Dec 16

Tech Talk for Friday December 16th 2022

Daily Reports Add comments

Pre-opening Comments for Friday December 16th

U.S. equity index futures were lower this morning. S&P 500 futures were down 36 points in pre-opening trade.

U.S. Steel advanced $0.63 to $24.27 after raising guidance for fourth quarter revenues and earnings.

clip_image001[1]

Steel Dynamics added $0.28 to $102.20 after predicting an increase in hot rolled steel prices in 2023.

clip_image002[1]

Exact Science jumped $11.34 to $55.95 after its colorectal cancer treatment results were released.

clip_image003[1]

Adobe jumped $16.94 to $345.65 after reporting higher than consensus fiscal fourth quarter earnings.

clip_image004[1]

 

EquityClock’s Daily Comment

Headline reads “While there are arguments for and against the notorious Santa Claus rally period ahead, a positive bias of this timeframe is traditionally warranted”.

http://www.equityclock.com/2022/12/15/stock-market-outlook-for-december-16-2022/

Technical Notes

Broadly based U.S. equity indices, notably the S&P 500 Index and Dow Jones Industrial Average) dropped below their 20 day moving average mainly in response to the lower than consensus November Retail Sales report released at 8:30 AM EST.

clip_image001

clip_image002

Agribusiness ETF $COW.TO moved below Cdn$70.94 setting an intermediate downtrend.

clip_image003

Timber and Forest iShares $WOOD moved below intermediate support at $74.28

clip_image004

South Korea iShares $EWY moved below $55.53 completing a double top pattern.

clip_image005

Palladium ETN $PALL moved below $165.86 extending an intermediate downtrend.

clip_image006

First Quantum Minerals $FM.TO a TSX 60 stock moved below $28.31 completing a double top pattern. The company is negotiating payments to the Panamanian government.

clip_image007

AT&T $T an S&P 100 stock moved below intermediate support at $18.52.

clip_image008

First Majestic Silver $FR.TO moved below Cdn$11.65 completing a double top pattern.

clip_image009

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for December 15th 2022

clip_image011

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for December 15th 2022

clip_image013

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for December 15th 2021

clip_image015

Green: Increase from previous day

Red: Decrease from previous day

 

Link offered by a valued provider

Tom Bowley and other StockChart.com analysts are offering an “Outlook for 2023” presentation on January 7th. Register at Fed Disappoints As Selling Kicks In | Tom Bowley | Trading Places (12.15.22) – YouTube

 

S&P 500 Momentum Barometers

clip_image016

The intermediate term Barometer plunged 12.20 to 67.20. It remains Overbought. Trend is down.

clip_image017

The long term Barometer dropped 7.80 to 53.00. It changed from Overbought to Neutral on a drop below 60.00. Trend is down.

 

TSX Momentum Barometers

clip_image018

The intermediate term Barometer dropped 6.61 to 59.07. It changed from Overbought to Neutral on a drop below 60.00. Trend is down.

clip_image019

The long term Barometer dropped 6.12 to 43.46. It remains Neutral. Trend is down.

 

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


More from the network:


7 Responses to “Tech Talk for Friday December 16th 2022”

  1. Ron/BC Says:
    December 16th, 2022 at 2:40 pm

    It’s been a rough year………………………

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=4&mn=0&dy=0&id=p60219967831&a=939923011

  2. Ron/BC Says:
    December 17th, 2022 at 2:42 pm

    Oaken Financial is now offering a One Year GIC at 5.25%. Put that in a TFSA and the income is tax free. Not bad for a risk free investment that you can cash out of in one year. It sure would be nice to see double digit rates on GICs again………………….That will take awhile it seems.

  3. David Says:
    December 17th, 2022 at 5:47 pm

    Ron\BC

    here’s a one of your charts. I added KBE & $SPX on the bottom. I’m wondering if the dollar is going to 1.20 with recession hitting next year…

  4. David Says:
    December 17th, 2022 at 5:47 pm

    #3

    https://stockcharts.com/h-sc/ui?s=$USD&p=W&st=1980-01-04&id=p72052765156&a=1235482327&listNum=13

  5. Ron/BC Says:
    December 17th, 2022 at 6:04 pm

    David
    RE: #4
    The chart suggest price will run up to 120 as it broke out of a multi year rectangle and has now come back to test the breakout point (support). That “should” hold and then run up to 120. It is the world’s reserve currency so should do well. I have all my RIF money in the U.S.$ and am not worried about it. Doesn’t mean something different can’t happen as the financial world is in chaos but odds favor the U.S.$ holding up and outperforming the other currencies.

    My goal is to play golf again after my hip surgery in mid October. Still limping a little but don’t care. Weather here has been ok to golf most days in Victoria but I do plan to wait until sometime next month to get serious about it. They say to wait 3 months after hip replacement. Then again I rarely do what “they say”,lol.

  6. Ron/BC Says:
    December 17th, 2022 at 10:24 pm

    David

    Here is a long term chart of the $USD. Price is at an important support level and needs to hold in this area.

    https://stockcharts.com/h-sc/ui?s=%24USD&p=W&yr=20&mn=6&dy=0&id=p26466036616&a=673066394

  7. Ron/BC Says:
    December 17th, 2022 at 10:52 pm

    David
    Here is the Seasonal Trend for the U.S.$. Always a good idea to check out the seasonal trend of a market. Helps with the odds……………

    https://stockcharts.com/freecharts/seasonality.php?symbol=%24USD

Entries RSS Comments RSS Log in