Tech Talk for Wednesday January 12th 2022

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Pre-opening Comments for Wednesday January 12th

U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points in pre-opening trade.

The U.S. Dollar Index ETN (Symbol: UUP $25.61) moved below $25.62 in late trading yesterday completing a double top pattern.

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Index futures were virtually unchanged following released of the December Consumer Price Index at 8:30 AM EST. Consensus was an increase of 0.4% versus a gain of 0.8% in November. Actual was an increase of 0.5%. On a year-over-year basis consensus was an increase of 7.0% versus a gain of 6.8% in November. Actual was an increase of 7.0%. Excluding food and energy, consensus was an increase of 0.5% versus a gain of 0.5% in November. Actual was.an increase of 0.6%.

Biogen dropped $22.27 to $219.25 after Medicare announced that access to the company’s new Alzheimer drug would be limited. Mizuho lowered its target price from $270 to $207

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Wayfair slipped $0.78 to $181.03 after Stifel Nicolaus dropped its target price from $240 to $180.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2022/01/11/stock-market-outlook-for-january-12-2022/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

China Large Cap iShares $FXI moved above $37.18 completing a double bottom pattern.

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Base metal stocks continue to move higher. VALE $VALE one of the largest base metal producers in the world moved above $15.10 extending an intermediate uptrend. Seasonal influences are favourable to at least the end of February. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/vale-adr-nysevale-seasonal-chart

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We’re buying the dip in this Software ETF, which reached the accepted definition of a bear market decline at the lows on Monday. equityclock.com/2022/01/10/… $IGV $MSFT $CRM $ADBE $INTU $ORCL $NOW $ADSK $XLK $QQQ

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Illumina $ILMN a NASDAQ 100 stock moved above $397.44 completing a double bottom pattern. Seasonal influences are favourable to late February. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/illumina-inc-nasdaqilmn-seasonal-chart

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Amgen $AMGN an S&P 100 stock moved above $231.04 extending an intermediate uptrend.

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Morgan Stanley $MS an S&P 100 stock moved above $105.22 to an all-time high extending an intermediate uptrend.

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Emerging Markets iShares $EEM moved above intermediate resistance at $49.68.

Editor’s Note: Nice breakout by BMO Emerging Markets ETF: ZEM.TO above Cdn$22.79 completing a double bottom pattern.

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Manulife Financial $MFC.CA a TSX 60 stock moved above $25.69 extending an intermediate uptrend.

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Canadian National Railway $CNR.CA a TSX 60 stock moved below $152.68 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Jan.11th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for Jan.11th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Jan.11th 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 Barometer added 5.61 to 65.73 yesterday. It remains Overbought .

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The long term Barometer added 1.40 to 72.14 yesterday. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer added 4.93 to 52.47 yesterday. It remains Neutral.

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The long term Barometer added 1.79 to 59.19 yesterday. It remains Neutral.

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




2 Responses to “Tech Talk for Wednesday January 12th 2022”

  1. Paula Says:

    Ron/BC,
    Thanks for the SHOP/ZEB comparison chart a couple of days ago. I agree with you that where the generals go, the troops will follow. BUT, who are the generals? If SHOP and RY are about evenly balanced in terms of market cap the TSX will go no where when they go in opposite directions. They hedge each other out. This might be the time to go with the outperformer instead of the ETF.

    I mentioned TBF awhile ago. IF interest rates are going up, this will also go up (single inverse of TLT). It seems to have broken out above the 50ema and made a successful test of that breakout, so far. Of course there is still lots of overhead resistance:

    https://schrts.co/cXpJgujd

  2. Ron/BC Says:

    Paula

    Good point. SHOP.to is just one stock on its own while RY has a herd of generals that will travel with it. Here is TBT.to with RY overlaid. I tried ZEB.to and it looked the same. And the top chart is TBT:ZEB.TO which is more consistent. I think TBT.to needs to clear 18.49 to prove itself. Fundamentally rates would have to rise for that to happen but the chart will tell the tale best. Notice RY doesn’t track TBT.to all that well with any consistency. The experts have been saying that with rate increases so will bank stock prices. Doesn’t look like that is a guarantee to me.

    https://stockcharts.com/h-sc/ui?s=TBF&p=D&yr=10&mn=0&dy=0&id=p07812842745&listNum=1&a=673066228

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