Tech Talk for Wednesday January 19th 2022

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Pre-opening Comments for Wednesday January 19th

U.S. equity index futures were higher this morning. S&P 500 index futures added 17 points in pre-opening trade.

The Canadian Dollar was virtually unchanged at US80.25 cents following release of Canada’s December Consumer Price Index at 8:30 AM EST. Consensus was a year-over-year increase of 4.8%, highest level since 1991. Actual was an increase of 4.8%

Morgan Stanley gained $2.44 to $96.20 after reporting higher than consensus fourth quarter revenues and earnings.

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Bank of America advanced $1.36 to $47.62 after reporting higher than consensus fourth quarter earnings.

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Procter & Gamble improved $1.70 to $158.49 after reporting higher than consensus fiscal second quarter earnings. The company also announced a share buyback program.

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UnitedHealth Group inched up $1.01 to $462.00 after reporting higher than consensus fourth quarter revenues and earnings.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2022/01/18/stock-market-outlook-for-january-19-2022/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

Long term Treasury iShares $TLT move below intermediate support at $140.94

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Oil and Gas Exploration SPDRs $XOP moved above $112.26 extending an intermediate uptrend.

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Silver iShares $SLV moved above US$21.59 setting 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/ishares-silver-trust-nyseslv-seasonal-chart

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Lockheed Martin $LMT an S&P 100 stock moved above $375.00 extending an intermediate uptrend. Seasonal influences are favourable until at least late February and frequently until summer. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/lockheed-martin-corporation-nyselmt-seasonal-chart

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Russell 2000 iShares $IWM moved below $208.76 extending an intermediate downtrend.

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U.S. Broker iShares $IAI moved below $107.73 completing a double top pattern.

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Solar ETF $TAN moved below $67.69 extending an intermediate downtrend.

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Activision $ATVI a NASDAQ 100 stock moved above $68.01 and $83.34 following receipt of a takeover offer by Microsoft at $95 per share. Value of the offer is estimated at $68.7 billion.

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Goldman Sachs $GS a Dow Jones Industrial Average stock moved below $366.65 completing a Head & Shoulders pattern.

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Morgan Stanley $MS an S&P 100 stock moved below $94.21 completing a double top pattern.

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JP Morgan $JPM a Dow Jones Industrial Average stock moved below $150.94 completing a double top pattern.

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Fastenal $FAST a NASDAQ 100 stock moved below $58.42 completing an intermediate topping pattern.

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Microchip Technologies $MCHP a NASDAQ 100 stock moved below $79.53 setting an intermediate downtrend.

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Charter Communications $CHTR a NASDAQ 100 stock moved below $599.34 extending an intermediate downtrend.

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Match Group $MTCH a NASDAQ 100 stock moved below $118.51 extending an intermediate downtrend.

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Metro $MRU.CA a TSX 60 stock moved below $66.40 completing a double top pattern.

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Brookfield Asset Management $BAM.A.CA a TSX 60 stock moved below intermediate support at Cdn$70.43

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Thomson Reuters $TRI.CA a TSX 60 stock moved below intermediate support at Cdn$135.79

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Waste Connection $WCN.CA a TSX 60 stock moved below Cdn$155.26 extending an intermediate downtrend.

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Rogers Communications $RCI a TSX 60 stock moved above intermediate resistance at US$50.64 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Jan.18th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for Jan.18th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Jan.18th 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 dropped 7.01 to 50.50 yesterday. It remains Neutral and trending down.

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The long term Barometer fell 5.61 to 62.12 yesterday It remains Overbought and trending down.

 

TSX Momentum Barometers

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The intermediate term Barometer slipped 4.07 to 48.87 yesterday. It remains Neutral.

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The long term Barometer slipped 1.81 to 54.30 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




8 Responses to “Tech Talk for Wednesday January 19th 2022”

  1. Ron/BC Says:

    The Equal Weight U.S.Banks ETF:ZBK.TO just broke the November high breakout support level.

    https://stockcharts.com/h-sc/ui?s=ZBK.TO&p=D&yr=1&mn=0&dy=0&id=p11912267276&a=673066521

  2. Ron/BC Says:

    Historically Mid Term U.S. Election years like (2022) the stock market loses on average 16% of its value.

  3. Larry/ON Says:

    We are in the cyclical environment that favours banks.

    https://www.bnnbloomberg.ca/analyst-lifts-targets-on-big-five-banks-as-rate-hikes-loom-1.1709821

  4. Larry/ON Says:

    It’s a slow grind down, down, down, down. Makes me think of a Springsteen song. A little more to go. We need to at least get SPX down to the 200 day MA. You won’t have a bear market in an expanding economy. We just need a decent sized correction which we haven’t had for a long time.

    Materials. Holding up really well Energy not down much at all.

  5. still_learning Says:

    So why is ZEB.TO down so much today, if the banks are ‘going to the moon’? Probably a correction was badly needed.

    This guy (I call him Mr. Earing) is pumping GOLD big time:
    https://blog.smartmoneytrackerpremium.com/

  6. Paula Says:

    Ron/BC
    Here is one of your old charts of GDX. It seems to be poking out above the down trend line relative to GLD and IAU – bullish signs; also relative to its own down trend line from ~ 39.44 last May 2021. Could it be the start of a rally? We’ve seen this movie before… BUT some would argue that we are in a seasonally bullish time and the USD seems to be weakening, so who knows?

    Thanks for your encouraging words the other day.

    https://schrts.co/gCxxuIwe

    https://schrts.co/VkwbcCxD

  7. Larry/ON Says:

    NVDA – Getting interesting. RSI at 34. There is a gap below 240. That’s the buy point for me.

  8. Ron/BC Says:

    Paula

    The Gold stock ETFs and their technicals have just given a “nose poke” over breakout points and I don’t like to be fooled by that if they reverse back. AS far as the U.S.$ goes I’ve always been a big fan of it. I used to call a broker in Toronto to switch CD$ and U.S.$ back and forth as the trend changed. He only charged me $500 to switch $100,000 and did it immediately. But the firm I dealt with suddenly said I was not a commodity trader and wouldn’t put me through to this guy anymore. So I don’t switch much anymore. I’d watch the precious metal ETFs before making a major decision. A Friday close might be telling…………This is the time of the market to watch your back as the selloff isn’t likely done yet by a long shot. A dead cat bounce doesn’t mean the bull market is back. But regardless the charts will tell the tale best………….It always does.I’ll spend some time on those precious metal stocks & etfs over the next couple of days.

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