Tech Talk for Tuesday December 7th 2021

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Pre-opening Comments for Tuesday December 7th

U.S. equity index futures were higher this morning. S&P 500 futures were up 61 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for next estimate of third quarter Non-farm Productivity was a decline of 5.0%. Actual was a deficit of 5.2%. Consensus for the U.S. October Trade Deficit was a deficit of $67.50 billion versus $80.90 billion in September. Actual was a deficit of $67.1 billion.

The Canadian Dollar was virtually unchanged at US78.87 cents following release of Canada’s October Merchandise Trade Balance report. Consensus was a surplus of $1.55 billion versus a surplus of $1.86 billion in September. Actual was a surplus of $2.08 billion

Intel advanced $4.16 to $55.15 after announcing a partial spinoff of its Mobileye unit.

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Enbridge added $0.33 to US$38.20 after announcing a dividend increase and plans for a share buyback. The company also offered positive guidance for 2022.

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AutoZone advanced $49.14 to $1929.13 after announcing higher than consensus fiscal first quarter revenues and earnings.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/12/06/stock-market-outlook-for-december-7-2021/

Technical Notes released yesterday at

StockTwits.com@EquityClock

Yet again, the seasonal adjustment factor is providing a distorted view of the health of the labor market. Payrolls in the US were higher by 778,000 (NSA), or 0.5%, in November, stronger than the 0.2% increase that is average for the month. $STUDY $MACRO #Economy #Employment #NFP

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Employment in Canada diverged from seasonal norms in November, rising by 93,600 (NSA), or 0.5%, much stronger than the 0.3% decline that is normal for this second to last month of the year. $MACRO $STUDY #CDNecon #CAD

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O’Reilly $ORLY a NASDAQ 100 stock moved above $669.09 to an all-time high extending an intermediate uptrend.

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Abbott Labs $ABT an S&P 100 stock moved above $131.60 to an all-time high extending an intermediate uptrend.

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Fastenal $FAST a NASDAQ 100 stock moved above$61.76 to an all-time high extending an intermediate uptrend.

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AbbVie $ABBV an S&P 100 stock moved above $120.07 to an all-time high extending an intermediate uptrend.

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Tesla $TSLA a NASDAQ 100 stock moved below $978.60 completing a double top pattern.

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Seattle Genetics $SGEN a NASDAQ 100 stock moved below another intermediate support level at $147.47 extending an intermediate downtrend.

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Natural Gas ETN $UNG moved below another intermediate support level at $13.10 extending an intermediate downtrend.

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BCE $BCE.CA a TSX 60 stock moved above $66.20 to an all-time high extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Dec.6th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for Dec.6th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Dec.6th 2021

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Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX).

 

Links offered by Valued Providers

Larry Williams asks “Will we get a Christmas Rally this year”?

Will We Get a Christmas Rally? | Larry Williams Special Presentation (12.06.21) – YouTube

Editor’s note: The S&P 500 Index has a history of moving higher from mid-December to the first week in January during Post Presidential Election years.

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Sprott Research says ”Gold correction nearing its end”

Sprott Monthly Report: Gold Correction Nearing its End

 

S&P 500 Momentum Barometers

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The intermediate term Barometer added 9.62 to 51.10 yesterday. It remained Neutral and moving higher.

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The long term Barometer gained 6.21 to 66.53 yesterday. It remains Overbought and moving higher.

 

TSX Momentum Barometers

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The intermediate term Barometer jumped 12.04 to 37.50 yesterday. It remains Oversold and moving higher.

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The long term Barometer advanced 5.09 to 55.56 yesterday. It remains Neutral and moving higher.

 

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




4 Responses to “Tech Talk for Tuesday December 7th 2021”

  1. Larry/ON Says:

    $CAD – Big reversal yesterday and today off major support at 1.285 in sympathy with the now risk on market. CAD was oversold as was WTI. They both should have momentum to continue upward now and I would leave it to someone like RON/BC to determine resistance levels.

  2. Ron/BC Says:

    The Canadian dollar just gaped up and will likely find resistance at 79.40 and especially 80.50. December is the strongest month of the year for the CD$ seasonally.

    https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=2&mn=0&dy=0&id=p09951103435&a=820900908

  3. Larry/ON Says:

    Thanks Ron/BC

    There has been a big whiplash today in quality stocks that got sold off yesterday. Quality semis are really up. I have a lot of streaming quotes on my screen and not a single one is negative. The biggest bogeyman for the market in my mind looking ahead the next couple of months is a possible Russian invasion of Ukraine. I don’t think it will happen until after the New Year and Orthodox Christmas (Jan 7th) but it should be taken seriously. I would be relieved if there was a diplomatic solution.

  4. Ron/BC Says:

    The $SPX broke out above its downtrendline with a big gain for the day. Resistance is the November high of 4743. The XIU.to did much the same thing.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p09973070590&a=939923011

    https://stockcharts.com/h-sc/ui?s=XIU.TO&p=D&yr=1&mn=0&dy=0&id=p93845036983&a=945421647

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