Tech Talk for Friday March 19th 2021

"Gassy" Canadian energy stocks are under technical pressure after Chevron discontinued funding of the Kitimat gas liquidation project. ARC Resources moved below intermediate support at $7.37.

Pre-opening Comments for Friday March 19th

U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade.

The Canadian Dollar was virtually unchanged at US80.00 cents following release of Canada's January Retail Sales report at 8:30 AM EDT. Consensus was a drop of 3.0% versus a decline of 3.4% in December. Actual was a drop of 1.1%. Excluding auto sales, consensus was a drop of 2.6% versus a decline of 4.1% in December. Actual was a drop of 1.2%.

FedEx advanced $11.48 to $274.99 after reporting higher than consensus fiscal third quarter revenues and earnings. The company also raised guidance for the fourth quarter.

Nike dropped $4.15 to $139.02 after reporting lower than consensus fiscal third quarter revenues. The stock rallied slightly after JP Morgan raised its target price from $170 to $176.

MolsonCoors dropped $1.15 to $48.00 after JP Morgan downgraded the stock from Neutral to Underweight

Keurig Doctor Pepper added $0.44 to $34.33 after JP Morgan upgraded the stock from Neutral to Overweight.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2021/03/18/stock-market-outlook-for-march-19-2021/

Technical Notes for Thursday March 18th

Canadian National Railway (CNR), a TSX 60 stock moved above $148.27 to an all-time high extending an intermediate uptrend.

Wheat ETN (WEAT) moved below $6.02 completing a double top pattern.

The CRB Index and its related ETN (GLG) was notably weaker yesterday mainly due to the drop in crude oil prices.

The exception among commodities was the price of Palladium.

Investor's Digest

An interview with Don Vialoux on stock market prospects is released electronically today in Investor's Digest. Focus is on the outlook for commodities and commodity sensitive stocks. Very timely given the weakness today in commodity prices: an opportunity to accumulate on weakness!

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for March 18th 2021

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for March 18th 2021

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 18th 2021

Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index

S&P 500 Momentum Barometers

The intermediate Barometer dropped 4.01 to 74.95 yesterday. It remains Overbought and is rolling over

The long term Barometer slipped 1.20 to 86.57 yesterday. It remains Extremely Overbought and is rolling over.

TSX Momentum Barometers

The intermediate Barometer dropped 2.84 to 70.62 yesterday. It remains Overbought and is rolling over.

The long term Barometer dropped 2.37 to 78.67 yesterday. It changed from Extremely Overbought to Overbought on a move below 80.00 and is rolling over.

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