Tech Talk for Tuesday January 11th 2022

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Pre-opening Comments for Tuesday January 11th

U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points in pre-opening trade.

CVS Health added $1.33 to $106.39 after the company raised fourth quarter revenue and earnings guidance.

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American Airlines gained $0.41 to $19.20 after the company raised guidance on fourth quarter revenues and earnings.

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IBM dropped $3.53 to $131.50 after UBS downgraded the stock from Neutral to Sell

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Juniper Networks advanced $1.50 to $36.01 after Bank of America upgraded the stock from Under Perform to Buy.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2022/01/10/stock-market-outlook-for-january-11-2022/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Despite headlines suggesting weakness, December’s payroll report showed the strongest increase for the last month of the year since 1999! Non-Farm Payrolls were actually higher by 72,000 in December, or 0.05% (NSA), a positive divergence compared to the 0.2% decline that is the norm. $STUDY $MACRO #Employment #Economy #NFP #PerspectiveMatters

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The growth of Employment in Canada in 2021 was very strong, rising by 872,400, or 4.7%, well above the 1.4% rise that has been average for the calendar year over the past two decades. $STUDY $MACRO #CDNecon #CAD

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Market is doing a really good job of defending the 100-day moving average as support on the S&P 500 Index. Let’s see what the close reveals. $SPX $SPY $ES_F

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Brrrrrr! It’s cold out there. Natural gas ETN $UNG moved above $13.32 completing a bottoming pattern.

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NASDAQ Composite Index $COMPQ moved below 14,931.06 and 14,860.04 completing a double top pattern.

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Retail SPDRs $XRT moved below $83.54 extending an intermediate downtrend

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First Trust Biotech ETF $FBT moved below $150.71 extending an intermediate downtrend.

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Home Builders SPDRs $XHB moved below $78.61 completing a double top pattern.

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Lithium ETN $LIT moved below $78.42 extending an intermediate downtrend.

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Amazon $AMZN an S&P 100 stock moved below $3,175.76 and $3,176.25 completing a double top pattern.

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Nike $NKE a Dow Jones Industrial Average stock moved below $155.47 extending an intermediate downtrend. The stock was downgraded by HSBC

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Ross Stores $ROST a NASDAQ 100 stock moved below $103.62 extending an intermediate downtrend.

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Costco $COST a NASDAQ 100 stock moved below intermediate support at $514.04

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Seattle Genetics $SGEN a NASDAQ 100 stock moved below $141.24 extending an intermediate downtrend

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DocuSign $DOCU a NASDAQ 100 stock moved below $131.51 extending an intermediate downtrend.

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Advanced Micro Devices $AMD a NASDAQ 100 stock moved below $130.60 completing a double top pattern.

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Marvell $MRVL a NASDAQ 100 stock moved below $81.52 completing a double top pattern.

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T Mobile $TMUS a NASDAQ 100 stock moved below $106.70 extending an intermediate downtrend.

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Lowe’s $LOW an S&P 100 stock moved below $242.30 completing a Head & Shoulders pattern.

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PayPal $PYPL a NASDAQ 100 stock moved below $179.15 extending an intermediate downtrend.

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CGI Group $GIB $GIB.A.CA a TSX 60 stock moved below US$82.98 and Cdn$105.78 extending an intermediate downtrend.

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Saputo $SAP.CA a TSX 60 stock moved above $29.78 completing a double bottom pattern. Seasonal influences are favourable to late March and frequently to early May. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/saputo-inc-tsesap-seasonal-chart

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Jan.10th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for Jan.10th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Jan.10th 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 from Valued Providers

Larry Williams’ outlook for 2022

https://www.youtube.com/watch?v=0O_ZOohg-Xk

 

S&P 500 Momentum Barometers

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The intermediate Barometer dropped 4.01 to 60.12 yesterday. It remains Overbought and trending down.

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The long term Barometer slipped 0.80 to 70.74 yesterday. It remains Overbought and trending down.

 

TSX Momentum Barometers

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The intermediate term Barometer slipped 2.24 to 47.63 yesterday. It remains Neutral and trending down.

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The long term Barometer slipped 1.35 to 56.50 yesterday. It remains Neutral 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




3 Responses to “Tech Talk for Tuesday January 11th 2022”

  1. Larry/ON Says:

    This is a really interesting time in the market where you have to go back to square one of investing and determine what has value. The revaluation of growth stocks has been discussed and has been happening since early December. Real earnings and dividends are the most fundamental metrics of historical investing. Revenue growth as a component of share price has been sharply devalued and may be devalued even more. To state the obvious this has to do with complete change of the interest rate environment. At the same time you have all this cash that has been pumped out by central banks that should continue to inflate asset prices. The PE ratios of growth stocks got massively inflated but so did most of the rest of the market. Canadian banks are doing great now but they historically traded at trailing PE ratios 20% less than what they are at now. Still not too bad in this environment.

  2. DougP Says:

    Thanks for your concise and objective evaluation, Larry.

  3. tony Says:

    Hi Larry,

    Love your input.

    This website says it best timing is everything

    In november i got out of NA.to From november 2017 until today NA is up 59% more than 10% higher than its rivals, since march 2020 its up 80% CWB has the same ROI other rivals are lacking 20% ROI, but since november 2021 the competition is up 14% NA is down 3%

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