Pre-opening Comments for Friday December 19^th

U.S. equity indices were higher this morning. S&P 500 futures were up 4 points at 8:35 AM EST.

S&P 500 Index was unchanged following release of October Core PCE Price Index at 8:30 AM EST. Consensus called for a 3.0% increase on an annual basis versus a 3.0% increase in September. Actual was a year-over-year 2.8% increase.

Today is the last trade day for listed December listed options, futures and futures options. Look for higher than average volume and volatility in U.S. markets.

FedEx (FDX) advanced $5.38 to $292.50 after raising guidance for its fiscal third quarter.

Nike (NKE) dropped $4.44 to $65.63 after lowering fiscal third quarter guidance for China sales

Lyft dropped $0.75 to $19.11 after Wedbush downgraded the stock to Under Perform

EquityClock’s Market Outlook for December 19^th

Inflationary pressures showed significant signs of alleviating in November, but we are preparing portfolios for the normal ramp in prices into the start of the New Year. See:

https://equityclock.com/2025/12/18/stock-market-outlook-for-december-19-2025/

Technical Notes

Starbucks (SBUX) a Dow Jones Industrial Average stock moved above $88.42 extending an intermediate uptrend.

Manulife Financial (MFC.TO) a TSX 60 stock moved above Cdn$49.73 to an all-time high extending an intermediate uptrend.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for December 18^th 2025

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 18^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for December 18^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Why economists are skeptical of November’s CPI data: Steve Leisman

Why economists are skeptical of November’s CPI data – YouTube

CPI "Unbelievable," Brace for 2026 Rotation Trade & Tech’s "Nature of the Beast"

CPI "Unbelievable," Brace for 2026 Rotation Trade & Tech’s "Nature of the Beast" – YouTube

2025 Market Recap & 2026 Outlook: Trends, Psychology, and What Comes Next

2025 Market Recap & 2026 Outlook: Trends, Psychology, and What Comes Next – YouTube

2026 Outlook: The U.S. Is the Place to Be: Goldman Sachs

2026 Outlook: The U.S. Is the Place to Be – YouTube

There is a base case of positive returns for 2026, says Edward Jones’ Mona Mahajan

There is a base case of positive returns for 2026, says Edward Jones’ Mona Mahajan – YouTube

Cool Inflation & Micron Earnings Lift Stocks Higher: Guy Adami, Dan Nathan and Liz Thomas

Cool Inflation & Micron Earnings Lift Stocks Higher – YouTube

Market is broadening out so expect to see new highs before year end: Carson Group’s Detrick

Market is broadening out so expect to see new highs before year end: Carson Group’s Detrick – YouTube

CPI data will leave Fed in a cutting bias, says Vanguard’s Joe Davis

CPI data will leave Fed in a cutting bias, says Vanguard’s Joe Davis – YouTube

AI trade is back on given magnitude of upside at Micron, says Silvant Capital’s Sansoterra

AI trade is back on given magnitude of upside at Micron, says Silvant Capital’s Sansoterra – YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 1.20 to 57.60. It remains Neutral.

The long term Barometer added 0.40 to 62.20. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 4.27 to 67.30. It remains Overbought.

The long term Barometer added 0.47 to 81.99. It remains Overbought.

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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