Pre-opening Comments for Tuesday December 3rd
U.S. equity index futures were higher this morning. S&P 500 futures were up 2 points at 8:30 AM EST
Honeywell dropped $6.95 to $223.00 after lowering fourth quarter guidance.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/12/clip_image0011.png "clip_image001[1]")
Zscaler dropped $16.11 to $191.96 after issuing lower fiscal first quarter guidance.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/12/clip_image0021-1.png "clip_image002[1]")
Tesla dropped $6.29 to $350.80 after a judge rejected approval of Elon Musk’s proposed pay package.
Microchip Technology dropped $2.39 to $67.92 after announcing closure of an Arizona plant. The company also lowered guidance.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/12/clip_image0041.png "clip_image004[1]")
EquityClock’s Market Outlook for December 3rd
The health of the market through the last month of the year is expected to show a heavy reliance on yields and the dollar. See:
https://equityclock.com/2024/12/02/stock-market-outlook-for-december-3-2024/
Technical Notes
NASDAQ Composite Index moved above 19,316.07 and NASDAQ 100 Trust $QQQ moved above $515.58 to an all-time high extending an intermediate uptrend.
Trade Desk $TTD a NASDAQ 100 stock moved above $132.65 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for December 2nd 2024
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 2nd 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for December 2nd 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Bitcoin will close well above $100,000 before year-end, says Fundstrat’s Tom Lee
Bitcoin will close well above $100,000 before year-end, says Fundstrat’s Tom Lee – YouTube
Low Liquidity & Volume Heading into "Santa Clause Rally" Schwab Network
Low Liquidity & Volume Heading into "Santa Clause Rally" – YouTube
Can You Really Predict Stock Market Success Using the Yield Curve? David Keller
Can You Really Predict Stock Market Success Using the Yield Curve? – YouTube
Market Navigator: Trading lumber
Market Navigator: Trading lumber – YouTube
Market Euphoria vs Rational Optimism: Understanding Investor Sentiment: Guy Adami, Dan Nathan and Liz Young
Market Euphoria vs Rational Optimism: Understanding Investor Sentiment – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 3.20 to 67.80. It remains Overbought.
The long term Barometer was unchanged at 76.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 7.31 to 57.53. It changed from Overbought to Neutral on a drop below 60.00.
The long term Barometer was unchanged at 75.34. 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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December 3rd, 2024 at 1:21 pm
QQQ – Interesting technical note on it setting a new all-time high after lagging the overall market since June/July. I am noticing some calls for better performance in tech relative to the overall market going forward. Historically over longer periods of time tech outperforms big time. NVDA looks to have put in a bottom and on a valuation basis is good value.
Market Valuation – To be repetitive there are some concerns. Cramer this morning suggested taking some profits but emphasized that he is not calling a top. The CNN Market Sentiment Indicator is in Greed range but only 62 out of 100 with Extreme Greed being above 75.
December 3rd, 2024 at 3:25 pm
Re: Larry
How does the chip sector look right now (SOXX, SMH)? I see large cap tech still holding in well only.
Been pretty rough of late with chip equipment makers getting wacked after ASML profit warning a while back and nowhere near those prices before. And AMD (which Cramer has said he owns) nowhere near the price before the earnings sell off. I just see NVDA and AVGO near their highs.
December 3rd, 2024 at 3:37 pm
Neil it’s all AI related chips and you have to stick with the leader which is NVDA. The ASML guidance is all about a different market. SMH found support at the 200 day MA and is now meeting resistance at the 50 day. For NVDA it’s the same but looking at the 50 and 20 day MA’s.
META – Breakout to new high.
AMZN – Bullish chart pattern close to high