Tech Talk for Wednesday November 25th 2020

Canadian forest product stocks continue moving higher. West Fraser Timber moved above $75.06 extending an intermediate uptrend.

Pre-opening Comments for Wednesday November 25th

U.S. equity index futures were mixed this morning. S&P 500 futures were down 2 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. October Durable Goods Orders were expected to increase 1.0% versus a gain of 1.9% in September. Actual was an increase of 1.3%. Excluding Transportation Orders, consensus for October Durable Goods Orders are expected to increase 0.8% versus a gain of 0.8% in September. Actual was an increase of 1.3%. Second estimate of third quarter U.S. real annualized GDP released at 8:30 AM EST was an increase to 33.2% from the previous estimate of 33.1%. Actual was unchanged at 33.1%. Consensus for Weekly Initial Jobless Claims was a decrease to 730,000 from 748,000 last week. Actual was 778,000.

HP Inc added $1.20 to $22.95 after reporting higher than consensus fiscal fourth quarter earnings. The company also raised its dividend and offered positive fiscal first quarter guidance.

Gap Stores dropped $3.07 to $23.80 after reporting lower than consensus third quarter earnings.

American Eagle Outfitters slipped $0.54 to $17.25 after reporting lower than consensus third quarter earnings.

Couche Tard (ATD.B Cdn$43.05) is expected to open higher after reporting higher than consensus quarterly earnings.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2020/11/24/stock-market-outlook-for-november-25-2020/

Note seasonality chart on the Case/Shiller 20 city home price index

Technical Notes for Yesterday

Dow Jones Industrial Average moved above 30,000 for the first time in history extending an intermediate uptrend.

South Korea iShares (EWY) moved above $76.33 to an all-time high extending an intermediate uptrend. Look for the KOSPI to move shortly to an all-time high above 2,607.10. Far East equity indices and related ETFs continue to outperform North American equity indices.

WTI Crude Oil moved above US$43.78 extending an intermediate uptrend.

Energy SPDRs (XLE) moved above $38.89 extending an intermediate uptrend.

Oil & Gas Exploration SPDRs (XOP) moved above $57.50 extending an intermediate uptrend.

Oil Services ETF (OIH) moved above $173.86 extending an intermediate uptrend.

Gasoline ETN (UGA) moved above $21.58 extending an intermediate uptrend.

Rio Tinto (RIO), world's largest base metal producer moved above $66.55 to an all-time high extending an intermediate uptrend.

BHP Group (BHP), one of the world's largest base metal producers moved above $57.21 to an all-time high extending an intermediate uptrend.

Teck Corp (TECK.B), a TSX 60 stock moved above $20.55 extending an intermediate uptrend

Cameco (CCO.TO CCJ), a TSX 60 stock moved above Cdn$13.47 and US$10.32 setting an intermediate uptrend.

Fertilizer stocks such as Nutrien (NTR) and Mosaic (MOS) are moving strongly higher. Mosaic moved above previous resistance at $20.20, $21.98 and $22.90 extending an intermediate uptrend.

Raytheon Technologies (RTX), an S&P 100 stock moved above $73.84 extending an intermediate uptrend.

Bank of American (BAC), an S&P 100 stock moved above $28.81 resuming an intermediate uptrend.

Dollar Tree (DLTR), a NASDAQ 100 stock moved above $106.64 extending an intermediate uptrend. The company reported higher than consensus third quarter sales and earnings.

Constellation Software (CSU), a TSX 60 stock moved above $1,635.77 to an all-time high extending an intermediate uptrend.

National Bank (NA), a TSX 60 stock moved above $72.47 to an all-time high extending an intermediate uptrend.

Canadian Forest Product stocks continue to outperform the TSX Composite. Canfor (CFP) moved above $19.06 to a 24 month high. 'Tis the season!

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 24th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for November 24th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 24th 2020

Green: Increase from previous day

Red: Decrease from previous day

Seasonality in Gold

Gold's best period of seasonal strength is from mid-December to the end of February. Following is a link to a recent study:

GLD: Buy The Dip In Gold (NYSEARCA:GLD) | Seeking Alpha

S&P 500 Momentum Barometer

The Barometer was unchanged yesterday at 80.56. It remains extremely intermediate overbought

TSX Momentum Barometer

The Barometer added 2.34 to 69.63 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