending an intermediate downtrend.

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Match $MTCH a NASDAQ 100 stock moved below $129.75 completing a double top pattern

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Monster Beverages $MNST a NASDAQ 100 stock moved below $83.70 extending an intermediate downtrend

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Amgen $AMGN an S&P 100 stock moved below $196.80 extending an intermediate downtrend.

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Intuit Surgical $ISRG a NASDAQ 100 stock moved below $321.88 completing a double top pattern.

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Bausch Health $BHC.CA a TSX 60 stock moved below Cdn$31.22 extending an intermediate downtrend.

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Couche Tard $ATD.B.CA a TSX 60 stock moved below $46.15 completing a double top pattern

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Power Corp $POW.CA a TSX 60 stock moved below $41.02 completing a double top pattern.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.30th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for Nov.30th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Nov.30th 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 on a real and relative basis for the Shanghai Composite Index are favourable from the end of November to mid-April.

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The Index currently is in an intermediate uptrend. It trades above its 20, 50 and 200 day moving averages. Strength relative to the S&P 500 has just turned positive. The Index normally moves higher prior to Chinese New Year (Feb.1). Anticipation of Winter Olympics in Beijing will help.

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S&P 500 Momentum Barometers

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The intermediate term Barometer plunged 20.04 to 36.47 yesterday. It changed from Neutral to Oversold on a move below 40.00, but has shown no sign of bottoming.

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The long term Barometer plunged 8.62 to 57.51 yesterday. It changed from Overbought to Neutral on a move below 60.00, but has shown no sign of bottoming.

 

TSX Momentum Barometers

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The intermediate term Barometer plunged 14.95 to 29.95 yesterday, lowest level since November last year. Barometer changed from Neutral to Oversold on a move below 40.00, but has yet to show signs of bottoming.

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The long term Barometer dropped 5.35 to 55.30 yesterday. It changed from Overbought to Neutral on a move below 60.00, but has yet to show signs of bottoming.

 

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 December 1st 2021”

  1. Larry/ON Says:

    Looks like Monday was just a pause on the way to the market testing the 50dayMA and today we have the bounce off it. It was necessary in an overbought market. Omicron was a perfect excuse.
    I caught Jim Cramer saying experts at John Hopkins and elsewhere are making the same point I mentioned on the weekend that a scenario exists that Omicron could be beneficial to the globe as a more benign mutation pushing out a more malicious mutation (Delta). We don’t have all the data yet but this is the historical path of all pandemics. There would be no humans on this planet if it wasn’t so.

  2. Larry/ON Says:

    Cloud Providers – Shift from end to end providers which AWS and Azure have been to a division between core storage left at AWS and Azure and pure software outsourced (eg Snowflake and Cloudflare). AWS and Azure for sure are going to do everything they can to make sure that this won’t hurt their net profits long-term but it may have some effect. The industry still has a lot more growth ahead so a division may not be a threat to profits. If you invest in cloud providers the attached article while a bit technical explains how the industry works.

    https://erikbern.com/2021/11/30/storm-in-the-stratosphere-how-the-cloud-will-be-reshuffled.html

  3. Ron/BC Says:

    The $SPX broke the September high price support. Not a good sign……

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p70958581453&a=939923011

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p45339341740&a=1073739246

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