Pre-opening Comments for Monday November 27^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 4 points at 8:30 AM EDT.

U.S. retail stocks are expected to open higher following news that U.S. on-line shoppers spent a record $9.8 billion on Black Friday, up 7.5% from last year. Amazon added $0.95 to $147.69. Shopify gained US$2.45 to a 19 month high at US$72.80.

GE Healthcare Technologies dropped $2.49 to $71.22 after UBS downgraded the stock from neutral to sell. Target was reduced from $86 to $66.

AbbVie added $0.19 to $138.86 after the FDA approved its treatment for a type of lymphoma.

 

EquityClock’s Daily Comment

Headline reads “One indicator is suggesting that the market is bordering on complacency heading into the normal tax-loss selling period early in December”.

https://equityclock.com/2023/11/25/stock-market-outlook-for-november-27-2023/

The Bottom Line

Seasonal strength from late October until yearend by most world equity indices was extended last week.

Economic News This Week

Source: www.Investing.com

October U.S. New Home Sales released at 10:00 AM EST on Monday are expected to drop to 730,000 units from 759,000 units in September.

Updated U.S. third quarter GDP released at 8:30 AM EST on Wednesday is expected to remain unchanged at 4.9%.

Beige Book is released at 2:00 PM EST on Wednesday

October PCE Price Index and October Core PCE Price Index are released at 8:30 AM EST on Thursday.

October U.S. Personal Income and October U.S. Personal Spending are released at 8:30 AM EST on Thursday

Canadian September GDP released at 8:30 AM EST on Thursday is expected to be unchanged versus unchanged in August.

November Chicago Purchasing Managers Index is released at 9:45 AM EST on Thursday.

November Canadian Employment Change and November Canadian Unemployment Rate is released at 8:30 AM EST on Friday.

October U.S. Construction Spending is released at 10:00 AM EST on Friday

November ISM Manufacturing Purchasing Managers Index is released at 10:00 AM EST on Friday

 

Selected Earnings News This Week

Source: www.Investing.com

Focus is on fiscal fourth quarter results released by Canada’s major banks.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Nov.24^th 2023

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 Nov.24^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 24^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Technical Scores

Calculated as follows:

Intermediate Uptrend based on at least 20 trading days: Score 2

          (Higher highs and higher lows)

Intermediate Neutral trend: Score 0

          (Not up or down)

Intermediate Downtrend: Score -2

          (Lower highs and lower lows)

Outperformance relative to the S&P 500 Index: Score: 2

Neutral Performance relative to the S&P 500 Index: 0

Underperformance relative to the S&P 500 Index: Score –2

 

Above 20 day moving average: Score 1

At 20 day moving average: Score: 0

Below 20 day moving average: –1

Up trending momentum indicators (Daily Stochastics, RSI and MACD): 1

Mixed momentum indicators: 0

Down trending momentum indicators: –1

Technical scores range from -6 to +6. Technical buy signals based on the above guidelines start when a security advances to at least 0.0, but preferably 2.0 or higher. Technical sell/short signals start when a security descends to 0, but preferably -2.0 or lower.

Long positions require maintaining a technical score of -2.0 or higher. Conversely, a short position requires maintaining a technical score of +2.0 or lower

 

Changes Last Week

 

Links offered by valued providers

Mike’s Money Talks for November 25^th

https://mikesmoneytalks.ca/november-25th-episode/

Breadth Analysis Suggests Pullback From S&P 4600 | The Final Bar (11.22.23)

Note comments on Bitcoin and seasonality of U.S. equity markets

Breadth Analysis Suggests Pullback From S&P 4600 | The Final Bar (11.22.23) – YouTube

 

Now is NOT the Time to Start a Long Trade – Be Patient! | Moxie Indicator Minutes (11.24.23)

https://www.youtube.com/watch?v=YfauoPOQnd0

 

Seasonality Points To Higher Prices NOW: Tom Bowley

Seasonality Points To Higher Prices NOW | Trading Places with Tom Bowley | StockCharts.com

 

Economic Modern Family — Home for the Holidays: Mish’s Market Minute

Economic Modern Family — Home for the Holidays | Mish’s Market Minute | StockCharts.com

 

November 24, 2023 | Why Commodity Perma-Bulls Have it Wrong: Bob Hoye

Why Commodity Perma-Bulls Have it Wrong – HoweStreet

 

Stock Market Rally, US Dollar, Gold, Crude Oil, Cryptos: Mark Lebovit

Stock Market Rally, US Dollar, Gold, Crude Oil, Cryptos – HoweStreet

 

What is Driving Oil Prices Down? Josef Schachter

What is Driving Oil Prices Down? – HoweStreet

 

Technical Scoop from David Chapman and www.EnrichedInvesting.com

https://enrichedinvesting.com/wp-content/uploads/2023/11/Magnificent-lead-gold-poise-changin-times-commodity-stars-Argentinian-outsider-bond-appeal-lower-CPI.pdf

 

Technical Notes for Friday

U.S. Bitcoin $BTCUSD moved above 37,990.51 to an 18 month high extending an intermediate uptrend.

Johnson & Johnson $JNJ a Dow Jones Industrial Average stock moved above $151.21 completing a double bottom pattern.

UnitedHealth Group $UNH a Dow Jones Industrial Average stock moved above $546.78 extending an intermediate uptrend. Testing its all-time high at $550.00.

Altria $MO an S&P 100 stock moved above $41.21 extending an intermediate uptrend.

Kinross Gold $KGC a TSX 60 stock moved above US$5.60 extending an intermediate uptrend. Another gold equity breakout above intermediate resistance!

First Quantum Minerals $FM.TO a TSX 60 stock moved below Cdn$13.66 extending an intermediate downtrend.

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.00 on Friday and gained 4.60 last week to 76.00. It remains Overbought. Daily trend remains up.

The long term Barometer added 1.40 on Friday and gained 3.60 last week to 57.80. It remains Neutral. Daily trend remains up.

 

TSX Momentum Barometers

The intermediate term Barometer added 2.20 on Friday and 2.20 last week to 61.23. It changed from Neutral to Overbought on a move above 60.00.

The long term Barometer added 1.32 on Friday and 1.76 last week to 45.37. It remains Neutral. Daily trend remains up.

 

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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