Tech Talk for Friday November 22nd 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points at 8:30 AM EST.

Gap Stores added $3.36 to $25.37 after offering positive guidance for the Christmas season sales.

Ross Stores gained $10.29 to $153.25 after reporting higher than consensus third quarter results.

NetApp advanced $6.82 to $133.50 after reporting higher than consensus fiscal second quarter earnings. The company also offered positive third quarter guidance.

Intuit dropped $36.72 to $641.98 after offering lowering second quarter guidance.

EquityClock's Stock Market Outlook for November 22nd

Stocks are surging higher from the gaps that were opened following election day, confirming the zone as support. See:

https://equityclock.com/2024/11/21/stock-market-outlook-for-november-22-2024/

Technical Notes

U.S. Insurance iShares $IAK moved above $133.82 to an all-time high extending an intermediate uptrend.

Energy iShares $XLE moved above $97.38 to an all-time high extending an intermediate uptrend.

BMO Equal Weight Canadian Oil ETF $ZEO.TO moved above Cdn$77.00 to an all-time high extending an intermediate uptrend.

"Gassy" Canadian stocks moved higher on increasing natural gas prices. ARC Resources $ARX.TO moved above Cdn$26.24 to an all-time high. Peyto Exploration & Development $PEY.TO moved above Cdn$16.20 to an all-time high.

Royal Bank $RY.TO a TSX 60 stock moved above $173.61 to an all-time high extending an intermediate uptrend.

Cameco $CCJ a TSX 60 stock moved above US$58.72 to an all-time high extending an intermediate uptrend. Cameco in Canadian Dollars $CCO.TO also closed at an all-time high.

Pembina Pipeline $PPL.TO a TSX 60 stock moved above Cdn$59.86 to an all-time high extending an intermediate uptrend.

Soybean ETN moved below $21.02 to a three year low extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 21st 2024

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for November 21st 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 21st 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

BIG Stock Market Rally is Coming – Here’s Why: Tom Bowley

BIG Stock Market Rally is Coming – Here’s Why - YouTube

Goldman: Market volatility will surge it’ll be a December to remember.

Goldman: Market volatility will surge it’ll be a December to remember. - YouTube

Bitcoin hits fresh record, marches toward $100,000

Bitcoin hits fresh record, marches toward $100,000 - YouTube

Beware The "Drag 7" Stocks: Guy Adami, Dan Nathan and Carter Worth

Beware The "Drag 7" Stocks - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 5.20 to 61.00. It changed from Neutral to Overbought on a move above 60.00.

The long term Barometer added 1.80 to 71.40. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer advanced 5.02 to 63.93. It changed from Neutral to Overbought on a move above 60.00.

The long term Barometer added 3.20 to 75.34. It remains Overbought.

Disclaimer: Seasonality ratings 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