{"id":171640,"date":"2023-11-26T22:52:23","date_gmt":"2023-11-27T03:52:23","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=171640"},"modified":"2023-11-27T09:18:25","modified_gmt":"2023-11-27T14:18:25","slug":"tech-talk-for-monday-november-27th-2023","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2023\/11\/26\/tech-talk-for-monday-november-27th-2023\/","title":{"rendered":"Tech Talk for Monday November 27th 2023"},"content":{"rendered":"

Pre-opening Comments for Monday November 27th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were lower this morning<\/b>. S&P 500 futures were down 4 points at 8:30 AM EDT.<\/em><\/p>\n

U.S. retail stocks are expected to open higher<\/b> following news that U.S. on-line shoppers spent a record $9.8 billion on Black Friday, up 7.5% from last year. Amazon added $0.95 to $147.69. Shopify gained US$2.45 to a 19 month high at US$72.80.<\/em><\/p>\n

\"clip_image001\"<\/a><\/p>\n

\"clip_image002[1]\"<\/a><\/p>\n

GE Healthcare Technologies<\/b> dropped $2.49 to $71.22 after UBS downgraded the stock from neutral to sell. Target was reduced from $86 to $66.<\/em><\/p>\n

\"clip_image003\"<\/a><\/p>\n

AbbVie <\/b>added $0.19 to $138.86 after the FDA approved its treatment for a type of lymphoma.<\/em><\/p>\n

\"clip_image004[1]\"<\/a><\/p>\n

 <\/p>\n

EquityClock\u2019s Daily Comment<\/strong><\/font><\/em><\/p>\n

Headline reads \u201cOne indicator is suggesting that the market is bordering on complacency heading into the normal tax-loss selling period early in December<\/strong>\u201d.<\/em><\/p>\n

https:\/\/equityclock.com\/2023\/11\/25\/stock-market-outlook-for-november-27-2023\/<\/em><\/a><\/p>\n

<\/em><\/p>\n

The Bottom Line<\/strong><\/font><\/p>\n

Seasonal strength from late October until yearend by most world equity indices was extended last week.<\/b><\/p>\n

<\/strong><\/p>\n

Economic News This Week<\/strong><\/font><\/p>\n

Source: www.Investing.com<\/a><\/p>\n

October U.S. New Home Sales<\/b> released at 10:00 AM EST on Monday are expected to drop to 730,000 units from 759,000 units in September. <\/p>\n

Updated U.S. third quarter GDP<\/b> released at 8:30 AM EST on Wednesday is expected to remain unchanged at 4.9%.<\/p>\n

Beige Book<\/b> is released at 2:00 PM EST on Wednesday<\/p>\n

October PCE Price Index<\/b> and October Core PCE Price Index<\/b> are released at 8:30 AM EST on Thursday. <\/p>\n

October U.S. Personal Income<\/b> and October U.S. Personal Spending<\/b> are released at 8:30 AM EST on Thursday <\/p>\n

Canadian September GDP<\/b> released at 8:30 AM EST on Thursday is expected to be unchanged versus unchanged in August.<\/p>\n

November Chicago Purchasing Managers Index <\/b>is released at 9:45 AM EST on Thursday.<\/p>\n

November Canadian Employment Change and November Canadian Unemployment Rate<\/b> is released at 8:30 AM EST on Friday.<\/p>\n

October U.S. Construction Spending<\/b> is released at 10:00 AM EST on Friday<\/p>\n

November ISM Manufacturing Purchasing Managers Index<\/b> is released at 10:00 AM EST on Friday<\/p>\n

 <\/p>\n

Selected Earnings News This Week<\/strong><\/font><\/p>\n

Source: www.Investing.com<\/a><\/p>\n

<\/b><\/p>\n

Focus is on fiscal fourth quarter results released by Canada\u2019s major banks. <\/b><\/p>\n

\"clip_image002\"<\/a><\/p>\n

 <\/p>\n

Trader\u2019s Corner<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Equity Indices and Related ETFs<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Equity Trends for Nov.24th<\/sup> 2023<\/p>\n

\"clip_image004\"<\/a><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

Source for all positive seasonality ratings: <\/em>www.EquityClock.com<\/em><\/a><\/p>\n

<\/em><\/p>\n

Commodities<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Commodities Trends for Nov.24th<\/sup> 2023<\/p>\n

\"clip_image006\"<\/a><\/b><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

<\/em><\/p>\n

Sectors<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Sector Trends for November 24th<\/sup> 2023 <\/p>\n

\"clip_image008\"<\/a><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/em><\/p>\n

<\/em><\/p>\n

Technical Scores<\/em><\/strong><\/font><\/p>\n

<\/em><\/font><\/strong><\/p>\n

<\/em><\/b><\/p>\n

Calculated as follows:<\/em><\/b><\/p>\n

<\/em><\/strong><\/p>\n

Intermediate Uptrend based on at least 20 trading days: Score 2<\/em><\/p>\n

          (Higher highs and higher lows)<\/em><\/p>\n

Intermediate Neutral trend: Score 0<\/em><\/p>\n

          (Not up or down)<\/em><\/p>\n

Intermediate Downtrend: Score -2<\/em><\/p>\n

          (Lower highs and lower lows)<\/em><\/p>\n

<\/em><\/p>\n

Outperformance relative to the S&P 500 Index: Score: 2<\/em><\/p>\n

Neutral Performance relative to the S&P 500 Index: 0<\/em><\/p>\n

Underperformance relative to the S&P 500 Index: Score \u20132<\/em><\/p>\n

 <\/p>\n

Above 20 day moving average: Score 1<\/em><\/p>\n

At 20 day moving average: Score: 0<\/em><\/p>\n

Below 20 day moving average: \u20131<\/em><\/p>\n

<\/em><\/p>\n

Up trending momentum indicators (Daily Stochastics, RSI and MACD): 1<\/em><\/p>\n

Mixed momentum indicators: 0<\/em><\/p>\n

Down trending momentum indicators: \u20131<\/em><\/p>\n

<\/em><\/p>\n

Technical scores range from -6 to +6. Technical buy signals based on the above guidelines start when a security advances to at least 0.0, but preferably 2.0 or higher. Technical sell\/short signals start when a security descends to 0, but preferably -2.0 or lower. <\/em><\/p>\n

<\/em><\/p>\n

Long positions require maintaining a technical score of -2.0 or higher. Conversely, a short position requires maintaining a technical score of +2.0 or lower<\/em><\/p>\n

 <\/p>\n

Changes Last Week<\/strong><\/font><\/p>\n

\"clip_image010\"<\/a><\/p>\n

 <\/p>\n

Links offered by valued providers<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Mike\u2019s Money Talks for November 25th<\/sup> <\/b><\/p>\n

https:\/\/mikesmoneytalks.ca\/november-25th-episode\/<\/a> <\/b><\/p>\n

<\/strong><\/p>\n

Breadth Analysis Suggests Pullback From S&P 4600 | The Final Bar (11.22.23)<\/b><\/p>\n

Note comments on Bitcoin and seasonality of U.S. equity markets<\/b><\/p>\n

Breadth Analysis Suggests Pullback From S&P 4600 | The Final Bar (11.22.23) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Now is NOT the Time to Start a Long Trade – Be Patient! | Moxie Indicator Minutes (11.24.23)<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=YfauoPOQnd0<\/a><\/p>\n

 <\/p>\n

Seasonality Points To Higher Prices NOW: Tom Bowley<\/b><\/p>\n

Seasonality Points To Higher Prices NOW | Trading Places with Tom Bowley | StockCharts.com<\/a><\/p>\n

 <\/p>\n

Economic Modern Family — Home for the Holidays: Mish\u2019s Market Minute<\/b><\/p>\n

Economic Modern Family — Home for the Holidays | Mish’s Market Minute | StockCharts.com<\/a><\/p>\n

 <\/p>\n

November 24, 2023 | Why Commodity Perma-Bulls Have it Wrong: Bob Hoye<\/b><\/p>\n

Why Commodity Perma-Bulls Have it Wrong \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Stock Market Rally, US Dollar, Gold, Crude Oil, Cryptos: Mark Lebovit<\/b><\/p>\n

Stock Market Rally, US Dollar, Gold, Crude Oil, Cryptos \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

What is Driving Oil Prices Down? Josef Schachter<\/b><\/p>\n

What is Driving Oil Prices Down? \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Technical Scoop from David Chapman and <\/b>www.EnrichedInvesting.com<\/b><\/a> <\/b><\/p>\n

https:\/\/enrichedinvesting.com\/wp-content\/uploads\/2023\/11\/Magnificent-lead-gold-poise-changin-times-commodity-stars-Argentinian-outsider-bond-appeal-lower-CPI.pdf<\/a><\/p>\n

 <\/p>\n

Technical Notes for Friday<\/strong><\/font><\/p>\n

U.S. Bitcoin<\/b> $BTCUSD moved above 37,990.51 to an 18 month high extending an intermediate uptrend. <\/p>\n

\"clip_image011\"<\/a><\/p>\n

Johnson & Johnson<\/b> $JNJ a Dow Jones Industrial Average stock moved above $151.21 completing a double bottom pattern.<\/p>\n

\"clip_image012\"<\/a><\/p>\n

UnitedHealth Group<\/b> $UNH a Dow Jones Industrial Average stock moved above $546.78 extending an intermediate uptrend. Testing its all-time high at $550.00.<\/p>\n

\"clip_image013\"<\/a><\/p>\n

Altria<\/b> $MO an S&P 100 stock moved above $41.21 extending an intermediate uptrend. <\/p>\n

\"clip_image014\"<\/a><\/p>\n

Kinross Gold<\/b> $KGC a TSX 60 stock moved above US$5.60 extending an intermediate uptrend. Another gold equity breakout above intermediate resistance!<\/p>\n

\"clip_image015\"<\/a><\/p>\n

First Quantum Minerals<\/b> $FM.TO a TSX 60 stock moved below Cdn$13.66 extending an intermediate downtrend. <\/p>\n

\"clip_image016\"<\/a><\/p>\n

 <\/p>\n

S&P 500 Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image017\"<\/a><\/p>\n

The intermediate term Barometer added 2.00 on Friday and gained 4.60 last week to 76.00. It remains Overbought. Daily trend remains up.<\/p>\n

\"clip_image018\"<\/a><\/p>\n

The long term Barometer added 1.40 on Friday and gained 3.60 last week to 57.80. It remains Neutral. Daily trend remains up.<\/p>\n

 <\/p>\n

TSX Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image019\"<\/a><\/p>\n

The intermediate term Barometer added 2.20 on Friday and 2.20 last week to 61.23. It changed from Neutral to Overbought on a move above 60.00.<\/p>\n

\"clip_image020\"<\/a><\/p>\n

The long term Barometer added 1.32 on Friday and 1.76 last week to 45.37. It remains Neutral. Daily trend remains up.<\/p>\n

 <\/p>\n

Disclaimer:<\/b> Seasonality ratings and technical ratings offered in this report and at<\/em><\/p>\n

www.equityclock.com<\/em><\/a> 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<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-opening Comments for Monday November 27th U.S. equity index futures were lower this morning. S&P 500 futures were down 4 points at 8:30 AM EDT. U.S. retail stocks are expected to open higher following news that U.S. on-line shoppers spent a record $9.8 billion on Black Friday, up 7.5% from last year. Amazon added $0.95 […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-171640","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/171640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/comments?post=171640"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/171640\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=171640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=171640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=171640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}