Pre-opening Comments for Thursday December 21^st

U.S. equity index futures were higher this morning. S&P 500 futures were up 34 points at 8:35 AM EST.

S&P 500 Index futures added 10 points following release of economic news at 8:30 AM EST. Consensus for the updated annualized U.S. third quarter real GDP was unchanged at 5.2%.

Actual was a slip to 4.9%. Consensus for the December Philly Fed Index was -3.0 versus -5.9 in November. Actual was -10.5.

Micron gained $3.41 to $82.10 after reporting higher than consensus first quarter revenues. The company also raised guidance.

Boeing added $0.66 to 260.91 on news that the company is close to resuming delivery of 737 aircraft to China.

AutoZone gained $64.66 to $2,662.00 after the company announced authorization to buy back additional shares valued at $2 billion.

 

Technical Notes

Water Resources ETF $PHO moved above $60.41 to an all-time high extending an intermediate uptrend.

CVS Health $CVS an S&P 100 stock moved above $76.72 completing a double bottom pattern.

Alphabet breakouts: $GOOG moved above $142.38 and $GOOGL moved above $141.22 extending an intermediate uptrend.

Illumina $ILMN a NASDAQ 100 stock moved above $141.60 extending an intermediate uptrend.

Corn ETN $CORN moved below $21.53 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Dec.20^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for Dec.20^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Dec.20^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Sprott Uranium Report: Uranium & Nuclear Get Boost from COP28

Sprott Uranium Report: Uranium & Nuclear Get Boost from COP28

 

Top Five Charts of 2023 #2: Ten Year Treasury Yield | The Final Bar (12.19.23)

Top Five Charts of 2023 #2: Ten Year Treasury Yield | The Final Bar (12.19.23) – YouTube

 

Top Five Charts of 2023 #3: Market Breadth Indicators | The Final Bar (12.20.23)

Top Five Charts of 2023 #3: Market Breadth Indicators | The Final Bar (12.20.23) – YouTube

 

We won’t see much economic growth early next year: BMO’s economist

We won’t see much economic growth early next year: BMO’s economist – YouTube

Greed Grips the Market + FedEx Fails to Deliver + Carter Charts Micron & Nike

Greed Grips the Market + FedEx Fails to Deliver + Carter Charts Micron & Nike – YouTube

 

Dave Landry’s TFM 10% System: Analyzing Market Highs and Crypto Fire! | Your Daily Five (12.20.23)

Dave Landry’s TFM 10% System: Analyzing Market Highs and Crypto Fire! | Your Daily Five (12.20.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 5.40 to 85.60. It remains Overbought. Daily data moved lower.

The long term Barometer dropped 6.40 to 72.20. It remains Overbought. Daily data moved lower.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 5.73 to 70.04. It remains Overbought. Daily data moved lower.

The long term Barometer dropped 3.52 to 55.07. It remains Neutral. Daily data moved lower.

 

Disclaimer: Seasonality ratings 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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