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Tech Talk for Tuesday October 20th 2020

 

Technical Notes for Monday October 19th

The VIX Index moved sharply higher when anticipation to pass an economic stimulus package before Presidential Election Day on November 3rd faded. Discussions between Pelosi and Mnuchin will continue today.

Autodesk (ADSK), a NASDAQ 100 stock moved above $261.94 to an all-time high extending an intermediate uptrend.

Gilead (GILD), a NASDAQ 100 stock moved below $61.65 extending an intermediate downtrend.

Paccar (PCAR), a NASDAQ 100 stock moved above $91.30 to an all-time high extending an intermediate uptrend.

Amgen (AMGN) moved below $232.80 completing a double top pattern.

Net App (NTAP), a NASDAQ 100 stock moved above $48.58 extending an intermediate uptrend.

Western Digital (WDC), a NASDAQ 100 stock moved above $41.12 extending an intermediate uptrend.

Rio Tinto (RIO), one of the world’s largest base metal producers moved below $59.24 completing a short term Head & Shoulders pattern.

Toronto Dominion (TD), a TSX 60 stock moved below $59.34 setting an intermediate downtrend.

AbbVie (ABBV), an S&P 100 stock moved below $84.17 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for October 19th 2020

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for October 19th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 19th 2020

Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

Thank you to David Chapman and www.EnrichedInvesting.com for a link to their weekly report.

Headline reads, “Presidential cycle, potential top, comparative production, renewables outperform, precious consolidation”. Following is the link:

http://enrichedinvesting.com/wp-content/uploads/2020/10/Presidential-cycle-potential-top-comparative-production-renewables-outperform-precious-consolidation.pdf

 

S&P 500 Momentum Barometer

The Barometer plunged 9.24 to 61.04 yesterday. It remains intermediate overbought and trending down.

 

TSX Momentum Barometer

The Barometer dropped 6.33 to 50.94 yesterday. It remains intermediate neutral and trending down.

 

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

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