Tech Talk for Thursday February 18th 2021
Wal-Mart (WMT), a Dow Jones Industrial Average stock moved below $139.19 extending an intermediate downtrend following release of fourth quarter results.
![clip_image001[3]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/02/clip_image0013-3.png "clip_image001[3]")
Shanghai Composite Index advanced 20.27 to 3,675.36 following resumption of trade after the one week celebration of Chinese New Year.
![clip_image002[3]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/02/clip_image0023-4.png "clip_image002[3]")
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.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/02/clip_image0041-6.png "clip_image004[1]")
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.
![clip_image005[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/02/clip_image0051-4.png "clip_image005[1]")
Technical Notes for Wednesday February 17th
Tesla (TSLA) moved below $780.10 completing a double top pattern.
Take Two Interactive (TTWO), a NASDAQ 100 stock moved below $191.81 completing a double top pattern.
Gold ETN (GLD) moved below $166.03 extending an intermediate downtrend.
Gold Miners ETF (GDX) moved below $33.08 extending an intermediate downtrend.
CGI Group (GIB.A), a TSX 60 stock moved below Cdn$98.40 completing a double top pattern.
Wells Fargo (WFC), an S&P 100 stock moved above $34.99 extending an intermediate uptrend.
Peloton (PTON), a NASDAQ 100 stock moved below $139.02 completing a Head & Shoulders pattern.
U.S. Telecom iShares (IYZ) moved above $32.25 to a four year high extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for February 17th 2021
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for February 17th 2021
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for February 17th 2021
Green: Increase from previous day
Red: Decrease from previous day
Market Buzz
Greg Schnell discusses "IPO Mania -Mischief Managed". Following is a link:
https://stockcharts.com/tv/episodes/market-buzz.html
After the close yesterday
Three fertilizer companies released better than consensus fourth quarter revenues and earnings. All responded accordingly: CF Industries added $0.94 to $46.00, Mosaic gained $0.82 to $31.25 and Nutrien jumped $2.15 to US$58.00. Agricultural product ETFs (MOO in the U.S. and COW.TO on the TSX) are expected to respond to the upside.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/02/clip_image0011-6.png "clip_image001[1]")
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/02/clip_image0021-9.png "clip_image002[1]")
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/02/clip_image0031-8.png "clip_image003[1]")
S&P 500 Momentum Barometer
The intermediate Barometer slipped another 0.80 to 68.94 yesterday. It remains overbought and showing early signs of trending down.
The long term Barometer added 1.40 to 89.78 yesterday. It remains extremely overbought.
TSX Momentum Barometer
The intermediate Barometer slipped another 3.08 to 63.11 yesterday. It remains overbought and showing more signs of rolling over.
The long term Barometer slipped 0.11 to 76.21 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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