Pre-opening Comments for Thursday December 7th
U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points at 8:30 AM EST.
GameStop dropped $0.41 to $14.43 after reporting less than consensus third quarter revenues.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/12/clip_image0011.png "clip_image001[1]")
Chewy fell $1.76 to $17.59 after reporting a third quarter loss.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/12/clip_image0021-1.png "clip_image002[1]")
Braze advanced $6.88 to $63.00 after reporting higher than consensus third quarter revenues.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/12/clip_image0031.png "clip_image003[1]")
Cerevel Theropeutics jumped $5.76 to $42.69 after AbbVie offered to purchase the company for $45 cash per share. Value of the transaction is $8.7 billion.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/12/clip_image0041-1.png "clip_image004[1]")
Technical Notes
S&P 100 and NASDAQ 100 stocks moving above intermediate resistance included US Bancorp, Raytheon Technology, Fastenal, QUALCOMM
U.S. Crude Oil ETN $USO moved below $67.45 extending an intermediate downtrend.
Gasoline ETN $UGA moved below $59.45 extending an intermediate downtrend.
Natural Gas ETN $FCG moved below intermediate support at $19.81
Energy SPDRs $XLE moved below $82.11 extending an intermediate downtrend.
ExxonMobil $XOM a Dow Jones Industrial Average stock moved below $98.50 extending an intermediate downtrend.
ConocoPhillips $COP an S&P 100 stock moved below $109.98 completing a Head & Shoulders pattern.
Suncor $SU.TO a TSX 60 stock moved below Cdn$42.42 extending an intermediate downtrend.
Canadian Natural Resources $CNQ.TO a TSX 60 stock moved below Cdn$85.14 completing a double top pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Dec.6th 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 Dec.6th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Dec.6th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Why stock market “FOMO” may set stage for early December seasonal weakness.
Why Value Stocks Make More Sense Now | Your Daily Five (12.05.23) Tom Bowley
Why Value Stocks Make More Sense Now | Your Daily Five (12.05.23) – YouTube
Trend Channels Help Define Stock Pullback Scenarios | The Final Bar (12.05.23)
Trend Channels Help Define Stock Pullback Scenarios | The Final Bar (12.05.23) – YouTube
Carter Charts Energy + Airlines Set For Record Revenues | Stock Market Technical Analysis
Carter Charts Energy + Airlines Set For Record Revenues | Stock Market Technical Analysis – YouTube
Mike Wilson’s 2024 Stock Market Outlook | On The Tape Investing Podcast
Mike Wilson’s 2024 Stock Market Outlook | On The Tape Investing Podcast – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer slipped another 1.40 to 81.20. It remains Overbought and showing early signs of rolling over.
The long term Barometer added 0.60 to 63.40. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 0.44 to 70.93. It remains Overbought.
The long term Barometer was unchanged at 49.78. 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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December 7th, 2023 at 12:51 pm
Dear Guru Ron/BC,
I’ curious to hear your thoughts on WTI and where you see is going ? ARe we likely to break the $66 level ?
Nice jump on ATH today due to the upgrade. But of course it will pull back with WTI.
btw, I’m hoping you stay within Canadian borders, as I’m hoping to visit you some day in BC. I am not a fan of crossing the border these days!
My Best Wishes to you!
KC minus the sunshine band.
December 7th, 2023 at 1:57 pm
KC
I posted a chart of WTIC with comments yesterday on this site. Here is the chart again. The chart suggests a test of the $66 area and soon. It may break but support is support so I’d be tempted to see what the price action is if it is touched. It is already oversold so add in some bearish news and it just might be the place to take a position. As far as the U.S. border goes I would love to go visit and stay in the U.S. At least they speak English and measure things in Imperial measurement just like the old days here. And they don’t have the same mamby pamby typical Liberal policies like in Canada. Washington State looks like a good place to live. They even have doctors and nurses and do surgery there in a timely manner. Last time there I needed a prescription and just went into a Pharmacy and got exactly what I needed immediately without a doctors help. (sorry to rave on) But meanwhile I’ll stay in Victoria and enjoy my retirement. Golf is good here most of the year unless the rain is pounding down day after day which does happen at times. And we do get a bit of snow now and again too. But other than that most of the year is quite mild.
https://stockcharts.com/h-sc/ui?s=%24WTIC&p=D&yr=2&mn=6&dy=0&id=p74701343554&a=742672678
https://stockcharts.com/freecharts/seasonality.php?symbol=ATH.TO&compare=%24wtic
December 7th, 2023 at 2:49 pm
Thanks for the above Ron/BC. Sorry I dont read this blog daily and missed your comments about WTI. I wish I had time to as I do enjoy the banter at times. I spend too much time reviewing other material and videos
There are pros and cons to living on either side of the border. I have a couple of friends in Washington state , one that moved to Texas (I’m not sure why are they have worse problems). I will spare you the political debate. The weather is indeed perfect in Victoria albeit having to possiblyy contend with the effects from those fault lines at times. Which I think is more of an issue south of the border.
Cheers,
KC