by Don Vialoux, EquityClock.com
Morning Technical Notes for Wednesday February 3rd
Check Point (CHKP), a NASDAQ 100 stock moved below $125.32 completing a double top pattern.
Workday (WDAY), a NASDAQ 100 stock moved above $259.01 to an all-time high extending an intermediate uptrend.
Magna International (MG), a TSX 60 stock moved above Cdn$97.98 to an all-time high extending an intermediate uptrend.
Long Term U.S. Treasury iShares (TLT) moved below $149.75 extending an intermediate downtrend.
Canadian and U.S. energy stocks and their related ETFs surged on news that Saudi Arabia will reduce production.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for February 3rd 2021
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for February 3rd 2021
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for February 3rd 2021
Green: Increase from previous day
Red: Decrease from previous day
Market Buzz
Greg Schenll says,”Oil stocks could double in near term”. Following is a link:
https://www.youtube.com/watch?v=CpaS5v3HLrM&feature=youtu.be&ab_channel=StockCharts
Editor’s Note: Seasonal influences for Canadian and U.S. energy sectors are positive on a real and relative basis (particularly relative to the S&P 500 Index) to early March and frequently to the third week in April. Short term technicals are improving. See today’s improving Technical Scores for the sectors above.
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
This post was originally publised at Vialoux's Tech Talk.
