Tech Talk for Friday November 18th 2022

November 18, 2022 / www.timingthemarket.ca / Article Link

U.S. equity index futures were higher this morning. S&P 500 futures were up 33 points in pre-opening trade.

Today is the last trade date for November index and stock options and futures. Volume is expected to be higher than average.

Gap Stores $GPS advanced $1.20 to $13.91 after reporting higher than consensus fiscal third quarter revenues.

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Palo Alto Networks $PANW jumped $8.88 to $165.44 after reporting higher than consensus fiscal first quarter earnings.

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Visa $V added $0.51 to $211.50 after announcing a change in the company's chief executive officer at its annual meeting in February.

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William-Sonoma $WSM dropped $14.02 to $116.37 after reporting less than consensus quarterly results.

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EquityClock's Daily Comment

 

Headline reads "The performance of the market in 1981/82 may provide an effective blueprint of equity performance through the year ahead".

http://www.equityclock.com/2022/11/17/stock-market-outlook-for-november-18-2022/

Technical Notes for yesterday

Canadian energy stocks came under pressure with weakness in crude oil prices. Vermillion Energy $VET.TO moved below $25.07 completing a double top pattern.

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Cisco Systems $CSCO an S&P 100 stock moved above $46.21 resuming an intermediate uptrend. The company reported higher than consensus quarterly results.

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Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 17th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for November 17th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for November 17th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Tom Bowley says "Sentiment is pointing to an explosion upward". Tom notes that downside pressure during the November options and futures expiry wind down period this week is setting up for an important upside move by U.S. equity prices starting next week.

https://www.youtube.com/watch?v=3592TfCQllk

 

S&P 500 Momentum Barometers

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The intermediate term Barometer slipped 1.80 to 79.20. It remains Overbought.

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The long term Barometer slipped 1.80 to 51.60. It remains Neutral.

 

TSX Momentum Barometers

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The intermediate term Barometer slipped 1.89 to 71.19. It remains Overbought.

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The long term Barometer dropped 2.97 to 41.10. It remains Neutral and has rolled over.

 

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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