Tech Talk for Wednesday December 15th 2021

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Pre-opening Comments for Wednesday December 15th

U.S. equity index futures were mixed in quiet trade this morning. Investors are waiting for the Federal Reserve’s comments on monetary policy at 2:00 PM EST. Consensus calls for an increase in tapered government debt instrument purchases from $15 billion per month to $30 billion per month. S&P 500 futures were up 2 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for November Retail Sales was an increase of 0.8% versus a gain of 1.7% in October. Actual was an increase of 0.3%. Excluding auto sales, consensus for November Retail Sales was an increase of 1.0% versus a gain of 1.7% in October. Actual was an increase of 0.3%. Consensus for the December Empire State Manufacturing Survey was a drop to 27.00 from 30.50 in November. Actual was an increase to 31.9.

The Canadian Dollar was virtually unchanged at US77.63 cents following release at 8:30 AM EST of Canada’s Consumer Price Index for November. On a year-over-year basis, consensus was an increase of 4.7%. Actual was an increase of 4.7%.

Lowe’s dropped $10.49 to $241.97 after the company set 2022 sales guidance below consensus estimates.

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Nucor fell $3.63 to $114.59 after the company issued fourth quarter earnings guidance below consensus.

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Eli Lilly advanced $11.75 to $261.13 after the company issued fourth quarter sales guidance above consensus.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/12/14/stock-market-outlook-for-december-15-2021/

Technical Notes released yesterday at

StockTwits.com@EquityClock

Bitcoin is moving below trendline support as it enters its seasonally weakest time of the year that spans the next three months. equityclock.com/2021/12/13/… $BTC.X $BCH.X $GBTC $BTC_F #Bitcoin

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Kinross Gold $KGC a TSX 60 stock moved below US$5.15 extending an intermediate downtrend.

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Editor’s Note: The stock also moved below Cdn $6.53 to a 21 month low.

Another major precious metal stock breakdown! Majestic Silver $AG moved below US$10.45 extending an intermediate downtrend.

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Pfizer $PFE a Dow Jones Industrial Average stock moved above $55.70 to an all-time high extending an intermediate uptrend.

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George Weston $WN.CA a TSX 60 stock moved above $142.32 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.14th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for Dec.14th 2021

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for Dec.14th 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).

 

Seasonal Chart of the Day from www.EquityClock.com

Silver futures on a real and relative basis have a history of bottoming this week for a favourable trade to the first week in March.

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Silver futures and their related ETNs have yet to show technical signs of bottoming. Trend remains down, units remain below their 20, 50 and 200 day moving averages and daily momentum indicators are trending down. Best to wait until short term indicators turn positive.

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S&P 500 Momentum Barometers

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The intermediate term Barometer dropped 5.21 to 50.90 yesterday. It remains Neutral.

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The long term Barometer slipped 0.80 to 68.34 yesterday. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer plunged 5.39 to 29.03 yesterday. It remains Oversold and trending down.

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The long term Barometer dropped 1.86 to 50.23 yesterday. It remains Neutral and trending down.

 

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




10 Responses to “Tech Talk for Wednesday December 15th 2021”

  1. Ron/BC Says:

    NTR

    I was listening to old music and thought this was fitting today.

    https://www.youtube.com/watch?v=5BmEGm-mraE

  2. bruce Says:

    Hah…

  3. Ron/BC Says:

    Big test for the Canadian dollar at 77 cents. Price is oversold with a small positive divergence.

    https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=3&mn=0&dy=0&id=p44831221943&a=820900908

  4. Ron/BC Says:

    I noticed that the big CD Gold ETF:XGD.to was testing support and considered buying some when I couldn’t help but also see a huge Head and Shoulder pattern that started forming in October. Very bearish chart pattern. Price would need to clear the downtrendline to suggest anything bullish. Cant help but wonder what it’s message is……….

    https://stockcharts.com/h-sc/ui?s=XGD.TO&p=60&yr=0&mn=3&dy=0&id=p10384281094&a=673066266

  5. Larry/ON Says:

    CAD reversed to bullish with the risk-on market post fed announcement.

  6. Larry/ON Says:

    IMO the Santa Claus rally just started. I am going to be cautious going into January with the idea that a real correction is overdue but I think 2022 will be a positive year if we have good economic growth. We can’t expect the same percentage gains going forward.

  7. still_learning Says:

    re#4: Ron/BC

    re Gold, thought you might be interested in this:

    https://blog.smartmoneytrackerpremium.com/

    regards, Bernie/Lethbridge

  8. Jay Says:

    CAD false break out? Kinda looks for a nice Santa rally for risk assets…

  9. Jay Says:

    Apologies post #8 should read USD/CAD false breakout?

  10. Ron/BC Says:

    still_learning

    Thanks for the link. Always nice to read and listen to a good technical analyst explain his charts rather than just read or listen to another “story”.

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