Tech Talk for Thursday December 2nd 2021

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Pre-opening Comments for Thursday December 2nd

U.S. equity index futures were higher this morning. S&P 500 were up 16 points at 7:35 AM EST.

Costco dropped $2.84 to $527.00 after the close yesterday despite announcing a 15.7% increase in year-over-year November sales.

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Crowd strike gained $6.99 to 4208.49 after the company reported higher than consensus quarterly earnings. The company also raised guidance.

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Canadian Pacific (CP Cdn$88.19 ) is expected to open higher after the stock was mentioned favourably last night on Jim Cramer’s Mad Money.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/12/01/stock-market-outlook-december-2-2021/

Technical Notes released yesterday at

StockTwits.com@EquityClock

NXP Semiconductor $NXPI a NASDAQ 100 stock moved above $228.12 to an all-time high extending an intermediate uptrend.

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Microchip Technologies $MCHP a NASDAQ 100 stock moved above $87.28 to an all-time high extending an intermediate uptrend.

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Comcast $CMCSA an S&P 100 stock moved below $49.80 extending an intermediate downtrend.

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Salesforce $CRM a Dow Jones Industrial Average stock moved below $266.14 and $252.19 setting an intermediate downtrend.

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Wallgreens Boots $WBA an S&P 100 stock moved below $44.22 resuming an intermediate downtrend.

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Ross Stores $ROST a NASDAQ 100 stock moved below $104.92 extending an intermediate downtrend.

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Vietnam iShares $VNM moved above $20.95 to an all-time high extending an intermediate uptrend. Other Far East markets also are moving higher and outperforming the S&P 500 Index including $SSEC and $EWT

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Vertex $VRTX a NASDAQ 100 stock moved above intermediate resistance at $204.88

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Agnico-Eagle $AEM.CA a TSX 60 stock moved below Cdn$61.94 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Dec.1 2021

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for Dec.1 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Dec.1 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).

 

Links offered by Valued Providers

Thank you to Mark Bunting and www.uncommonsenseinvestor.com for links to the following:

 

Why J.P. Morgan Believes Oil Could Hit $150 – Uncommon Sense Investor

 

Disney’s Push Into Metaverse Has This Portfolio Manager "Still Excited" to Own the Stock – Uncommon Sense Investor

 

Greg Schnell discusses “A walk around the world stock exchanges”. Following is the link:

 

A Walk Around The World Stock Exchanges | Greg Schnell, CMT | Market Buzz (12.01.21) – YouTube

 

S&P 500 Momentum Barometers

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The intermediate term Barometer dropped another 7.21 to 29.26 yesterday. It remains Oversold, but has yet to show signs of bottoming.

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The long term Barometer dropped another 3.61 to 53.91 yesterday. It remains Neutral and continues to trend lower.

 

TSX Momentum Barometers

The intermediate term Barometer dropped another 7.83 to 22.12 yesterday. It remains Oversold, but has yet to show signs of bottoming.

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The long term Barometer dropped another 8.29 to 47.00 yesterday. It remains Neutral and continues to trend down.

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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




6 Responses to “Tech Talk for Thursday December 2nd 2021”

  1. Larry/ON Says:

    AAPL – Perfect time for negative news after it ran up. I stick with MSFT over AAPL due to AAPLs dependence on the consumer market for its’ I-phone. Once the disruptions to supply chains are over AAPL will do better.
    https://www.bloomberg.com/news/articles/2021-12-02/apple-tells-suppliers-iphone-demand-has-slowed-as-holidays-near

  2. bruce Says:

    the AAII survey for the week ending dec.1st shows the bulls dropping to 26.7%….they were 48.0% bullish in the Nov. 10th week ……the bearish outlook has risen to 42.4% from just 24% nov,10th…..hmmmmm…..

  3. Ron/BC Says:

    Bruce
    The Fear & Greed Index is not that fearful yet as the last chart on it shows. Not that much damage done yet to the $SPX.

    https://money.cnn.com/data/fear-and-greed/

  4. bruce Says:

    Hard to figure this time of year with year-end portfolio shuffling and some tax loss selling……we dropped below the 50 day m/a last night but no follow through to-day……

  5. Ron/BC Says:

    Bruce

    If the $SPX can recover and hold the September high of 4545 that would be bullish. But looking at the loss of momentum on all the oscillators and especially the major breadth indicators that include the advance/decline lines it looks like smart money has been exiting the broad market for some time now. The $SPX is over weighted with a handful of high flyers and don’t represent the broad market. What really caught my attention was the report that stated more money has chased stocks in 2021 than in the previous 10 years combined. Definitely not a good sign………….

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p09973070590&a=939923011

    https://stockcharts.com/h-sc/ui?s=%24NYSE&p=D&yr=2&mn=0&dy=0&id=p08468391414&a=1074070946

  6. Ron/BC Says:

    Here is the XIU.to. Price is testing the September high support and needs to hold to suggest the uptrend is still intact.

    https://stockcharts.com/h-sc/ui?s=XIU.TO&p=D&yr=1&mn=0&dy=0&id=p96847803284&a=1047728980

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