Tech Talk for Tuesday December 14th 2021

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Pre-opening Comments for Tuesday December 14th

U.S. equity index futures were lower this morning. S&P 500 futures were down 21 points in pre-opening trade.

Index futures moved lower following release of the U.S. November Producer Price Index at 8:30 AM EST. Consensus was an increase of 0.5% versus a gain of 0.6% in October. Actual was an increase of 0.8%. On a year-over year basis the November Producer Price Index advanced 9.6%, a 39 year high. Excluding food and energy, consensus was an increase of 0.4% versus a gain of 0.4% in October. Actual was an increase of 0.7%. On a year-over-year basis excluding food and energy, the November Producer Price Index advanced 7.7%.

The Canadian government will give a fiscal update on the economy later today at 4:00 PM EST

Qualcomm added $0.13 to $183.45 after JP Morgan selected the stock as a top pick for 2022.

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Alcoa advanced $2.52 to $50.30 after the stock was selected to be added next week to the S&P 400 Midcap 400 Index.

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Ralph Lauren dropped $5.18 to $144.90 after Goldman Sachs downgraded the stock from Buy to Sell.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/12/13/stock-market-outlook-for-december-14-2021/

Technical Notes released yesterday at

StockTwits.com@EquityClock

Utilities SPDRs $XLU moved above $64.54 to an all-time high extending an intermediate uptrend.

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Coca Cola $KO a Dow Jones Industrial Average stock moved above $56.72 extending an intermediate uptrend. The stock was upgraded by JP Morgan this morning to Overweight.

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Qualcomm $QCOM an S&P 100 stock moved above $188.06 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable to mid-January. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/qualcomm-inc-nasdaqqcom-seasonal-chart

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Russia ETF $RSX moved below $27.54 and $27.45 setting an intermediate downtrend.

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Nike $NKE a Dow Jones Industrial Average stock moved below $166.33 completing a double top pattern.

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Fortis $FTS.CA a TSX 60 stock moved above $58.38 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.13th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for Dec.10th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Dec.13th 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).

 

Seasonality Chart of the Day from www.EquityClock.com

Seasonal influences for the TSX Composite Index relative to the S&P 500 Index bottoms on December 15th and strengthens to the end of February.

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Technicals for the TSX Composite Index currently are mixed. The Index remains at an uptrend, but is underperforming the S&P 500 Index and trades below its 20 and 50 day moving averages. Daily momentum indicators are trending down. Look for a bounce by the Index near 20,500.

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S&P 500 Momentum Barometers

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The intermediate term Barometer dropped 5.21 to 56.11 yesterday. It changed from Overbought to Neutral on a move below 60.00.

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The long term Barometer slipped 1.60 to 69.14 yesterday. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer slipped 3.37 to 34.42 yesterday. It remains Oversold.

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The long term Barometer added 0.02 to 52.09 yesterday. It remains Neutral.

 

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




2 Responses to “Tech Talk for Tuesday December 14th 2021”

  1. Jay Says:

    VinnyB/ON. Thank you for your post last light – greatly appreciated. Signed, Epstein’s mother

  2. Larry/ON Says:

    That was a huge PPI number. The Fed has to be aggressive tomorrow. They will accelerate tapering of bond purchases and make some kind of projection for their first funds rate hike. I don’t know how they can massage their message to placate equity markets. Financials are holding up today in pre-market which theoretically is what should happen unless there is a broad based sell-off. The narrative that has been going on for days now is that stocks without real earnings or high PE stocks are going to take it on the chin and they already have. Mega Cap tech will hold up better than the rest of growth.

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