Pre-opening Comments for Friday December 9^th

U.S. equity index futures were higher this morning. S&P 500 futures were down 11 points in pre-opening trade.

Index futures moved lower following release of the November Producer Price Index at 8:30 AM EST. Consensus was an increase 0.2% versus a gain of 0.2% in October. Actual was an increase of 0.3%. On a year-over-year basis, consensus was an increase of 7.2% versus a gain of 8.0% in October. Actual was an increase of 7.4%. Excluding food and energy, year-over-year consensus was an increase of 5.9% versus a gain of 6.7% in October. Actual was an increase of 6.2%.

Lululemon dropped $23.56 to $350.95 after lowering fourth quarter guidance.

DocuSign added $3.59 to $47.34 after reporting higher than consensus third quarter revenues and earnings.

Cooper Companies dropped $28.43 to 291.00 after reporting lower than consensus fiscal fourth quarter results.

Waste Management added $1.18to $167.19 after the company approved a $1.5 billion share buyback program. It also increased its quarterly dividend.

 

EquityClock’s Daily Comment

Headline reads “While the trend of COVID cases in the US appears to have become derailed from seasonal norms for respiratory illnesses, influenza is quickly taking over”.

http://www.equityclock.com/2022/12/08/stock-market-outlook-for-december-9-2022/

Technical Notes

CVS Health an S&P 100 stock moved above $102.77 extending an intermediate uptrend.

Regeneron $RGEN a NASDAQ 100 stock moved above $769.63 to an all-time high extending an intermediate uptrend.

DexCom $DXCM a NASDAQ 100 stock moved above $123.36 extending an intermediate uptrend.

Vertex Pharmaceuticals $VRTX moved above $323.61 to an all-time high extending an intermediate uptrend.

Soybean ETN $SOYB moved above $28.00 extending an intermediate uptrend.

Loblaw Companies $L.TO a TSX 60 stock moved above $124.33 to an all-time high extending an intermediate uptrend.

Gasoline ETN $UGA moved below $50.23 extending an intermediate downtrend.

Crude Oil ETN $USO moved below $63.15 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for December 8^th 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for December 8^th 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for December 8^th 2021

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Sprott Monthly Report: Includes an interesting study on seasonal gold buying by India, China and central banks

Sprott Monthly Report: Gold Higher After Peak Fed Hawkishness

 

Market Buzz from Greg Schnell

Banks Are Latching Down The Hatches | Greg Schnell, CMT | Market Buzz (12.08.22) – YouTube

 

Tom Bowley says “S&P 500 clinging to support”.

S&P 500 Clinging To Support | Tom Bowley | Trading Places (12.08.22) – YouTube

 

Seasonality Chart of the Day from www.EquityClock.com

iShares Core S&P/TSX Capped Composite Index ETF (TSE:XIC.TO) Seasonal Chart

 

Seasonal Chart Analysis

Analysis of the iShares Core S&P/TSX Capped Composite Index ETF (TSE:XIC.TO) seasonal charts above shows that a Buy Date of December 8 and a Sell Date of March 7 has resulted in a geometric average return of 2.66% above the benchmark rate of the S&P 500 Total Return Index over the past 20 years. This seasonal timeframe has shown positive results compared to the benchmark in 16 of those periods. This is a very good rate of success and the return strongly outperforms the relative buy-and-hold performance of the stock over the past 20 years by an average of 4.55% per year.

Editor’s Note: Favourable seasonal influences are closely correlated with the period when individuals receive yearend bonuses and subsequently invest funds into tax efficient programs before the beginning of March (e.g. RRSPs TSFAs).

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.20 to 80.40. It remains Overbought.

The long term Barometer added 1.80 to 57.80. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer added 0.42 to 67.80. It remains Overbought.

The long term Barometer slipped 1.27 to 46.19. 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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