Pre-opening Comments for Tuesday December 17th
U.S. equity index futures were lower this morning. S&P 500 futures were down 25 points at 8:35 AM EST.
S&P 500 futures were unchanged following release of November U.S. Retail Sales at 8:30 AM EST. Consensus called for a 0.5% gain versus a 0.4% gain in October. Actual was a 0.7% gain. Excluding auto sales, consensus called for a 0.4% increase versus a 0.1% gain in October. Actual was a 0.2% gain.
The Canadian Dollar was unchanged at US70.02 cents following release of Canada’s November Consumer Price Index at 8:30 AM EST. Consensus called for a 0.1% increase versus a 0.4% gain in October. Actual was unchanged. On a year-over-year basis, consensus called for a 2.1% increase versus a 2.2% gain in October. Actual was a 1.9% gain.
Tesla advanced $6.88 to an all-time high at $469.69 after Wedbush’s Dan Ives raised his one year target price to $515 and set his long term target price at $650.
![clip_image001[4]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/12/clip_image0014-4.png "clip_image001[4]")
Amentum Holdings gained $1.37 to $25.15 after reporting a higher than consensus fiscal fourth quarter profit. It also offered positive guidance.
![clip_image002[4]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/12/clip_image0024-5.png "clip_image002[4]")
Mitek Systems advanced $1.51 to $11.00 after reporting higher than consensus fiscal fourth quarter revenues and earnings.
![clip_image003[4]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/12/clip_image0034-3.png "clip_image003[4]")
EquityClock’s Stock Market Outlook for December 17th
A short-term oversold reading is providing an enticing signal to buy/add to equity exposure for the still ongoing rising intermediate-term trend of prices. See:
https://equityclock.com/2024/12/16/stock-market-outlook-for-december-17-2024/
Technical Notes
Global Base Metals iShares $XBM.TO moved below Cdn$20.85 resuming an intermediate downtrend. The move below support was prompted by breakdowns by Southern Copper and Freeport McMoran. Southern Copper $SCCO one of the largest copper miner in the world dropped below US$98.29 extending an intermediate downtrend. Freeport McMoran $FCX largest U.S. copper miner dropped below US$42.00 extending an intermediate downtrend.
Global X Uranium ETF $URA moved below $29.27 completing a double top pattern.
Nvidia $NVDA an S&P 100 stock moved below $131.79 completing a Head & Shoulders pattern.
Caterpillar $CAT a Dow Jones Industrial Average stock moved below $378.03 completing a double top pattern.
Canadian National Railway $CNR.TO a TSX 60 stock moved below Cdn$146.53 extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for December 16th 2024
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 December 16th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for December 16th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Fateful 8 = New Mag 7: Nvidia, Broadcom, Microsoft & Google Stocks In Focus: Dan Nathan, Carter Worth
Fateful 8 = New Mag 7: Nvidia, Broadcom, Microsoft & Google Stocks In Focus – YouTube
Outlook for Canadian equities in 2025: Brian Belski, Bank of Montreal
Outlook for Canadian equities in 2025 – YouTube
Outlook for U.S. equities in 2025: Brian Belski, Bank of Montreal
Big technology stocks are the new consumer staples: BMO’s Belski – YouTube
Market Breadth & Seasonality’s Impact on SPX Consolidation: Schwab Network
Market Breadth & Seasonality’s Impact on SPX Consolidation – YouTube
U.S. Tax loss selling candidates: Wolfe
Worst performing stocks for tax loss selling – Wolfe (S&P Complete Indices:SP500) | Seeking Alpha
S&P 500 Momentum Barometers
The intermediate term Barometer dropped another 2.40 to 45.20. It remains Neutral. Daily downtrend was extended.
The long term Barometer dropped another 3.00 to 63.60. It remains Overbought. Daily downtrend was extended.
TSX Momentum Barometers
The intermediate term Barometer dropped 5.94 to 36.53. It changed from Neutral to Oversold on a move below 40.00. Daily downtrend was extended.
The long term Barometer dropped 1.37 to 66.21. It remains Overbought. Daily downtrend was extended.
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 17th, 2024 at 1:33 pm
NVDA – Note Techtalk’s call of a completion of a head and shoulder’s pattern. Don’t fight the market. The big question is where to draw the line for firm support. This stock is going to be a great opportunity when it bottoms. Maybe I will get my 120 buy point. If you take the run up from the Aug low of 90.68 and the top of 152.88 a 50% retracement would be down to 121.78 so maybe pencil in 122. I would also look for RSI to get down to the low 30s. It very rarely gets below 30. When traders decide to start buying the snap back is going to be massive.
December 17th, 2024 at 2:13 pm
Thanks for your comment(s) Larry. Some of us do read and take note 0f them.