Tech Talk for Thursday December 16th 2021

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Pre-opening Comments for Thursday December 16th

U.S. equity index futures were higher at 7:40 AM EST. S&P 500 futures were up 33 points.in pre-opening trade to an all-time high.

Index futures were waiting for release of economic news at 8:30 AM EST. Consensus for November U.S. Housing Starts was an increase to 1.565 million units from 1.520 million units in October. Consensus for the December Philly Fed Index was a drop to 30.00 from 39.0 in November.

Healthcare SPDRs (XLV $138.07) are expected to move higher again this morning after several drug makers announced intentions to develop and distribute COVID 19 vaccines that are effective against the Omicron variant. The stock popped above $136.56 to an all-time high in late trading yesterday.

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Lennar dropped $7.06 to $106.30 after the company reported lower than consensus fiscal fourth quarter revenues.

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Visa gained $2.16 to $214.47 after the company announced a $12 billion share buyback program.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/12/15/stock-market-outlook-for-december-16-2021/

Santa Claus rally started earlier than usual this year?

https://www.cnbc.com/2021/12/15/jim-cramer-says-the-santa-claus-rally-may-have-started-early-this-year.html

 

Responses to the FOMC decision at 2:00 PM EST yesterday.

The Fed maintained the Fed Fund rate at 0.00%-0.25%, but increased their monthly tapering from $15 billion to $30 billion. End of tapering changed from the end of June to the end of March. The announcement was in line with consensus. Reponses were as follows:

S&P 500 Index ($SPX) moved higher

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Editor’s Note: The Index closed 3 points below its all-time closing high.

U.S. Dollar ETN (UUP) moved lower

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10 year Treasury Bond Yield was mixed

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Industrial commodity prices (GSG) moved slightly higher

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Crude oil prices moved higher

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Spot Gold and Silver bullion ETNs moved higher

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Precious metal stocks and ETFs (GDX) moved higher

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U.S. Financials ETFs (KBE) were mixed.

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Technical Notes released to 2:00 PM EST yesterday at

StockTwits.com@EquityClock

Bristol-Myers $BMY an S&P 100 stock moved above intermediate resistance at $60.20.

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Platinum ETN $PPLT moved below $84.50 extending an intermediate downtrend.

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Silver equities remain under technical pressure partially due to year end tax loss selling. Pan American Silver $PAAS moved below $22.19 extending an intermediate downtrend.

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TCOM $TCOM a NASDAQ 100 stock moved below $23.61 extending an intermediate downtrend.

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Berkshire Hathaway $BRK.B an S&P 100 stock moved above $295.65 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable to mid-March. If a subscriber to EquityClock, see seasonality chart at :charts.equityclock.com/seas…

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Cerner $CERN a NASDAQ 100 stock moved above intermediate resistance at $76.27.

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Birchcliffe Energy $BIR.CA a "gassy" Canadian energy stock moved below $6.22 and $6.13 completing a Head & Shoulders pattern.

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Technical Notes recorded after 2:00 PM EST Yesterday

Amgen $AMGN an S&P 100 stock moved above $217.43 completing a double bottom pattern.

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Cisco $CSCO a Dpw Jones Industrial Average stock moved above $59.87 to an all-time high extending an intermediate uptrend. Seasonal influences are strongly favourable to mid-January. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/cisco-systems-inc-nasdaqcsco-seasonal-chart

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Incyte $INCY a NASDAQ 100 stock moved above $71.85 completing a base building pattern. Season influences are strongly positive to the end of January. If an EquityClock subscriber, see seasonality chart at: https://charts.equityclock.com/incyte-corp-nasdincy-seasonal-chart

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Cognizant $CTSH a NASDAQ 100 stock moved above $82.84 to an all-time high extending an intermediate uptrend. Seasonal influences are strongly positive to the end of February. If a subscriber to EquityClock, see seasonality chart at: https://charts.equityclock.com/cognizant-technology-solutions-corp-nasdaqctsh-seasonal-chart

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Eli Lilly $LLY an S&P 100 stock moved above $274.98 to an all-time high extending an intermediate uptrend.

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Nutrient $NTR.CA a TSX 60 stock moved above Cdn$91.15 to a multi-year high extending an intermediate uptrend. Seasonal influences are strongly positive to the end of February. If an EquityClock subscriber, see seasonality chart at: https://charts.equityclock.com/nutrien-ltd-tsentr-to-seasonal-chart

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Dec.15th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for Dec.15th 2021

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for Dec.15th 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

Thank you to Mark Bunting and www.uncommonsenseinvestor.com for the following link:

 

Top 10 Analyst-Ranked Dow Jones Stocks – Uncommon Sense Investor

 

Market Buzz by Greg Schnell

https://www.youtube.com/watch?v=wliA7ztRmu8

 

The Canadian Technician by Greg Schnell

Two Forces at Play | The Canadian Technician | StockCharts.com

 

S&P 500 Momentum Barometers

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The intermediate term Barometer added 4.21 to 55.11 yesterday. It remains Neutral.

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The long term Barometer gained 1.20 to 69.54 yesterday. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer added 1.70 to 30.73 yesterday. It remains Oversold.

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The long term Barometer slipped 0.23 to 50.00 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 Thursday December 16th 2021”

  1. bruce Says:

    the AAII survey for Dec.15th has the bulls 25.2% the historical average is 38%…..the bears are up to 39.3%….historical average is 30.5%….maybe this market may have legs…..

  2. Larry/ON Says:

    Omicron – I’m less sanguine than I was before. It’s incredibly contagious. Just got my booster yesterday. There will be disruption for sure and meeting a lot of people over the holidays is extremely risky and will just serve to spread the virus. The warning for anyone travelling abroad is to prepare to be stranded for two weeks or more if you test positive trying to return. We are not bad in Canada as far as mask wearing is concerned but surgical masks or cloth masks aren’t enough in indoor situations with Omicron. You need N95 or KN95. There will be a lot of sick people quarantining who won’t be at work.

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