Pre-opening Comments for Monday December 30th
U.S. equity index futures were lower this morning. S&P 500 futures were down 60 points at 8:30 AM EST.
Boeing dropped $3.72 to $177.00 following crash of a Boeing 737 aircraft in South Korea.
Tesla dropped $7.55 to $424.11after recalling almost 700,000 vehicles.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/12/clip_image0021-5.png "clip_image002[1]")
EquityClock’s Stock Market Outlook for December 30th
There is a saying that when “Santa fails to call, bears may come to Broad & Wall.” With stocks struggling this Santa Claus rally period, we could find out what this means. See:
https://equityclock.com/2024/12/28/stock-market-outlook-for-december-30-2024/
The Bottom Line
Equity indices around the world bounced from short term deeply oversold levels last week, led by Far East markets.
Economic News This Week
December Chicago PMI released at 9:45 AM EST on Monday is expected to improve to 42.8 from 40.2 in November.
November U.S. Construction Spending released at 10:00 AM EST on Thursday is expected to increase 0.3% versus a 0.4% increase in October.
December U.S. ISM Manufacturing PMI is released at 10:00 AM EST on Thursday.
Selected Earnings News This Week
Nil
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for December 27th 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 27th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for December 27th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Michael Campbell’s Year End Special Report
Michael Campbell’s MoneyTalks – Complete Show (mikesmoneytalks.ca)
Gold Shares May Be More Profitable Than the Metal: Mark Leibovit
Gold Shares May Be More Profitable Than the Metal – HoweStreet
A New Interpretation for “Markets Going to Pot” Bob Hoye
A New Interpretation for “Markets Going to Pot” – HoweStreet
Next Decline In Crude Prices Should Trigger A New Long Term BUY Signal For The Sector. Josef Schachter
Next Decline In Crude Prices Should Trigger A New Long Term BUY Signal For The Sector. – HoweStreet
There’s a lot of upside in the U.S. market, says Ed Yardeni
There’s a lot of upside in the U.S. market, says Ed Yardeni – YouTube
Top sectors for investing in 2025: BNN
Top sectors for investing in 2025 – YouTube
December growth data likely to be hotter-than-expected, says CFRA’s Sam Stovall
https://www.youtube.com/watch?v=Gt1YdroxS0c
RBC’s Helima Croft gives her 2025 energy playbook under Trump
RBC’s Helima Croft gives her 2025 energy playbook under Trump – YouTube
The stock setup for 2025
The stock setup for 2025 – YouTube
Santa’s Rally Fails to Lift Off, What’s Next?! Tom Bowley
https://www.youtube.com/watch?v=whVSyXpjuvo
Trump’s Policy Shift Reveals Potential Big Winner! Mary Ellen McGonagle
https://www.youtube.com/watch?v=3sDBN9Qn5HM
Changes last week
Technical Note for Friday
South Korea iShares $EWY moved below $51.44 to a three year low extending an intermediate downtrend. Political turmoil is impacting equity prices.
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 5.40 on Friday, but gained 0.40 last week to 27.00. It recovered from a deeply oversold level.
The long term Barometer slipped 0.80 on Friday but added 1.20 last week to 57.60. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer added 0.79 on Friday and gained 5.35 last week to 31.84. It remains Oversold, but recovering.
The long term Barometer added 0.24 on Friday and gained 2.06 last week to 61.88. It returned to Overbought on a recovery above 60.00.
Special Short Term Momentum Report
The short term (20 day) Barometer for S&P 500 stocks recovered last week from deeply oversold 7.80 to 13.60
The short term (20 day) Barometer for TSX stocks recovered last week from a deeply oversold
8.68 to 19.73.
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 30th, 2024 at 12:09 pm
SPX is having its’ worst month since April. Momentum and breadth are rolling over with gains concentrated in a very narrow number of stocks. From CNBC quoting Jonathan Krinsky “SPX is on its first weekly sell signal since September, and high-beta momentum stocks have broken their uptrend. The bottom line is there are enough underlying concerns to warrant caution into January, even if a larger top is not at hand.” I’m looking at the possible head and shoulders formation on SPX with completion of the pattern happening if SPX goes below 5832.
December 30th, 2024 at 12:13 pm
Krinsky is Chief Market Technician at BTIG