Pre-opening Comments for Thursday December 22nd
U.S. equity index futures were lower this morning. S&P 500 futures were down 20 points in pre-opening trade.
Index futures moved lower following release of the updated U.S. third quarter annualized GDP growth report at 8:30 AM EST. Consensus was unchanged at 2.9%. Actual was growth at a 3.2% rate.
Micron dropped $0.93 to $50.26 after reporting lower than consensus fiscal first quarter results. The company also announced plans for a 10% reduction in staff. Stifel Nicolaus lowered target price from $52 to $50.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/12/clip_image0011-11.png "clip_image001[1]")
CarMax dropped $7.51 to $51.86 after reporting less than consensus third quarter revenues and earnings.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/12/clip_image0021-14.png "clip_image002[1]")
Vail Resorts added $0.13 to $242.52 after Truist raised its target price from $270 to $292.
EquityClock’s Daily Comment
Headline reads “Wednesday’s put-call ratio ended at the highest level since March of 2020, highlighting an extreme bearish bias that persists in this market, typically a contrarian indicator”.
http://www.equityclock.com/2022/12/21/stock-market-outlook-for-december-22-2022/
Technical Notes
Nike $NKE a Dow Jones Industrial Average stock moved above $117.77 extending an intermediate uptrend. The company reported higher than consensus fiscal second quarter revenues and earnings.
Caterpillar $CAT a Dow Jones Industrial Average stock moved above $239.85 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for December 21st 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for December 21st 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for December 20th 2021
Green: Increase from previous day
Red: Decrease from previous day
Canadian Association for Technical Analysis Meeting
Next meeting is offered tonight at 8:00 PM EST. Speaker is Keith Richards. Everyone is welcome. Not a member of CATA? More information is at https://canadianata.ca/
Links offered by a valued providers
Market Buzz from Greg Schnell
2022 Year End Review, Part 1 | Greg Schnell, CMT | Market Buzz (12.21.22) – YouTube
Final Bar with Dave Keller
(12.21.22) Next Steps for the US Dollar | David Keller, CMT | The Final Bar – YouTube
Rick Rule says “If you’re dumb and trusting, you will be separated from your money: Advice for 2023.”
JP Morgan says “U.S. earnings are going to have to come down”
U.S. earnings are going to have to come down, says JPMorgan’s Joyce Chang – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 9.40 to 62.60. It changed from Neutral to Overbought on a move above 60.00.
The long term Barometer added 4.20 to 52.00. It remains Neutral.
TSX Momentum Barometer
The intermediate term Barometer added 10.13 to 57.38. It remains Neutral.
The long term Barometer advanced 5.49 to 46.41. 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
|
|
December 22nd, 2022 at 10:23 am
Santa went on hiatus somehow. This reminds me of 2018 when the bottom of the market was Christmas Eve. If you were good you could pick up all sorts of presents on that day.