Tech Talk for Friday February 19th 2021

NextEra Energy (NEE), an S&P 100 stock moved below $79.61 completing a double top pattern.

Pre-opening Comments for Friday February 19th

U.S. equity index futures were higher this morning. S&P 500 futures were up 15 points in pre-opening trade.

The Canadian Dollar was virtually unchanged at US79.28 cents following release following release of Canada's December Retail Sales report at 8:30 AM EST. Consensus was a drop of 2.5% versus a gain of 1.3% in November. Actual was a drop of 3.4%

Magna International gained $3.25 to US$78.70 after reporting higher than consensus fourth quarter revenues and earnings. The company also raised its dividend.

Deere gained $16.75 to $317.00 after reporting higher than consensus quarterly revenues and earnings. The company also raised guidance.

Roku added $9.91 to $462.90 after Deutsche Bank, Truist and Susquehanna raised their target price on the stock.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2021/02/18/stock-market-outlook-for-february-19-2021/

Note seasonality chart on U.S. Housing Starts.

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