Tech Talk for Wednesday February 3rd 2021

Check Point (CHKP), a NASDAQ 100 stock moved below $125.32 completing a double top pattern.

Pre-opening Comments for Wednesday February 3rd

U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade.

Index futures moved slightly higher following release of the January ADP Non-farm Employment report at 8:15 AM EST. Consensus was an increase of 49,000 versus a revised decline of 78,000 in December. Actual was an increase of 174,000.

Alphabet (GOOGL) added $143.78 to $2,062.90 after reporting higher than consensus quarterly earnings.

Amazon gained $82.76 to $3462.76 after reporting higher than consensus fourth quarter revenues. The company also announced a planned change in Chief Executive Officer in the third quarter. .

Chipotle dropped $59.97 to $1,463.08 after reporting lower than consensus fourth quarter revenues and earnings.

Electronic Arts fell $5.67 to $143.30 after reporting lower than consensus quarterly earnings.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2021/02/02/stock-market-outlook-for-february-3-2021/

Tony Dwyer's Comments on U.S. Equity Markets

Tony says "A 5-10% correction is underway" following is a link to a comment released last night:

https://www.cnbc.com/2021/02/02/a-5percent-to-10percent-correction-is-underway-canaccords-tony-dwyer-.html

Technical Notes for Tuesday February 3rd

Salesforce.com (CRM), an S&P 100 stock moved above intermediate resistance at $233.18

DexCom (DXCM), a NASDAQ 100 stock moved above $396.98 extending an intermediate uptrend.

IDEXX Labs (IDXX), a NASDAQ 100 stock moved above $516.86 to an all-time high extending an intermediate uptrend.

CGI Group (GIB), a TSX 60 stock moved above US$80.90 extending an intermediate uptrend.

Software iShares (IGV) moved above $366.03 to an all-time high extending an intermediate uptrend.

U.S. Dollar Index ETN has completed a short term reverse Head & Shoulders pattern on a move above $24.50

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for February 2nd 2021

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for February 2nd 2021

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for February 2nd 2021

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometers

The intermediate Barometer advanced 8.42 to 58.72 yesterday. It remains intermediate neutral

The long term Barometer added 1.00 to 89.38 yesterday. It remains extremely long term overbought.

TSX Momentum Barometers

The intermediate Barometer advanced 4.06 to 59.62 yesterday. It remains intermediate neutral

The long term barometer gained 0.59 to 78.85 yesterday. It remains long term 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