Tech Talk for Thursday December 31st 2020

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Morning Technical Notes for December 31st

Gold ETN (GLD) moved above $177.87 setting a short term uptrend.

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Tis the season for gold prices to move higher on a real and relative basis to near the end of February!

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Pre-opening Comments for Thursday December 31st

U.S. equity index futures were mixed this morning. S&P 500 futures were down 2 points in pre-opening trade.

Trading activity on North American equity markets is expected to be well below average today prior to the New Year holiday tomorrow.

U.S. equity index futures were virtually unchanged following release of the Weekly Jobless Claims report at 8:30 AM EST. Consensus was 828,000 versus upwardly revised 806,000 last week. Actual was 787,000.

The Shanghai Composite Index jumped 1.72% to a two year high at 3,473.07 after a Chinese government report revealed a continuation of expanding factory activity in December.

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‘Tis the season for the Chinese equity market to move higher on a real and relative basis!

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/12/30/stock-market-outlook-for-december-31-2020/

Next Tech Talk Report

Tomorrow, January 1st, is an official holiday for North American equity markets. Next report is scheduled for release on Monday.

Technical Notes for Wednesday December 30th

U.S. Dollar Index ETN moved below $24.19 to a two year low extending an intermediate downtrend.

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Wheat ETN (WEAT) moved above $6.16 completing a two year base building pattern.

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Starbucks (SBUX), an S&P 100 stock moved above $106.09 to an all-time high extending an intermediate uptrend.

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Visa (V), a Dow Jones Industrial Average stock moved above $217.02 to an all-time high extending an intermediate uptrend.

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Toronto Dominion Bank (TD), a TSX 60 stock moved above $72.50 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for December 30th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for December 30th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for December 30th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Trade ideas for 2021

Greg Schnell discusses Sector Rotation with a focus on the Materials and Energy sectors. If your are a Canadian investor, you will want to watch this video. Following is a link:

https://www.youtube.com/watch?v=Wa3YFqFOB2o&ab_channel=StockCharts

 

S&P 500 Momentum Barometer

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The Barometer added 1.60 to 82.36 yesterday. It remains extremely intermediate overbought.

 

TSX Momentum Barometer

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The Barometer added 1.62 to 72.561 yesterday. It remains 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




6 Responses to “Tech Talk for Thursday December 31st 2020”

  1. FishFat Says:

    Thank-you Don and Jon Vialoux for all you do pulling together the Tech Talk and Equity Clock websites. Your insights and market experience are impressive – thanks for sharing. Thanks also to the people who post comments, sharing ideas, add charts. There are nuggets to be found.
    Happy New Year!

  2. bruce Says:

    the AAII numbers show the bulls at 43.6% historic average is 38%…..the bears have dropped to just 22% historic average is 30.5%……..

  3. Larry/ON Says:

    Re 1 – Hear Hear! This is a great website that has helped me a lot with my asset allocation ideas. I have been thinking about taking a stake in MCHI and low and behold the report they put up today. I was not aware of the seasonality of the Chinese market. Thanks Don and Jon Vialoux. Happy New Year to everyone.

  4. Tech Talk / Equity Clock Says:

    Happy New Year to all,
    We hope that you have a happy, healthy, and prosperous new year. Your ongoing support means so much to us and we will be there to support you as we look to navigate through what could be another uncertain year ahead. Thank you!

    Jon Vialoux

  5. Ron/BC Says:

    https://www.cnbc.com/pre-markets/

  6. tony Says:

    Happy new year to Don, Jon and everyone else you contribute and who read this site.

    Thanks Don for this website. Continue the great work.

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