Tech Talk for Wednesday January 5th 2022

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Pre-opening Comments for Wednesday January 5th

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

Adobe dropped $14.87 to $539.13 after UBS downgraded the stock to Neutral.

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Garmin added $1.03 to $134.60 after Deutsche Bank upgraded the stock from Hold to Buy.

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UnitedHealth Group added $0.40 to $491.30 after Truist raised its target price from $520 to $575.

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Wayfair dropped $7.40 to $178.88 after Wedbush lowered its target price from $290 to $160.

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EquityClock’s Daily Comment

http://www.equityclock.com/2022/01/04/stock-market-outlook-for-january-5-2022/

Technical Notes released yesterday at

StockTwits.com@EquityClock

U.S. large cap bank stocks are responding to the jump in U.S. Treasury rates. They benefit from a widening of interest rate spreads. Wells Fargo $WFC moved above $52.36 extending an intermediate uptrend. Bank of New York $BK moved above $$60.48.

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American Express $AXP moved above $170.58 resuming an intermediate uptrend.

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IBM $IBM a Dow Jones Industrial Average stock moved above intermediate resistance at $137.62. Seasonal influences are favourable until at least mid-February. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/international-business-machines-corp-nyseibm-seasonal-chart

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Energy SPDRs $XLE moved above $58.65 extending an intermediate uptrend. Seasonal influences are favourable to at least the end of February and frequently to the end of April. If a subscriber to EquityClock,see seasonality chart at https://charts.equityclock.com/energy-select-sector-spdr-fund-nysexle-seasonal-chart

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Exxon Mobil $XOM a Dow Jones Industrial Average stock moved above $65.65 extending an intermediate uptrend. Seasonal influences are favourable to the end of February. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/exxon-mobil-corporation-nysexom-seasonal-chart

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Base Metals iShares $PICK moved above $42.83 completing a double bottom pattern

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Boeing $BA a Dow Jones Industrial Average stock moved above $212.68 completing a short term double bottom pattern. Seasonal influences are favourable to late February. If a subscriber to EquityClocks, see seasonality chart at https://charts.equityclock.com/the-boeing-company-nyseba-seasonal-chart

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Caterpillar $CAT a Dow Jones Industrial Average stock moved above $216.47 resuming an intermediate uptrend. Seasonal influences are favourable to the end of April. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/caterpillar-inc-nysecat-seasonal-chart

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PACCAR $PCAR a NASDAQ 100 stock moved above $90.05 extending an intermediate uptrend. Seasonal influences are favourable to the end of April. If an EquityClock subscriber, see seasonality chart at https://charts.equityclock.com/paccar-inc-nasdaqpcar-seasonal-chart

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Long term U.S. Government Treasuries iShares $TLT moved below intermediate support at $144.12

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Workday $WDAY moved below $258.22 setting an intermediate downtrend.

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Tech stocks under pressure. Breakdowns below intermediate support this morning by $TWTR $ZM $CRWD

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Another high tech breakdown! Netflix $NFLX a NASDAQ 100 stock moved below $581.74 extending an intermediate downtrend.

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DexCom $DXCM a NASDAQ 100 stock moved below $510.49 completing a Head & Shoulders pattern.

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Teck Resources $TCK.B.CA a TSX 60 stock moved above Cdn$36.95 extending an intermediate uptrend. Seasonal influences are favourable to April. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/teck-resources-tseteckb-seasonal-chart

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Canadian Natural Resources $CNQ.CA a TSX 60 stock moved above Cdn$54.99 extending an intermediate uptrend. Seasonal influences are favourable to at least the end of February and frequently to the end of April. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/canadian-natural-resources-limited-tsecnq-seasonal-chart

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Bank of Montreal $BMO.CA a TSX 60 stock moved above $141.37 to an all-time high extending an intermediate uptrend.

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Canadian tech stocks also under technical pressure Shopify $SHOP.CA a TSX 60 stock moved below Cdm$1645.00 and $1615.00 setting an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Jan.4th 2022

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Green: Increase from previous day

Red: Decrease from previous day


Commodities

Daily Seasonal/Technical Commodities Trends for Jan.4th 2022

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for Jan.4th 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)

 

S&P 500 Momentum Barometers

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The intermediate term Barometer added another 5.21 to 78.16 yesterday. It remains Overbought and trending higher.

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The long term Barometer added 0.60 to 76.55 yesterday. It remains Overbought and trending higher.

 

TSX Momentum Barometers

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The intermediate term Barometer slipped 2.45 to 53.15 yesterday. It remains Neutral.

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The long term Barometer added 2.52 to 62.61 yesterday. It remains Overbought and trending higher.

 

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 Wednesday January 5th 2022”

  1. Larry/ON Says:

    It’s a bit late now but this is where you need to make sure you are not overextended. I would even say financials are at the top of their trading range and deserve a pull-back. Have low expectations and be defensive. Stable dividend paying stocks.

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