{"id":161927,"date":"2022-12-14T02:22:00","date_gmt":"2022-12-14T07:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=161927"},"modified":"2022-12-14T08:42:39","modified_gmt":"2022-12-14T13:42:39","slug":"tech-talk-for-wednesday-december-14th-2022","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2022\/12\/14\/tech-talk-for-wednesday-december-14th-2022\/","title":{"rendered":"Tech Talk for Wednesday December 14th 2022"},"content":{"rendered":"

Pre-opening Comments for Wednesday December 14th<\/sup><\/font><\/strong><\/em><\/p>\n

U.S. equity index futures were lower this morning<\/b>. S&P 500 futures were down 6 points in pre-opening trade.<\/em><\/p>\n

FOMC statement on interest rates is released at 2:00 PM EST<\/b>. Press conference with Federal Reserve chairman Powell is scheduled at 2:30 PM EST. Consensus is that the Fed Fund Rate will increase from 3.75%-4.00% to 4.25%-4.50%. In addition, the Federal Reserve is expected to continue to reduce its balance sheet by $90 billion per month. Focus will be on Powell\u2019s outlook for the Fed Fund rate into 2023. <\/em><\/p>\n

Constellation Energy added $1.56 to $92.40<\/b> after Mizuho raised its target price from $54 to $94.<\/em><\/p>\n

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Wallgreens Boots<\/b> gained $0.07 to $41.10 after Mizuho raised its target price from$36 to $41.<\/em><\/p>\n

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Netflix advanced $0.89 to $321.23<\/b> after Jefferies raise its target price from $250 to $310.<\/em><\/p>\n

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Delta Airlines gained $1.66 to $35.14<\/b> after the company raised its revenue guidance. <\/em><\/p>\n

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 <\/p>\n

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

Headline reads \u201cS&P 500 Index initially surged above declining trendline resistance only to fail as investors brace for the Fed catalyst on Wednesday<\/strong>\u201d.<\/b><\/em><\/p>\n

http:\/\/www.equityclock.com\/2022\/12\/13\/stock-market-outlook-for-december-14-2022\/<\/em><\/a><\/p>\n

 <\/p>\n

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

All of the upside technical action by broadly based U.S. equities occurred in the first hour of trading. S&P 100 stocks that extended intermediate uptrends included HD, ABT, DHR, EMR, IBM, ADBE and MA<\/p>\n

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NASDAQ 100 stocks that extended intermediate uptrends included ADI, AMAT, DOCU, INTU, NXPI, SWKS, VRSN, MRNA, VRSK, ANSS<\/p>\n

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The technology sector led the advance in U.S. equity markets. Notable were breakouts by semiconductor ETFs: SMH, SOXX, PSI.<\/p>\n

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Canadian technology stocks and related ETFs (e.g.XIT.TO) also recorded strong technical action. Nice breakout by Open Text (OTEX) above US$29.73 completing a double bottom pattern!<\/p>\n

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Tesla a NASDAQ 100 stock moved below $166.18 extending an intermediate downtrend.<\/p>\n

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 <\/p>\n

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

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

Daily Seasonal\/Technical Equity Trends for December 13th<\/sup> 2022<\/p>\n

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

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

 <\/p>\n

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

Daily Seasonal\/Technical Commodities Trends for December 13th<\/sup> 2022<\/p>\n

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

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

 <\/p>\n

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

Daily Seasonal\/Technical Sector Trends for December 13th<\/sup> 2021 <\/p>\n

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

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

 <\/p>\n

Links offered by valued providers<\/strong><\/font><\/p>\n

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

Tom Bowley<\/font><\/em><\/strong> discusses significance of strength in the Technology sector.<\/p>\n

Everyone Awaits Inflation Data | Tom Bowley | Trading Places (12.13.22) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

David Keller<\/font><\/em><\/strong> notes \u201cSeasonality says strong December, weak January<\/strong><\/em>\u201d<\/p>\n

Seasonality Says Strong December Weak January | David Keller, CMT | The Final Bar (12.12) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Seasonality Chart of the Day<\/strong><\/font> from www.EquityClock.com<\/strong><\/font><\/p>\n

Optimal time of the year to own the TSX 60 Index and its related ETF (XIU.TO) is from December 14th<\/sup> to March 7th<\/sup>. <\/p>\n

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

iShares S&P\/TSX 60 Index ETF (TSE:XIU.TO) Seasonal Chart<\/b><\/p>\n

Arithmetic Average Seasonal Chart<\/b><\/a><\/b><\/p>\n

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 <\/p>\n

Seasonal Chart Analysis<\/font><\/p>\n

Analysis of the iShares S&P\/TSX 60 Index ETF (TSE:XIU.TO) seasonal charts above shows that a Buy Date of December 14<\/u><\/b> and a Sell Date of March 7<\/u><\/b> has resulted in a geometric average return of 2.43%<\/b> above the benchmark rate of the S&P 500 Total Return Index over the past 20 years. This seasonal timeframe has shown positive results compared to the benchmark in 16 of those periods. This is a very good<\/b> rate of success and the return strongly outperforms<\/b> the relative buy-and-hold performance of the stock over the past 20 years by an average of 4.08%<\/b> per year.<\/p>\n

 <\/p>\n

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

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The intermediate term Barometer added 1.00 to 82.60. It remains Overbought.<\/p>\n

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The long term Barometer added 2.80 to 64.00. It remains Overbought.<\/p>\n

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

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The intermediate term Barometer added 0.42 to 67.80. It remains Overbought.<\/p>\n

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The long term Barometer gained 3.39 to 51.27. It remains Neutral.<\/p>\n

 <\/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 Wednesday December 14th U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade. FOMC statement on interest rates is released at 2:00 PM EST. Press conference with Federal Reserve chairman Powell is scheduled at 2:30 PM EST. Consensus is that the Fed Fund Rate […]<\/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-161927","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/161927","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=161927"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/161927\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=161927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=161927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=161927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}