Pre-opening Comments for Tuesday December 24th
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points at 8:30 AM EST.
Avista Medical advanced $0.99 to $12.74 after receiving FDA approval for a system to treat smaller wounds.
![clip_image001[4]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/12/clip_image0014-8.png "clip_image001[4]")
Limoneira dropped $1.82 to $25.01 after lowering 2025 revenue guidance.
![clip_image002[4]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/12/clip_image0024-9.png "clip_image002[4]")
International Seaways advanced $2.48 to $36.26 on news that the stock is to be added to the S&P 600 Small Cap Index
![clip_image003[4]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/12/clip_image0034-7.png "clip_image003[4]")
EquityClock’s Stock Market Outlook for December 24th
The rising trend in the bond market has been broken, removing a tailwind that has worked to support equity prices for at least the past year. See:
https://equityclock.com/2024/12/23/stock-market-outlook-for-december-24-2024/
Closing times for North American equity markets:
Today, TSX closes at 12:50 PM EST with NYSE and NASDAQ closing at 1:00 PM EST. All markets are closed on Wednesday. TSX is closed on Thursday. Next Tech Talk report is to be released on Friday December 27th .
Technical Notes
Imperial Oil $IMO.TO a TSX 60 stock moved below Cdn$88.20 extending an intermediate downtrend.
Wheaton Precious Metals $WPM.TO a TSX stock moved below Cdn$81.52 completing a double top pattern.
Saputo $SAP.TO a TSX 60 stock moved below Cdn$24.78 to a 29 month low extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for December 23rd 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 23rd 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for December 23rd 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Hightower’s Stephanie Link on her top stock picks for 2025
Hightower’s Stephanie Link on her top stock picks for 2025 – YouTube
Market is ‘absolutely’ primed for a 10% correction, says DCLA’s Sarat Sethi
Market is ‘absolutely’ primed for a 10% correction, says DCLA’s Sarat Sethi – YouTube
The Greatest Chart In The Stock Market: Dan Nathan and Guy Adami.
https://www.youtube.com/watch?v=eBAaCO5SIRo
Market levels will represent a ‘set up’ at some point, says Charles Schwab’s Liz Ann Sonders
Needham’s Laura Martin gives her Big Tech picks in 2025
Needham’s Laura Martin gives her Big Tech picks in 2025 – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 0.20 to 26.80. It remains Oversold. Early technical signs of a bottom have arrived.
The long term Barometer added 0.60 to 57.08. It remains Neutral.
TSX Momentum Barometers
The long term Barometer added 1.83 to 28.31. It remains Oversold. Early technical signs of a bottom have arrived.
The long term Barometer added 1.37 to 51.19. It remains Neutral. Early technical signs of a bottom have arrived.
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 24th, 2024 at 3:11 pm
Best wishes for everyone for the holidays. RON/BC I will drink one for you.
December 24th, 2024 at 8:03 pm
Best wishes back Larry..A happy and prosperous 2025 to all.
I will raise a glass to Ron as well.
Cheers,Pat
December 26th, 2024 at 12:37 pm
I would like to put my opinion on the market for the record that I have gone to cash and will stay in cash. The market is way too overbought. I expressed this sentiment a few weeks ago. I wouldn’t do anything more than day trade. CNBC chart technician Carter Worth is calling for a 12 to 15% correction in Q1. The Economist put out a great cautionary piece this week. Retail investor sentiment is by far the highest it has ever been going back to 1990. Cash position of retail investors is the lowest going back to 1999 and the equity percentage position is the highest since 2007. We have the highest trailing SPX PE ratio since 1999. The CAPE ratio is higher than 98% of all other times going back to every year measured since 1900. Measured by price to book shares are even higher than the 2000 peak. Expensive, expensive, expensive. Is Donald Trump going to magically make the market go even higher? I’m not going to bet on it and you of course can never know exactly when the top will come.
December 26th, 2024 at 3:19 pm
Good point Larry. I agree with that sentiment as well. CNBC guest Warren Pies is saying the same thing but is going as far as to say Q1 earnings will disappoint and first half of year will be bad followed by a second half rally.
Is there any sectors/stocks that you’re looking at buying if that type of correction happens. 12-15% correction on S&P is huge and takes us back to the August 5 lows.
December 26th, 2024 at 4:18 pm
Neil it’s large cap tech I will be buying all the way when a correction comes. What I find handy is simply to buy the MAGS etf. You can then add on the side individual stock preferences. One stock I like that doesn’t get so much attention is CLS.