Pre-opening Comments for Tuesday December 6^th

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

Index futures were virtually unchanged following release of the U.S October Trade Report at 8:30 AM EST. Consensus was a deficit of $79.90 billion versus a deficit of $73.30 billion in September. Actual was a deficit of $78.2 billion.

The Canadian Dollar was virtually unchanged at U.S.73.41 cents following release of Canada’s October Merchandise Trade report at 8:30 AM EST. Consensus was a surplus of $1.34 billion versus a surplus of $1.14 billion in September. Actual was a surplus of $1.21 billion

Textron $TXT advanced $5.58 to $75.48 after the company was awarded initial contract for the U.S. Army’s future long range assault aircraft program.

AutoZone $AZO) added $17.82 to $2,544.74 after reporting higher than consensus fiscal first quarter revenues and earnings.

General Mills slipped $0.75 to $85.55 after Deutsche Bank downgraded the stock from Buy to Hold.

 

EquityClock’s Daily Comment

Headline reads “The downfall of bank stocks is emphasizing the lack of risk-taking in this market as investors front-run the potential resumption of the bear-market slide.

http://www.equityclock.com/2022/12/05/stock-market-outlook-for-december-6-2022/

Technical Notes

BMO Equal Weight Global Base Metals ETF $ZMT.TO moved above $52.50 extending an intermediate uptrend.

American Express $AXP a Dow Jones Industrial Average stock moved above $158.88 extending an intermediate uptrend

Salesforce.com $CRM a Dow Jones Industrial Average stock moved below $136.04 extending an intermediate downtrend.

Wheat ETN $WEAT moved below $7.63 extending an intermediate downtrend.

Energy prices and related ETNs dropped sharply. Natural Gas ETN $UNG moved below $17.41 extending an intermediate downtrend. Crude oil ETN dropped more than 3%.

U.S. energy equity related ETFs responded to the drop in natural gas and crude oil prices.

Energy SPDRs $XLE moved below $87.29 completing a Head & Shoulders pattern

Natural Gas Equity ETF $FCG moved below $25.63 setting an intermediate downtrend.

Big cap U.S. energy stocks led the drop by equity energy ETFs. Chevron $CVX a Dow Jones Industrial Average stock moved below $175.82 completing a Head & Shoulders pattern Exxon Mobil $XOM an S&P 100 stock moved below$107.48 and $106.71 completing a Head & Shoulders pattern.

Canopy Growth $WEED.TO a TSX 60 stock moved above Cdn$6.06 extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for December 5^th 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for December 5^th 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for December 5^th 2021

Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 7.40 to 83.60. It remains Overbought and shows early signs of a peak.

The long term Barometer dropped 4.20 to 59.50. It changed from Overbought to Neutral on a drop below 60.00.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 6.78 to 77.97. It remains Overbought and show early signs of a peak.

The long term Barometer dropped 5.51 to 51.27. It remains Neutral.

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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