{"id":181744,"date":"2024-12-01T16:50:11","date_gmt":"2024-12-01T21:50:11","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=181744"},"modified":"2024-12-02T08:51:22","modified_gmt":"2024-12-02T13:51:22","slug":"tech-talk-for-monday-december-2nd-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/12\/01\/tech-talk-for-monday-december-2nd-2024\/","title":{"rendered":"Tech Talk for Monday December 2nd 2024"},"content":{"rendered":"

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

Pre-opening Comments for Monday December 2nd<\/sup><\/em><\/strong><\/font><\/p>\n

U.S. equity index futures were mixed this morning<\/b>. S&P 500 futures were unchanged at 8:30 AM EST.<\/em><\/p>\n

Tesla<\/b> added $5.77 to $350.90 after the company rolled out a new version of self-driving software.<\/em><\/p>\n

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Stellantis<\/b> dropped $1.16 to $12.04 after Chief Executive Officer Carlos Tavares resigned. <\/em><\/p>\n

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Nvidia <\/b>dropped $0.95 to $137.90 after the U.S. placed more curbs on China\u2019s purchase on Nvidia\u2019s microchips.<\/em><\/p>\n

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EquityClock\u2019s Stock Market Outlook for December 2nd<\/sup><\/em><\/strong><\/font><\/p>\n

The last month of the year is typically one of the strongest periods for stocks with the S&P 500 Index gaining an average of 1.2%, based on data from the past five decades. See:<\/em><\/b><\/p>\n

https:\/\/equityclock.com\/2024\/11\/30\/stock-market-outlook-for-december-2-2024\/<\/em><\/a><\/p>\n

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

Technical Scoop for December 2nd<\/sup> from David Chapman and <\/em><\/strong><\/font>www.EnrichedInvesting.com<\/em><\/strong><\/font><\/a><\/p>\n

https:\/\/enrichedinvesting.com\/library\/<\/em><\/a><\/p>\n

The Bottom Line<\/strong><\/font><\/p>\n

Focus this week is on fiscal fourth quarter results released by Canada\u2019s largest banks.<\/b><\/p>\n

Economic News This Week<\/p>\n

October U.S. Construction Spending<\/b> released at 10:00 AM EST on Monday is expected to increase 0.2% versus a 0.1% gain in September.<\/p>\n

November ISM Manufacturing PMI<\/b> released t 10:00 AM EST on Monday is expected to improve to 47.5 from 46.5 in October.<\/p>\n

October U.S. Factory Order<\/b> released at10:00 AM EST on Wednesday is expected to increase 0.4% versus a 0.5% decline in September.<\/p>\n

November ISM Non-manufacturing PMI<\/b> released at 10:00 AM EST on Wednesday is expected to drop to 55.5 from 56.0 in October. <\/p>\n

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

Beige Book<\/b> is scheduled for release at 2:00 PM EST on Wednesday<\/p>\n

October U.S. Trade<\/b> released at 8:30 AM EST on Thursday is expected to be a $78.8 deficit versus $84.4 billion deficit in September<\/p>\n

October Canadian Trade<\/b> released at 8:30 AM EST on Thursday is expected to be unchanged from September at a $1.26 billion deficit.<\/p>\n

November U.S. Non-farm Payrolls<\/b> released at 8:30 AM EST on Wednesday is expected to increase to 18,300 from 12,000 in October. November Unemployment Rate<\/b> is expected to remain unchanged at 4.1%. November Average Hourly Earnings<\/b> are expected to increase 0.3% versus a 0.4% gain in October. <\/p>\n

November Canadian Employment Report<\/b> is released at 8:30 AM EST on Friday.<\/p>\n

December Michigan Sentiment<\/b> is released at 10:00 AM EST on Friday.<\/p>\n

Selected Earnings News This Week<\/strong><\/font><\/p>\n

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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 November 29th<\/sup> 2024<\/p>\n

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

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

Source for all positive seasonality ratings: <\/em>www.EquityClock.com<\/em><\/a><\/p>\n

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

Daily Seasonal\/Technical Commodities Trends for November 29th<\/sup> 2024<\/p>\n

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

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

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

Daily Seasonal\/Technical Sector Trends for November 29th<\/sup> 2024<\/p>\n

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

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

Changes Last Week<\/strong><\/font><\/p>\n

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

Comments for Wolf and Jack: November 28th<\/sup> 2024<\/strong><\/font><\/p>\n

Don Vialoux was a guest on \u201cWolf on Bay Street\u201d radio show taped last Thursday and released at 7:00 PM EST on Saturday on Corus Radio 640. Following are comments developed prior to the interview:<\/p>\n

North American equity markets are following their traditional pattern following election of a new President of the United States<\/b>: They have a history of moving higher from Election Day to Inauguration Day (scheduled this time on January 20th<\/sup> 2025). Investors are impressed by plans for changes proposed by the new President.<\/p>\n

Taxation of security profits and losses are expected to have a significant impact on equity prices between now and mid- December<\/b>. Most investors have seen the value of their equity portfolios increase significantly in 2024. A prudent strategy is to reduce taxable capital gains by liquidating equity positions before the end of the year that are trading at a loss and are no longer achieving reasons for their purchase. Investors have a history of concentrating liquidation of these securities during the first two weeks in December. Not surprising, the S&P 500 Index and the TSX Composite Index have a history of moving sideways during the first two week in December. This year, tax loss selling is expected to be less intense than usual because fewer equity securities are trading at a loss.<\/p>\n

Traditionally, the Santa Claus rally in North American equity securities starts in mid-December and ends in the first week in January<\/b>. Events triggering the Santa Claus rally during this time include:<\/p>\n

\u00b7 A drop in institutional equity activity and influence on equity markets during the extended holiday period<\/p>\n

\u00b7 An increase in individual equity activity. Individuals are in a hopeful and joyous mood during the holiday. They are significant buyers\/not sellers of equity positions<\/p>\n

\u00b7 Receipt by individuals of annual bonuses either just before or just after the holiday season: Bonuses frequently are invested into equity markets. In Canada, annual bonuses also are a prominent source for funding of contributions into Registered Retirement Savings Plans (RRSPs) and Tax Free Savings Accounts (TSFAs).<\/p>\n

\u00b7 Release of \u201cbullish\u201d investment research reports by investment dealers who offer their \u201ctop picks for the following year\u201d.<\/p>\n

Look out for the \u201cspeed bump\u201d for U.S. equity prices after the first week in January 2025!<\/b> Many investors have significant unrealized equity profits from gains recorded in 2024. They will defer their tax liability by waiting to take trading profits in the New Year. U.S. equity indices have a history of moving flat to slightly lower from early January to mid-March partially due to tax profiting reasons. The dip in U.S. equity prices during this period is particularly notable in the year after a U.S. President is elected: Investors, who were encouraged by promises made by the President before his Inauguration, become less enthusiastic when they discover how the promises are to be fulfilled. Implementation of President elect Trump\u2019s proposals starting in the third week in January following the Inauguration could be interesting. Old Chinese says \u201cMay you live in interesting times\u201d!<\/p>\n

Note that the Canadian equity market has a history of outperforming broadly based U.S. equity indices during the early January\/mid-March period<\/b>. That\u2019s when Canadian investors annually focus on contributing to their RRSP and TFSA plans. Most contributions subsequently are invested into the Canadian equity market, triggering strength in Canadian equity prices.<\/p>\n

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

Michael Campbell\u2019s Money Talks for November 30th<\/sup> <\/b><\/p>\n

Michael Campbell\u2019s MoneyTalks \u2013 Complete Show (mikesmoneytalks.ca)<\/a><\/p>\n

Financials on Fire: Understanding Valuations and Market Signals: Guy Adami, Dan Nathan and Danny Moses<\/b><\/p>\n

Financials on Fire: Understanding Valuations and Market Signals \u2013 YouTube<\/a><\/p>\n

S&P ‘493’ will do increasingly well, says Yardeni Research president<\/b><\/p>\n

S&P ‘493’ will do increasingly well, says Yardeni Research president \u2013 YouTube<\/a><\/p>\n

3 Buys and a Bail: Walmart, Apple, Tesla & Cheniere Energy<\/b><\/p>\n

3 Buys and a Bail: Walmart, Apple, Tesla & Cheniere Energy \u2013 YouTube<\/a><\/p>\n

Here’s Why the Small Cap IWM Will Soar Nearly 70% by the End of 2025: Tom Bowley<\/b><\/p>\n

Here’s Why the Small Cap IWM Will Soar Nearly 70% by the End of 2025 | Trading Places with Tom Bowley | StockCharts.com<\/a><\/p>\n

Plunge in Treasury Yields Triggers Gap-Surge in Home Builders: Arthur Hill<\/b><\/p>\n

Plunge in Treasury Yields Triggers Gap-Surge in Home Builders | Art’s Charts | StockCharts.com<\/a><\/p>\n

AI Sucking the Power Grid Dry: Bob Hoye<\/b><\/p>\n

AI Sucking the Power Grid Dry \u2013 HoweStreet<\/a><\/p>\n

Trading Desk Notes for November 30, 2024; Victor Adair<\/b><\/p>\n

Trading Desk Notes for November 30, 2024 \u2013 HoweStreet<\/a><\/p>\n

Crude Oil Retreats US$2\/b On Israel\/Hezbollah Ceasefire: Josef Schachter <\/b><\/p>\n

Crude Oil Retreats US$2\/b On Israel\/Hezbollah Ceasefire. \u2013 HoweStreet<\/a><\/p>\n

Cryptocurrencies, Gold, Oil, Cannabis, Uranium: Ross Clark, Rick Ackerman, Mark Leibovit<\/b><\/p>\n

This Week in Money \u2013 HoweStreet<\/a><\/p>\n

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

Brazil iShares<\/b> $EWZ moved below $26.23 completing a long term Head & Shoulders pattern.<\/p>\n

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Weakness in Brazil iShares was triggered with a breakdown by VALE<\/b> on a move below $8.66 to a three year low.<\/p>\n

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MasterCard <\/b>$MA an S&P 100 stock moved above $534.03 to an all-time high extending an intermediate uptrend.<\/p>\n

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Shopify<\/b> $SHOP.TO a TSX 60 stock moved above $Cdn161.86 to a three year high extending an intermediate uptrend. <\/p>\n

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

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The intermediate term Barometer added 1.40 to 71.00 on Friday and gained 7.80 last week to 71.00. It remains Overbought. Daily uptrend was extended on Friday.<\/p>\n

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The long term Barometer added 0.20 on Friday and gained 3.80 last week. It remains Overbought.<\/p>\n

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

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

The intermediate term Barometer added 5.02 on Friday and added 0.91 last week to 64.84. It remains Overbought.<\/p>\n

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

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The long term Barometer was unchanged on Friday and last week at 75.34. It remains Overbought.<\/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 Monday December 2nd U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:30 AM EST. Tesla added $5.77 to $350.90 after the company rolled out a new version of self-driving software. Stellantis dropped $1.16 to $12.04 after Chief Executive Officer Carlos Tavares resigned. Nvidia dropped $0.95 to […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-181744","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/181744","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=181744"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/181744\/revisions"}],"predecessor-version":[{"id":181752,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/181744\/revisions\/181752"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=181744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=181744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=181744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}