Dec 20

Tech Talk for Tuesday December 20th 2022

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Pre-opening Comments for Tuesday December 20th

U.S. equity index futures were lower this morning. S&P 500 futures were down 12 points in pre-opening trade.

Index futures were virtually unchanged following release of the November U.S. Housing Start report at 8:30 AM EDT. Consensus was 1.400 million units versus 1.425 million units in October. Actual was 1.427 million units

The Canadian Dollar was virtually unchanged at US73.41 cents after Canada’s October Retail Sales report was released at 8:30 AM EDT. Consensus was an increase of 1.5% versus a drop of 0.5% in September. Actual was an increase of 1.4%

General Mills slipped $1.15 to $85.97 despite reporting higher than consensus fiscal second quarter results. The company also raised guidance for remainder of the year.

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Union Pacific added $1.75 to $208.14 after Evercore upgraded the stock to Outperform.

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Magna International gained $1.83 to US$58.90 following news of its purchase of Veoneer Active Safety business for $1.525 billion cash.

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EquityClock’s Daily Comment

Headline reads “The counter-trend moves in the currency market from pivot-points charted in September/October are showing signs of maturing, setting the stage for the resumption of longer-term paths.”

http://www.equityclock.com/2022/12/19/stock-market-outlook-for-december-20-2022/

 

Technical Notes

Consumer Discretionary SPDRs $XLY moved below $131.54 extending an intermediate downtrend.

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Lithium ETN $LIT moved below $63.01 extending an intermediate downtrend.

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Amazon $AMZN an S&P 100 stock moved below$85.97 extending an intermediate downtrend.

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Walt Disney $DIS a Dow Jones Industrial Average stock moved below $86.28 extending an intermediate downtrend.

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McDonalds $MCD a Dow Jones Industrial Average stock moved below $284.85 completing a double top pattern.

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Match Group $MTCH a NASDAQ 100 stock moved below $40.23 extending an intermediate downtrend.

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Brookfield Infrastructure $BIP a TSX 60 stock moved below US$31.79 extending an intermediate downtrend.

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Cameco $CCO.TO a TSX 60 stock moved below Cdn$29.10 extending an intermediate downtrend.

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Canadian Tire $CTC.A.TO a TSX 60 stock moved below $141.78 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for December 19th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for December 19th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for December 16th 2021

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Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometers

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The intermediate term Barometer dropped 6.20 to 52.60. It remains Neutral. Trend is down.

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The long term Barometer slipped 1.40 to 48.00. It remains Neutral. Trend is down.

 

TSX Momentum Barometers

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The intermediate term Barometer plunged 12.66 to 43.04. It remains Neutral. Trend is down.

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The long term Barometer dropped 3.38 to 37.97. It changed from Neutral to Oversold on a move below 40.00. Trend remains down.

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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5 Responses to “Tech Talk for Tuesday December 20th 2022”

  1. Dave/AB Says:
    December 20th, 2022 at 8:07 am

    Hello Ron/BC

    Thank you very much for the chart. One of my bigger holdings is TOU. What a swing yesterday, I added more. They gave 2 special dividends last yr. The talk is they will do the same again versus increasing their quarterly dividend.

    Keep me updated on your progress on the golf course. I’m heading to the simulators here in Calgary. -44 here this morning. I’m still negotiating with the spouse about making a trip out to the island.

  2. Ron/BC Says:
    December 20th, 2022 at 12:46 pm

    Dave/AB

    Well TOU.to isn’t doing as well as it had been as it just broke its one year uptrendline and the last two highs had negative divergences on some oscillators. BUTTTTTTTTTTTTTT everything needs a little rest now and again and consolidate and that doesn’t mean the end of the world for TOU.to. It is outperforming NatGas presently as well.

    Right now the golf courses here are under several inches of snow like everything else. Reminds me of the prairies. But it’s supposed to be above freezing later in the week which should get rid of it all. And when you plan on coming to the Island let me know.

    https://stockcharts.com/h-sc/ui?s=TOU.TO&p=D&yr=2&mn=0&dy=0&id=p80434636962&a=800438737

  3. Ron/BC Says:
    December 20th, 2022 at 1:26 pm

    Dave/AB

    The Seasonality Trend for the next few months is bullish as well for TOU.to.

    https://stockcharts.com/h-sc/ui?s=TOU.TO&p=D&yr=2&mn=0&dy=0&id=p80434636962&a=800438737

  4. Ron/BC Says:
    December 20th, 2022 at 1:28 pm

    Dave/AB

    Correction:#3
    Click the Seasonality link at the bottom of the chart.

  5. Dave/AB Says:
    December 20th, 2022 at 2:09 pm

    Ron/BC

    Thanks for the charts. They are very helpful along with your expertise. I used the season chart and $70 as support for the level entry point for TOU. The talking heads that I follow are talking about a commodity super cycle. Maybe a bit early since the feds don’t sound like they are finished or convinced inflation is done.

    For sure I will let you know for a round, a meal or both.

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