Tech Talk for Tuesday December 1st 2020

ETF tracking the S&P 500 Index (SPY) moved above $364.38 to an all-time high extending an intermediate uptrend.

NASDAQ Biotech ETF (IBB) moved above $146.46 to an all-time high extending an intermediate uptrend.

TSX Technologies iShares (XIT.TO) moved above $43.34 to an all-time high extending an intermediate uptrend.

Pfizer (PFE), a Dow Jones Industrial stock moved above $40.40 extending an intermediate uptrend.

Pre-opening Comments for Tuesday December 1st

Index futures were sharply higher this morning. S&P 500 futures were up 33 points in pre-opening trade. Index futures were buoyed by a 60.18 point gain by the Shanghai Composite Index to 3,451.94 following news from a Chinese manufacturing survey showing greater than consensus economic growth.

The Canadian Dollar advanced 0.19 to US77.06 cents following release of a fiscal update by the Government of Canada last night. The Canadian Dollar was virtually unchanged following release of Canada's GDP growth in September. Consensus was an increase of 0.9% versus a gain of 1.2% in August. Actual was an increase of 0.8%.

PayPal gained $3.13 to an all-time high at $217.25 after Mizuho raised its target price from $270 to $290.

Tesla advanced $24.80 to an all-time high at $590.00 on news that weight of its stock in the S&P 500 Index when added to the index on December 21st will be in one stage instead of multiple stages.

Zoom dropped $29.98 to $448.38 despite reporting higher than consensus third quarter sales and earnings.

Bank of Montreal (BMO $93.33) is expected to open higher after releasing higher than consensus fiscal fourth quarter earnings.

Bank of Nova Scotia (BNS $63.20) is expected to open higher after reporting higher than consensus fiscal fourth quarter earnings.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2020/11/30/stock-market-outlook-for-december-1-2020/

Technical Notes for Monday November 30th

Xilinx (XLNX), a NASDAQ 100 stock moved above $137.99 to an all-time high extending an intermediate uptrend.

Germany iShares (EWG) moved above $30.75 to a 33 month high extending an intermediate uptrend.

Wheat ETN (WEAT) moved below $5.77 completing a short term Head & Shoulders pattern.

Vertex Pharma (VRTX), a NASDAQ 100 stock moved above $230.00 completing a base building pattern.

Pot stocks and related ETFs rallied ahead of U.S. votes on cannabis legalization.

Software iShares (IGV) moved above 337.08 to an all-time high extending an intermediate uptrend.

Biotech stocks and related ETFs (e.g. IBB, BBH) moved higher on more good news about a COVID 19 vaccine.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 30th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for November 30th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 30th 2020

Green: Increase from previous day

Red: Decrease from previous day

In Memory of Don Dillistone

Don passed away on November 15th at the age of 86 from COVID 19. Full obituary is available on the Winnipeg Free Press web site at

https://passages.winnipegfreepress.com/passage-details/id-293861/DILLISTONE_DONALD

My sincere condolences to the Dillistone family.

Don was my hero: When we worked at Richardson Securities/Richardson Greenshields between 1969 and 1986, he was known as one of Canada’s top technical analysts. Upon his retirement as a technical analyst in 1986, Don was honoured by the Canadian Society of Technical Analysts for his contribution to growth in technical analysis services in Canada.

Don was my mentor: Because of his passion and enthusiasm for the use of technical analysis when making investment decisions, and following his prompting after Richardson Greenshields moved from Winnipeg to Toronto in 1986, I started offering technical analysis services under the Tech Talk label and eventually became President of the Canadian Society of Technical Analysts.

Thank you, Don for your inspiration, support and guidance.

Technical Scoop

Thank you to David Chapman and www.EnrichedInvesting.com for a link to their weekly report. Headline reads, "Different worlds, assassination trigger, fraud calls, bond cycles, gold low, energy breakout, annus horriibilis". Following is the link:

Different-worlds-assassination-trigger-fraud-calls-bond-cycles-gold-low-energy-breakout-annus-horriibilis.pdf (enrichedinvesting.com)

S&P 500 Momentum Barometer

The Barometer added 1.40 to 83.57 yesterday. It remains extremely intermediate overbought.

TSX Momentum Barometer

The Barometer slipped 2.34 to 71.50 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