Tech Talk for Friday November 11th 2022

 

 

Technical Notes for yesterday

A decline in U.S. Treasury yields accompanied with weakness in the U.S. Dollar Index and its related ETN: UUP triggered a significant upside move by U.S. equity prices.

U.S. long term Treasuries ETF $TLT moved above $97.63 completing a short term double bottom pattern.

Gold ETN $GLD moved above $161.08 completing a double bottom pattern.

Technology SPDRs $XLK moved above $129.85 completing a reverse Head & Shoulders pattern.

Home Builders SPDRs $XHB moved above $59.44 and $59.56 completing a reverse Head & Shoulders pattern.

U.S. Investment Brokers ETF $IAI moved above $99.27 extending an intermediate uptrend.

Base Metal ETFs moved higher with increasing base metal prices. Global Base Metals iShares $XBM.TO moved above Cdn$18.47 and BMO Equal Weight Base Metals $ZMT moved above Cdn$49.96 extending intermediate uptrends.

Biotech ETFs led the advance in the Healthcare sector. First Trust Biotech ETF $FBT moved above $150.25 extending an intermediate uptrend. Van Eck Biotech $BBH moved above $163.67 extending an intermediate uptrend.

Invesco Aerospace & Defense ETF $PPA moved above $79.44 to an all-time high extending an intermediate uptrend.

S&P 100 stocks moving above resistance extending intermediate uptrends included Boeing $BA, Lowes $LOW, Starbucks $SBUX, Blackrock $BLK and Raytheon Technology $RTX.

NASDAQ 100 stock breakouts and extending intermediate uptrend: Synopsys $SNPS moved above $304.81.Qualcomm $QCOM moved above $120.63. Marvell Technology $MRVL moved above $42.62. Check Point $CDNS moved above $161.40

Canadian Bank stock led the advance on the TSE. Royal Bank $RY.TO moved above $128.61 extending an intermediate uptrend. Bank of Nova Scotia $BNS.TO a TSX 60 stock moved above $67.35 completing a reverse Head & Shoulders pattern.

CGI Group $GIB and $GIB.A.TO a TSX 60 stock moved above US$87.35 and $112.25 respectively extending an intermediate uptrend. The company reported higher than consensus fiscal fourth quarter results.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 10th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for November 10th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 10th 2021

Green: Increase from previous day

Red: Decrease from previous day

Chart of the day

Technical parameters improved significantly for Technology SPDRs (Symbol: XLK). Intermediate trend changed from neutral to up on a move above $129.85 completing a reverse Head & Shoulders pattern (Score: 0 to 2). Strength relative to the S&P 500 Index changed from negative to neutral (Score: -2 to 0). Price moved above its 20 day moving average (Score: -1 to +1. Daily momentum indicators (Stochastics, RSI, MACD) continued to move higher (Score: 1). Total score increased from -2 to +4.

S&P 500 Momentum Barometers

The intermediate term Barometer jumped 22.60 to 82.40 yesterday. It changed from Neutral to Overbought on a move above 60.00. Trend remains up.

The long term Barometer jumped 16.00 to 53.60. It changed from Oversold to Neutral on a move above 40.00. Trend remains up.

TSX Momentum Barometers

The intermediate term Barometer jumped 17.37 to 74.15. It changed from Neutral to Overbought on a move above 60.00. Trend remains up.

The long term Barometer jumped 12.71 to 47.03. It changed from Oversold to Neutral on a move above 40.00. Trend remains up.

Disclaimer: Seasonality ratings 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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