Pre-opening Comments for Friday December 1^st 2023

U.S equity index futures were lower this morning. S&P 500 futures were down 8 points at 8:35 AM EST.

Canadian Dollar added 0.05 to US78.88 cents following release of Canada’s November Employment Report. Consensus was an increase in employment of 14,000 versus a gain of 17,500 in October. Actual was an increase of 24,900. Consensus was an increase in the Unemployment Rate to 5.8% from 5.7% in October. Actual was an increase to 5.8%.

Tesla dropped $4.43 to $235.65 after launching its Cybertruck at a higher than expected price.

Dell fell $3.27 to $72.60 after reporting less than consensus third quarter revenues. The company also guided to lower fourth quarter revenues.

Ulta Beauty advanced $52.64 to $478.25 after reporting higher than consensus third quarter earnings. The company also offered positive fourth quarter guidance.

Raymond James added $0.41 to 4105.56 after raising its dividend. The company also extended its $1.5 billion share buyback program.

 

EquityClock’s Daily Comment

Headline reads “December continues the positivity in the equity market with the S&P 500 Index averaging a gain of 0.9% with 70% of periods closing higher”.

https://equityclock.com/2023/11/30/stock-market-outlook-for-december-1-2023/

Technical Notes

Dow Jones Industrial Average moved above 35,679.13 extending an intermediate uptrend. Dow Jones Industrial Average SPDRs $DIA moved above $356.07 to an all-time high extending an intermediate uptrend.

NASDAQ Biotech iShares $IBB moved above $120.88 completing a double bottom pattern. First Trust Biotech ETF $FBT moved above $141.47 also completing a double bottom pattern.

Salesforce.com $CRM a Dow Jones Industrial Average stock moved above $238.22 extending an intermediate uptrend.

Dollar Tree $DLTR a NASDAQ 100 stock moved above $122.19 extending an intermediate uptrend.

Commerce Bank $CM.TO a TSX 60 stock moved above intermediate resistance at $54.44 and $54.98.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.30^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 Nov.30^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for November 30^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Seasonality Chart of the Day

Technicals for biotech ETFs are turning positive just before start of a period of seasonal strength.

According to www.EquityClock.com, seasonal influences are optimal from December 13^th to April 6^th. ETF Choices include FBT, IBB and BBH.

 

Links offered by valued providers

Sprott Digest: Uranium Outlook 2024, Fed Action & Options for Precious Metals

Uranium Market Outlook 2024 (sprott.com)

 

This is Why You Must Monitor Topping Candles | Trading Places (11.30.23)

Note comment on Gold.

This is Why You Must Monitor Topping Candles | Trading Places (11.30.23) – YouTube

 

The 5 MOST Important Candlesticks to Watch | Stock Talk (11.30.23)

The 5 MOST Important Candlesticks to Watch | Stock Talk (11.30.23) – YouTube

 

How the SMART MONEY Finds Value Against The Crowd | Your Daily Five (11.30.23)

How the SMART MONEY Finds Value Against The Crowd | Your Daily Five (11.30.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.60 to 80.20. It remains Overbought. Daily trend remains up.

The long term Barometer added 1.40 to 61.00. It changed from Neutral to Overbought on a moved above 60.00. Daily trend remains up.

 

TSX Momentum Barometers

The intermediate term Barometer added 0.88 to 65.64. It remains Overbought. Daily trend remains up.

The long term Barometer slipped 1.32 to 45.37. 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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