• Tech Talk for Friday February 19th 2021

     

    Technical Notes for Thursday February 18th

    Wal-Mart (WMT), a Dow Jones Industrial Average stock moved below $139.19 extending an intermediate downtrend following release of fourth quarter results.

    Shanghai Composite Index advanced 20.27 to 3,675.36 following resumption of trade after the one week celebration of Chinese New Year. Chinese New Year was slightly later than usual this year.

    The Shanghai Composite Index has a history of moving higher on a real and relative basis until mid-April following the Chinese New Year holiday.

    Canadian Tire (CTC.A), a TSX 60 stock moved above $180.30 to an all-time high extending an intermediate uptrend after releasing higher than consensus fourth quarter results.

    Gold stocks remain under technical pressure. Kinross Gold moved below US$6.76 and Cdn$8.65 extending an intermediate downtrend.

    Solar ETF (TAN) moved below $106.88 and $106.81 completing a Head & Shoulders pattern.

    BMO Equal Weight Bank ETF (ZEB) moved above $30.23 to an all-time high extending an intermediate uptrend. Canadian banks stocks and related ETFs are moving higher in anticipation of encouraging fiscal first quarter results scheduled to be released next week.

    Royal Bank (RY), a TSX 60 stock moved above $107.75 to an all-time high extending an intermediate uptrend.

    Base metal stocks continue moving higher with higher base metal prices (particularly copper). Teck Resources (TECK.B TECK) moved above Cdn$27.08 and US$21.34 extending an intermediate uptrend.

     

    Trader’s Corner

    Equity Indices and Related ETFs

    Daily Seasonal/Technical Equity Trends for February 18th 2021

    Green: Increase from previous day

    Red: Decrease from previous day

    Commodities

    Daily Seasonal/Technical Commodities Trends for February 18th 2021

    Green: Increase from previous day

    Red: Decrease from previous day

     

    Sectors

    Daily Seasonal/Technical Sector Trends for February 18th 2021

    Green: Increase from previous day

    Red: Decrease from previous day

     

    S&P 500 Momentum Barometers

    The intermediate Barometer slipped another 0.40 to 68.54 yesterday. It remains overbought and continues to roll over.

    The long term Barometer eased 0.80 to 88.98 yesterday. It remains extremely overbought.

     

    TSX Momentum Barometers

    The intermediate Barometer dropped another 3.20 to 59.90 yesterday. It changed from overbought to neutral on a move below 60.00 and has established a downtrend.

    The long term Barometer added 0.11 to 76.33 yesterday. It remains overbought.

     

    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

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