Tech Talk for Tuesday February 9th 2021
U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points in pre-opening trade. Investors are waiting for news from the Trump impeachment trial starting at 1:00 PM EST today.
Carnival slipped $0.22 to $21.39 after JP Morgan lowered its target price from $25 to $23
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/02/clip_image0011-2.png "clip_image001[1]")
Autodesk was unchanged at $302.81 after Stifel Nicolaus raised its target price from $285 to $342.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/02/clip_image0021-4.png "clip_image002[1]")
Ford was unchanged at $15.56 after Argus Research upgraded the stock from Hold to Buy.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/02/clip_image0031-4.png "clip_image003[1]")
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2021/02/08/stock-market-outlook-for-february-9-2021/
Note comments on China.
Technical Notes for Monday February 8th
Dow Jones Industrial Average moved above 31,272.22 to an all-time high extending an intermediate uptrend. Also, its related ETF, DIA moved above $312.71 to an all-time high.
Disney (DIS), a Dow Jones Industrial Average stock moved above $183.40 to an all-time high extending an intermediate uptrend.
Far East equity markets continue to moving higher. Most reached all-time or multi-year highs. The Nikkei Average moved above 28,979.53 to a multi-year high extending an intermediate uptrend.
Italy iShares (EWI) moved above $30.65 extending an intermediate uptrend
Equal Weight S&P 500 ETF (RSP) moved above $132.98 to an all-time high extending an intermediate uptrend.
Mid-Cap SPDRs (MDY) moved above $452.16 to an all-time high extending an intermediate uptrend.
Uranium equity ETF (URA) moved above $17.04 extending an intermediate uptrend.
Southern Copper (SCCO), one of the world's largest copper miners moved above $72.00 to an all-time high extending an intermediate uptrend.
Shopify (SHOP), a TSX 60 stock moved above $1,658.79 to an all-time high extending an intermediate uptrend.
India ETF (PIN) moved above $24.49 to an all-time high extending an intermediate uptrend.
Timber and Forestry iShares (WOOD) moved above $83.74 to an all-time high extending an intermediate uptrend.
CCL Industries (CCL.B), a TSX 60 stock moved above $62.98 extending an intermediate uptrend.
U.S. Oil & Gas Exploration ETF (XOP) moved above $72.47 extending an intermediate uptrend.
Strength by the U.S. Oil & Gas Exploration ETF was led by the "gassy" First Trust Natural Gas Equity ETF (FCG on a move above $11.27
Canadian "gassy" stocks continue to move higher. Freehold Royalties (FRU) moved above $6.28 extending an intermediate uptrend. PrairieSky Royalties (PSK) moved above $11.60 extending an intermediate uptrend. ARC Resources (ARX) moved above $7.40 extending an intermediate uptrend. According to BNNBloomberg, spot natural gas prices spiked to over $4.00 per Mbtu over the weekend, up from $2.91 on February 1st
ExxonMobil (XOM), a Dow Jones Industrial Average stock moved above $51.08 extending an intermediate uptrend.
Take Two Interactive (TTWO), a NASDAQ 100 stock moved above $211.44 to an all-time high extending an intermediate uptrend.
Phillip Morris (PM), an S&P 100 stock moved above $85.38 extending an intermediate uptrend.
U.S. investors are anticipating introduction of an infrastructure program later this year. Infrastructure stocks and related ETFs are responding. Infrastructure ETF PKB moved above $45.77 to an all-time high extending an intermediate uptrend.
Nutrien (NTR), a TSX 60 stock moved above US$55.12 and Cdn$70.21 to a five year high extending an intermediate uptrend. The stock is responding to higher grain prices.
U.S. Regional Bank SPDRs (KRE) moved above $59.86 extending an intermediate uptrend. Interest rate spreads in the U.S. are widening and profit margins in the sector are increasing.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for February 8th 2021
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for February 8th 2021
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for February 8th 2021
Green: Increase from previous day
Red: Decrease from previous day
Technical Scoop
Thank you to David Chapman and www.EnrichedInvesting.com for a link to their weekly comment. Headline reads," Euphoria reigns, commodities rise, yields increase, fossils cycle, supply tightens, jobs disparity, faltered gold". Following is the link:
S&P 500 Momentum Barometers
The intermediate Barometer added 1.80 to 73.55 yesterday. It remains intermediate overbought.
The long term Barometer added 0.60 to 90.58 yesterday. It remains extremely long term overbought.
TSX Momentum Barometers
The intermediate Barometer added 6.25 to 69.71 yesterday. It remains intermediate overbought.
The long term Barometer added 1.92 to 79.33 yesterday. It remains intermediate 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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