Pre-opening Comments for Wednesday December 6th
U.S. equity index futures were higher this morning. S&P 500 futures were up 15 points at 8:35 AM EST
U.S. equity index futures added 4 points following release of the U.S. Trade Deficit at 8:30 AM EST. Consensus was $64.10 billion, an increase from $61.50 billion in September. Actual was $64.3 billion.
The Bank of Canada updates its overnight lending rate for major Canadian banks at 10:00 AM EST. Consensus calls for no change in the rate at 5.00%.
Toll Brothers added $1.79 to $89.00 after reporting higher than consensus fiscal fourth quarter earnings. The company also offered positive guidance for fiscal 2024.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/12/clip_image0015-2.png "clip_image001[5]")
MasterCard gained $2.06 to $410.75 after the company raised its dividend by 16%.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/12/clip_image0025-2.png "clip_image002[5]")
Box dropped $2.95 to $23.74 after reporting less than consensus third quarter earnings. The company also lowered guidance.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/12/clip_image0035-2.png "clip_image003[5]")
Technical Notes
Oil and Gas Exploration & Production SPDRs $XOP moved below $134.99 and $134.79 completing a double top pattern.
Lithium ETN moved below $46.66 extending an intermediate downtrend.
Palladium ETN $PALL moved below $88.07 extending an intermediate downtrend.
Hong Kong iShares $EWH moved below $16.61 extending an intermediate downtrend.
Costco $COST an S&P 100 stock moved above $599.89 and $603.45 to an all-time high extending an intermediate uptrend.
T-Mobile $TMUS a NASDAQ 100 stock moved above $153.71 to an all-time high extending an intermediate uptrend.
Charter Communications $CHTR an S&P 100 stock moved below $369.07 extending an intermediate downtrend.
S&P/TSX Energy Index moved below 250.28 and 250.15completing a Head & Shoulders pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Dec.5th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for Dec.5th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Dec.5th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Is Every Stock on the Planet Overbought Right Now?! | The Final Bar (12.04.23)
Is Every Stock on the Planet Overbought Right Now?! | The Final Bar (12.04.23) – YouTube
Small Caps Are The Next Stop On Party Route | Trading Places (12.05.23)
Note comments on Russell 2000 (IWM) relative to QQQ.
Small Caps Are The Next Stop On Party Route | Trading Places (12.05.23) – YouTube
Stock market has ‘modest upside’ in 2024, says Goldman’s David Kostin
Stock market has ‘modest upside’ in 2024, says Goldman’s David Kostin – YouTube
Next 6-7 months will be rough for Canadians: Desjardins CEO
Next 6-7 months will be rough for Canadians: Desjardins CEO – YouTube
What Lower Interest Rates Mean for Stocks | The Final Bar (12.05.23)
https://www.youtube.com/watch?v=kMkVrV52UdA
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 2.60 to 82.80. It remains Overbought.
The long term Barometer dropped 4.40 to 62.80. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 3.52 to 70.48. It remains Overbought.
The long term Barometer dropped 3.96 to 49.78. It remains Neutral.
Disclaimer: Seasonality ratings 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
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December 6th, 2023 at 7:38 pm
Crude Oil continues to sell off. $WTIC has been falling since late September despite many bullish comments and reports about it since September. This chart shows what actually happened rather than what was said about it. Price is now approaching an important price support area of $66 to $67 as the chart shows. There will likely be a strong bounce off this area if touched. Price is already oversold.
https://stockcharts.com/h-sc/ui?s=%24WTIC&p=D&yr=2&mn=6&dy=0&id=p06875491932&a=742672678
December 6th, 2023 at 9:18 pm
TESLA – TSLA topped out in July of this year and has been in a downtrend ever since, forming a multi month falling channel. Since October price has charted a RISING WEDGE which is a bearish chart pattern. Price is now right at the top of that rising wedge and bumping up against the major downtrendline from the October highs. Price would need to clear $260 & hold above that to suggest a change back to bullish again. Right now according to the chart pattern TSLA is a short with a stop above $260. A break below $230 would suggest a breakdown of the rising wedge and suggest a drop to $200 or less.
https://stockcharts.com/h-sc/ui?s=TSLA&p=D&yr=1&mn=0&dy=0&id=p74629831300&a=1551762718