Morning Technical Notes for Tuesday December 29th
Apple (AAPL), a Dow Jones Industrial Average stock moved above $137.74 to an all-time high extending an intermediate uptrend.
![clip_image001[9]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0019-1.png "clip_image001[9]")
Canadian Pacific (CP), a TSX 60 stock moved above $444.49 to an all-time high extending an intermediate uptrend.
![clip_image002[13]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image00213.png "clip_image002[13]")
Franco-Nevada (FNV), a TSX 60 stock moved below $162.21 extending an intermediate downtrend.
![clip_image003[7]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0037-3.png "clip_image003[7]")
Pre-opening Comments for Tuesday December 29th
U.S. equity index futures were higher again this morning. S&P 500 futures were up 14 points in pre-opening trade.
The Nikkei Average advanced 2.66% to 27,568.15, its highest level since August 1990. The Average easily moved above the previous high at 26,900.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0015-15.png "clip_image001[5]")
The TSX Composite Index is expected to test its all-time high at 17,970.51 at the opening.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0025-12.png "clip_image002[5]")
Bausch Health (BHC), a TSX 60 stock is expected to open higher after the company announced plans to repay another $275 million on its senior secured term loan.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0035-12.png "clip_image003[5]")
EquityClock’s Daily Comment
Following is a link:
http://www.equityclock.com/2020/12/23/stock-market-outlook-for-december-29-2020/
Note seasonality charts on U.S. Durable Goods Orders and Canadian GDP.
Technical Notes for Monday December 28th
Materials SPDRs (XLB) moved above $72.05 to an all-time high extending an intermediate uptrend.
South Korea iShares (EWY) moved above $82.82 to an all-time high extending an intermediate uptrend.
Hong Kong iShares (EWH) moved above $24.32 extending an intermediate uptrend.
Vietnam ETF (VNM) moved above $17.00 to a 30 month high extending an intermediate uptrend.
Natural Gas ETN (UNG) moved below $8.58 to an all-time low extending an intermediate downtrend
Zoom (ZM), a NASDAQ 100 stock moved below $366.28 completing a Head & Shoulders pattern.
Coca Cola (KO), a Dow Jones Industrial Average stock moved above $54.20 extending an intermediate uptrend.
Co-Star Group (CSGP), a NASDAQ 100 stock moved above $935.50 and $939.00 to an all-time high extending an intermediate uptrend.
Verisk Analytics (VRSK), a NASDAQ 100 stock moved above $206.54 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for December 28th 2020
![clip_image002[7]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0027-7.png "clip_image002[7]")
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for December 28th 2020
![clip_image002[9]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0029-1.png "clip_image002[9]")
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for December 28th 2020
![clip_image002[11]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image00211.png "clip_image002[11]")
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
![clip_image001[7]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0017-9.png "clip_image001[7]")
The Barometer slipped 0.40 to 81.36 yesterday. It remains above 80.00 and, therefore, remains extremely intermediate overbought.
Disclaimer: Seasonality 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 29th, 2020 at 12:46 pm
Paula
Here is what I was referring to. Much to think about……………..
https://stockcharts.com/h-sc/ui?s=AEM%3AAEM.TO&p=D&yr=20&mn=0&dy=0&id=p26411393737&a=863341870
December 29th, 2020 at 1:08 pm
Ron/BC
Thanks for continuing this topic.
What I see from your AEM:AEM.TO chart is that it moves with the currency. So one may as well buy the Canadian dollar (CAD) when this ratio is going up. It does take a lot of thinking when trying to understand currencies b/c they are always a relative trade. So if this ratio is going up, the investment being held in USD is going up at a higher rate than being held in CAD b/c……if you were to convert, it would be worth more? Not sure if I am understanding but that is my two cents. I am open to be corrected.
December 29th, 2020 at 1:09 pm
I came across this saying:
“There is no shame in being wrong, only in STAYING wrong.”
How very true…………….
The saying, “It’ll come baaaaak” is for dreamers and losers.
December 29th, 2020 at 1:14 pm
Ron/BC
I recall Jack Chan saying something along those line… “I might be wrong but I don’t stay wrong for long†or roughly like that.
December 29th, 2020 at 1:44 pm
Paula
I’ve always found “most people” just can’t admit they were wrong. It’s an ego thing. I recall my dad who was in the R.C.M.P. all his life would always say,”I was still right in my own way.” Use to drive my mom crazy,lol. Very expensive attitude. When one makes a mistake financially it always pays to get out asap even its costly. Amazing how clearly things become once one is out of a bad financial situation.
December 29th, 2020 at 3:17 pm
Ron/BC
“Most people†just want to be right, even if it costs them money. That’s interesting about your dad and mom. I think there is a lot of psychology behind the need to be right. The other side of it is that the pain of losing money can be felt as retribution for wrongs that one feels guilty about. This can be happening on an unconscious level. Maybe this is helps explain why “it takes all kinds to make a marketâ€. LOL
December 29th, 2020 at 7:15 pm
Paula
That attitude is seen with everything. I can think of many I’ve known that have been trying to sell their house and refuse to accept a lower price than “they” have decided it’s worth. Even though they really want or need to move and relocate, they’ll sit on that house until it falls down refusing to reduce their price regardless of the consequences. And then 3 years later or so they proudly announce they have sold their house at “their” price ignoring the fact that the house they would have liked to buy is thousands of dollars more now. The market doesn’t care what “your price” is. Some people just really need to get over themselves.