Pre-opening Comments for Wednesday December 20th
U.S. equity index futures were lower this morning. S&P 500 futures dropped 8 points at 8:30 AM EST.
FedEx dropped $22.82 to $257.18 after reporting less than consensus second quarter results.
![clip_image001[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/12/clip_image0015-5.png "clip_image001[5]")
Steelcase dropped $1.32 to $11.38 after the company offered lower than consensus fourth quarter revenue guidance.
![clip_image002[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/12/clip_image0025-6.png "clip_image002[5]")
General Mills dropped $1.75 to $64.96 after the company lowered sales guidance.
![clip_image003[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/12/clip_image0035-5.png "clip_image003[5]")
Lowe’s dropped $2.71 to $222.71 after Stifel Nicolaus downgraded the stock from Buy to Hold
![clip_image004[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/12/clip_image0045-4.png "clip_image004[5]")
Technical Notes
TSX Composite Index moved above resistance at 20,821.66 resuming an intermediate uptrend.
S&P/TSX 60 Index moved above resistance at 1,255.49 resuming an intermediate uptrend.
Global Timber and Forest Products iShares $WOOD moved above $78.93 and $80.30 extending an intermediate uptrend. Canadian listed forest product stocks virtually exploded to the upside including CFP.TO, IFP.TO, DBM.TO and WFG.TO.
Metals and Mining iShares $XME moved above $58.56 extending an intermediate uptrend.
TSX Capped Financials Index iShares $XFN.TO moved above Cdn$47.24 extending an intermediate uptrend.
Check Point Software $CHKP a NASDAQ 100 stock moved above $149.62 to an all-time high extending an intermediate uptrend.
Caterpillar $CAT a Dow Jones Industrial Average stock moved above $149.62 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Dec.18th 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.18th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Dec.19th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
The Market Bears are WRONG! Stop Being Pessimistic | Trading Places (12.19.24)
The Market Bears are WRONG! Stop Being Pessimistic | Trading Places (12.19.24) – YouTube
Finally! Signs of Life in the Energy Sector | DecisionPoint trading Room (12.18.23)
Finally! Signs of Life in the Energy Sector | DecisionPoint trading Room (12.18.23) – YouTube
Magnificent Seven will lead tech higher: Wedbush’s Dan Ives
Magnificent Seven will lead tech higher: Wedbush’s Dan Ives – YouTube
Top Five Charts of 2023 #2: Ten Year Treasury Yield | The Final Bar (12.19.23)
Top Five Charts of 2023 #2: Ten Year Treasury Yield | The Final Bar (12.19.23) – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 1.40 to 91.00. It remains Overbought. Daily data point reached a new 2023 high.
The long term Barometer added 3.60 to 78.60. It remains Overbought. Daily data point reached a new 2023 high.
TSX Momentum Barometers
The intermediate term Barometer added 4.41 to 75.77. It remains Overbought.
The long term Barometer gained 4.85 to 58.59. It remains Neutral. Daily uptrend was extended.
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 20th, 2023 at 3:49 pm
Expect Canada to be treated with kid gloves in 2024 with the Federal Liberals doing so poorly in the polls. Add to that the Democrats in Washington are worried they’ll lose control of the Federal Government with Trump so high in the polls so they should be handing out goodies for everyone as well. Get a big bag and keep it open to be filled up this year……………..I’d prefer gold bars myself but will likely have to settle for less………….