Pre-opening Comments for Thursday December 12th
U.S. equity index futures were lower this morning. S&P 500 futures were down 17 points at 8:35 AM EST.
S&P 500 futures dropped 7 points following release of the November Producer Price Index at 8:30 AM EST. Consensus was a 0.3% gain versus a 0.2% gain in October. Actual was a 0.4% gain. n a year-over-year basis, consensus was a 2.6% gain versus a 2.5% gain in October. Actual was a 3.0% gain. Excluding food and energy, consensus was a 0.2% gain versus a 0.3% gain in October. Actual was a 0.2% gain. On a year-over-year basis, consensus for core was 3.3% versus a 3.1% gain in October. Actual was a 3.4% gain.
The Bank of Canada’s drop in lending rate for Canada’s largest banks by 0.50% prompted Toronto Dominion Bank, Bank of Montreal, Commerce Bank and Royal Bank to lower their prime lending rate from 5.95% to 5.45%.
European Central Bank dropped its lending rate by 0.25% to 3.00%
Adobe dropped $48.93 to $501.00 after offering fiscal first quarter guidance below consensus.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/12/clip_image0011-2.png "clip_image001[1]")
Champions Oncology advanced $0.82 to $6.66 after reporting higher than consensus fiscal second quarter earnings.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/12/clip_image0021-3.png "clip_image002[1]")
Ciena dropped $2.72 to $70.49 after reporting less than consensus fiscal fourth quarter earnings.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/12/clip_image0031-1.png "clip_image003[1]")
EquityClock’s Stock Market Outlook for December 12th
The time is here to be bullish on Energy. See:
https://equityclock.com/2024/12/11/stock-market-outlook-for-december-12-2024/
Technical Notes
Blackrock $BLK an S&P 100 stock moved above $1-63.08 to an all-time high extending an intermediate uptrend.
Alphabet $GOOGL an S&P 100 stock moved above$191.28 to an all-time high extending an intermediate uptrend. $GOOGL an S&P 100 stock moved above $192.84
General Electric $GE an S&P 100 stock moved below $170.43 completing a double top pattern.
UnitedHealth Group $UNH a Dow Jones Industrial Average stock moved below $540.93 setting an intermediate downtrend.
Duke Energy $DUK an S&P 100 stock moved below $109.27 completing a Head & Shoulders pattern.
Thomson Reuters $TRI.TO a TSX 60 stock moved above Cdn$241.75 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for December 10th 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 10th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for December 11th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
RRG EXPERT Shares Top Techniques for Finding Strength in Sectors
RRG EXPERT Shares Top Techniques for Finding Strength in Sectors – YouTube
SoFi’s Liz Young Thomas Gives Top Sector Picks for 2025
SoFi’s Liz Young Thomas Gives Top Sector Picks for 2025 – YouTube
Master the MACD Zero Line for a Trading Edge! Joe Rabil
https://www.youtube.com/watch?v=ijpvphWWfYY
Gold’s Surge in ‘Rage-Filled World’: Global Stress Driving Prices Higher, What’s Next? Clem Chambers (includes 2015 outlook for Bitcoin and gold).
https://www.youtube.com/watch?v=yH3biZGLWx8
Why Ed Yardeni thinks 2025 could start with a stock pull back
Why Ed Yardeni thinks 2025 could start with a stock pull back – YouTube
What Fundstrat’s Tom Lee expects from the markets in 2025
What Fundstrat’s Tom Lee expects from the markets in 2025 – YouTube
Interest rates are headed down further: David Rosenberg
Interest rates are headed down further: David Rosenberg – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer dropped another 1.80 to 52.00. It remains Neutral. Daily downtrend was extended.
The long term Barometer dropped another 1.80 to 67.80. It remains Overbought. Daily downtrend was extended.
TSX Momentum Barometers
The intermediate term Barometer added 1.83 to 59.82. It remains Neutral.
The long term Barometer added 0.91 to 72.60. 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 12th, 2024 at 11:56 am
NVDA – The chart looks like a perilous head and shoulders pattern. It had a one day recovery yesterday and it is giving it all back today. There is no big desire now to buy and hold this stock. Fundamentally I think it is a great company but like the old shingles vaccine commercial “the market doesn’t care”. I would definitely be a buyer around 120 with a rising 200day MA coming up for support but I think odds are low that a drop goes that far.