Tech Talk for Tuesday October 12th 2021
U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade.
Fastenal slipped $0.43 to $51.80 after reporting less than consensus third quarter revenues.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/10/clip_image0011-4.png "clip_image001[1]")
Charter Communications dropped $5.11 to $690.12 after Deutsche Bank downgraded the stock from Buy to Hold. Target was reduced from $825 to $725.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/10/clip_image0021-6.png "clip_image002[1]")
Netflix added $4.15 to 631.20 after Truist raised its target price from $600 to $690.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/10/clip_image0031-4.png "clip_image003[1]")
Signet Jewelers added $2.57 to $84.62 after the company raised guidance.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/10/clip_image0041-2.png "clip_image004[1]")
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2021/10/09/stock-market-outlook-for-october-12-2021-3/
Technical Notes released yesterday at
Base Metals ETN $DBB (one third each in copper, zinc and aluminum) moved above $21.82 to an all-time high extending an intermediate uptrend
Base metal stocks are responding to higher base metal prices. Teck Resources $TECK a TSX 60 stock moved above US$27.08 extending an intermediate uptrend.
Aerospace & Defense stocks and related ETFs $ITA and $PPA are moving higher led by Lockheed Martin $LMT on a move above $357.23. Nice short term reverse Head & Shoulders pattern!
Big Bank U.S. stocks and related ETF $KBE are moving higher prior to release of third quarter results starting on Wednesday. KBE moved above $55.60 to an all-time high.
Automobile ETF $CARZ moved above $60.23 setting an intermediate uptrend.
Comcast $CMCSA an S&P 100 stock moved below $53.21 and $54.36 setting an intermediate downtrend.
AT&T $T an S&P 100 stock moved below $26.37 extending an intermediate downtrend.
U.S. Telecommunications iShares $IYZ moved below intermediate support at $32.29. Weakness in $T was a major reason.
Editor's Note: Weakness in Comcast also was an important contributor
Emerson Electric $EMR an S&P 100 stock moved below $93.25 completing a Head & Shoulders pattern.
Fiserv $FISV a NASDAQ 100 stock moved below $105.48 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Oct.11th 2021
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for Oct.11th 021
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Oct.11th 2021
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
The intermediate term Barometer dropped 2.81 to 38.28 yesterday. It changed from Neutral to Oversold on a move below 40.00.
The long term Barometer dropped 1.80 to 66.33 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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