Pre-opening Comments for Tuesday December 5^th 2023

U.S. equity index futures were lower this morning. S&P 500 futures were down 12 points at 8:30 AM EST.

CVS Health gained $1.92 to $70.40 after offering positive fourth quarter 2023 and 2024 guidance. The company also raised its quarterly dividend by 10%.

JM Smucker added $3.37 to $115.80 after reporting higher than consensus third quarter earnings.

Design Brands dropped $4.16 to $8.65 after reporting lower than consensus third quarter results. The company also lowered guidance.

Lululemon dropped $2.64 to $458.12 after Raymond James lowered its rating from Strong Buy to Outperform.

 

Technical Notes

Retail SPDRs $XRT moved above $67.66 extending an intermediate uptrend. Lowe’s $LOW an S&P 100 stock moved above $206.26 setting an intermediate uptrend. Target $TGT moved above intermediate resistance at $135.70.

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Healthcare SPDRs $XLV moved above intermediate resistance at $131.92. Strength in the healthcare sector was led by strength in its biotech subsector. Biotech ETF $BBH moved above $153.19 completing a double bottom pattern.

S&P Bank SPDRs $KBE moved above $42.17 extending an intermediate uptrend.

India ETF $PIN moved above $23.57 to an all-time high extending an intermediate uptrend.

TSX Cap REIT iShares $XRE.TO moved above Cdn$15.25 completing a reverse Head & Shoulders pattern.

BCE $BCE.TO a TSX 60 stock moved above Cdn$54.72 extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Dec.4^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 Dec.4^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Dec.4^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Top Picks by Hap Sneddon from CastleMoore on BNN’s Market Call

https://www.bnnbloomberg.ca/hap-sneddon-s-top-picks-december-4-2023-1.2007070

 

Stay away from Canadian banks on housing and household debt bubbles: strategist

Stay away from Canadian banks on housing and household debt bubbles: strategist – YouTube

 

I expect gold to surge higher, says Bleakley’s Peter Boockvar

I expect gold to surge higher, says Bleakley’s Peter Boockvar – YouTube

 

We expect a sharp increase in gold prices into 2024-2025: CPM’s Jeffrey Christian

We expect a sharp increase in gold prices into 2024-2025: CPM’s Jeffrey Christian – YouTube

 

Active managers will see a growing roster of opportunities in 2024: Charles Schwab’s Liz Ann Sonders

Active managers will see a growing roster of opportunities in 2024: Charles Schwab’s Liz Ann Sonders – YouTube

 

BlackRock’s Rick Rieder doesn’t believe the economy is falling off a cliff

BlackRock’s Rick Rieder doesn’t believe the economy is falling off a cliff – YouTube

 

Gold’s Bold Move to New Closing High: Sprott Special

Sprott Special: Gold’s Bold Move to New Closing High

 

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 0.80 to 85.20. It remains Overbought.

The long term Barometer added 0.60 to 67.20. It remains Overbought. Daily trend remains up.

 

TSX Momentum Barometers

The intermediate term Barometer added 0.44 to 74.01. It remains Overbought. Daily trend remains up.

The long term Barometer dropped 2.20 to 53.74. It remains Neutral.

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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