{"id":161726,"date":"2022-12-06T02:11:00","date_gmt":"2022-12-06T07:11:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=161726"},"modified":"2022-12-06T08:46:22","modified_gmt":"2022-12-06T13:46:22","slug":"tech-talk-for-tuesday-december-6th-2022","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2022\/12\/06\/tech-talk-for-tuesday-december-6th-2022\/","title":{"rendered":"Tech Talk for Tuesday December 6th 2022"},"content":{"rendered":"

Pre-opening Comments for Tuesday December 6th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were mixed this morning<\/b>. S&P 500 futures were unchanged in pre-opening trade. <\/em><\/p>\n

Index futures were virtually unchanged following release of the U.S October Trade Report at 8:30 AM EST<\/b>. Consensus was a deficit of $79.90 billion versus a deficit of $73.30 billion in September. Actual was a deficit of $78.2 billion.<\/em><\/p>\n

The Canadian Dollar was virtually unchanged at U.S.73.41 cents following release of Canada\u2019s October Merchandise Trade report at 8:30 AM EST.<\/b> Consensus was a surplus of $1.34 billion versus a surplus of $1.14 billion in September. Actual was a surplus of $1.21 billion<\/em><\/p>\n

Textron $TXT advanced $5.58 to $75.48<\/b> after the company was awarded initial contract for the U.S. Army\u2019s future long range assault aircraft program. <\/em><\/p>\n

\"clip_image001[1]\"<\/a><\/p>\n

AutoZone $AZO) added $17.82 to $2,544.74<\/b> after reporting higher than consensus fiscal first quarter revenues and earnings.<\/em><\/p>\n

\"clip_image002[1]\"<\/a><\/p>\n

General Mills slipped $0.75 to $85.55<\/b> after Deutsche Bank downgraded the stock from Buy to Hold. <\/em><\/p>\n

\"clip_image003[1]\"<\/a><\/p>\n

 <\/p>\n

EquityClock\u2019s Daily Comment<\/strong><\/font><\/em><\/p>\n

Headline reads \u201cThe downfall of bank stocks is emphasizing the lack of risk-taking in this market as investors front-run the potential resumption of the bear-market slide.<\/strong><\/em><\/p>\n

http:\/\/www.equityclock.com\/2022\/12\/05\/stock-market-outlook-for-december-6-2022\/<\/em><\/a><\/p>\n

<\/em><\/p>\n

Technical Notes<\/strong><\/font><\/p>\n

BMO Equal Weight Global Base Metals ETF $ZMT.TO moved above $52.50 extending an intermediate uptrend. <\/p>\n

\"clip_image001\"<\/a><\/p>\n

American Express $AXP a Dow Jones Industrial Average stock moved above $158.88 extending an intermediate uptrend <\/p>\n

\"clip_image002\"<\/a><\/p>\n

Salesforce.com $CRM a Dow Jones Industrial Average stock moved below $136.04 extending an intermediate downtrend. <\/p>\n

\"clip_image003\"<\/a><\/p>\n

Wheat ETN $WEAT moved below $7.63 extending an intermediate downtrend. <\/p>\n

\"clip_image004\"<\/a><\/p>\n

Energy prices and related ETNs dropped sharply. Natural Gas ETN $UNG moved below $17.41 extending an intermediate downtrend. Crude oil ETN dropped more than 3%.<\/p>\n

\"clip_image005\"<\/a><\/p>\n

\"clip_image006\"<\/a><\/p>\n

U.S. energy equity related ETFs responded to the drop in natural gas and crude oil prices. <\/p>\n

Energy SPDRs $XLE moved below $87.29 completing a Head & Shoulders pattern<\/p>\n

Natural Gas Equity ETF $FCG moved below $25.63 setting an intermediate downtrend.<\/p>\n

\"clip_image007\"<\/a><\/p>\n

\"clip_image008\"<\/a><\/p>\n

Big cap U.S. energy stocks led the drop by equity energy ETFs. Chevron $CVX a Dow Jones Industrial Average stock moved below $175.82 completing a Head & Shoulders pattern Exxon Mobil $XOM an S&P 100 stock moved below$107.48 and $106.71 completing a Head & Shoulders pattern.<\/p>\n

\"clip_image009\"<\/a><\/p>\n

\"clip_image010\"<\/a><\/p>\n

Canopy Growth $WEED.TO a TSX 60 stock moved above Cdn$6.06 extending an intermediate uptrend. <\/p>\n

\"clip_image011\"<\/a><\/p>\n

 <\/p>\n

Trader\u2019s Corner<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Equity Indices and Related ETFs<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Equity Trends for December 5th<\/sup> 2022<\/p>\n

\"clip_image013\"<\/a><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

 <\/p>\n

Commodities<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Commodities Trends for December 5th<\/sup> 2022<\/p>\n

\"clip_image015\"<\/a><\/p>\n

Green: Increase from previous day<\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

 <\/p>\n

Sectors<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Sector Trends for December 5th<\/sup> 2021 <\/p>\n

\"clip_image017\"<\/a><\/p>\n

Green: Increase from previous day<\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

 <\/p>\n

S&P 500 Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image018\"<\/a><\/p>\n

The intermediate term Barometer dropped 7.40 to 83.60. It remains Overbought and shows early signs of a peak.<\/p>\n

\"clip_image019\"<\/a><\/p>\n

The long term Barometer dropped 4.20 to 59.50. It changed from Overbought to Neutral on a drop below 60.00. <\/p>\n

 <\/p>\n

TSX Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image020\"<\/a><\/p>\n

The intermediate term Barometer dropped 6.78 to 77.97. It remains Overbought and show early signs of a peak.<\/p>\n

\"clip_image021\"<\/a><\/p>\n

The long term Barometer dropped 5.51 to 51.27. It remains Neutral.<\/p>\n

<\/b><\/p>\n

Disclaimer:<\/b> Seasonality ratings and technical ratings offered in this report and at<\/em><\/p>\n

www.equityclock.com<\/em><\/a> 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<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-opening Comments for Tuesday December 6th U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. Index futures were virtually unchanged following release of the U.S October Trade Report at 8:30 AM EST. Consensus was a deficit of $79.90 billion versus a deficit of $73.30 billion in September. Actual […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-161726","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/161726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/comments?post=161726"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/161726\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=161726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=161726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=161726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}