Tech Talk for Tuesday November 26th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points at 8:30 AM EST.

The Canadian Dollar dropped 0.64 to a four year low at US70.86 cents after President-elect Trump proposed a 25% tariff on goods exported from Canada and Mexico to the U.S.

Semtech added $6.88 to $60.32 after reporting higher than consensus third quarter revenues.

Kohl's dropped $0.87 to $17.47 after its Chief Executive Officer announced plans to step down in January.

Agilent dropped $1.24 to $133.25 after reporting lower fourth quarter earnings.

Zoom dropped $1.53 to $87.50 despite reporting higher than consensus third quarter revenues and earnings.

EquityClock's Stock Market Outlook for November 26th

Treasury bond yields are pulling back from declining trend-channel resistance, keeping the intermediate-term path that of lower-highs and lower-lows. See:

https://equityclock.com/2024/11/25/stock-market-outlook-for-november-26-2024/

Interesting Observation on the U.S. Thanksgiving trade

According to technical research strategist at Bank of America "The S&P 500 has risen 60% of the time on an average return of 0.28% and a median gain of 0.46% "for all Thanksgiving weeks going back to 1928"

Technical Notes

Home Depot $HD a Dow Jones Industrial Average stock moved above $421.56 to an all-time high extending an intermediate uptrend. According to EquityClock, seasonal influences are favourable until early January.

Procter & Gamble $PG a Dow Jones Industrial Average stock moved above $176.90 to an all-time high extending an intermediate uptrend.

Citigroup $C an S&P 100 stock moved above $70.10 to a 15 year high extending an intermediate uptrend.

Forest Product stocks and related ETFs (e.g. WOOD and CUT) were notably stronger yesterday. Canfor is an example with a break above $18.13 Cdn. Seasonal influences for lumber and lumber stocks recently turned positive. This year, demand for lumber is expected to be higher than average due to reconstruction caused by the two hurricanes in September/October that moved through Florida and eastern U.S. Home Depot also moved higher for the same reason.

Seasonality chart/analysis courtesy of www.EquityClock.com

Seasonal Chart Analysis

Analysis of the iShares Global Timber & Forestry ETF (NASD:WOOD) seasonal charts above shows that a Buy Date of October 30 and a Sell Date of January 30 has resulted in a geometric average return of 1.77% above the benchmark rate of the S&P 500 Total Return Index over the past 15 years. This seasonal timeframe has shown positive results compared to the benchmark in 11 of those periods. This is a good rate of success and the return strongly outperforms the relative buy-and-hold performance of the stock over the past 15 years by an average of 5.92% per year.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 25th 2024

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 November 25th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 25th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Ives: This tech market will be on fire as the AI revolution hits its next phase.

Ives: This tech market will be on fire as the AI revolution hits its next phase. - YouTube

Markets are well setup for a rally through year-end, says Hightower’s Stephanie Link

Markets are well setup for a rally through year-end, says Hightower’s Stephanie Link - YouTube

Gold, Crude Oil & U.S. Dollar: Analyzing Impact on Equities: Schwab Network

Gold, Crude Oil & U.S. Dollar: Analyzing Impact on Equities - YouTube

Belief Over Fear: Markets Defy Gravity Amid Uncertainty: Guy Adami, Dan Nathan, Liz Young

https://www.youtube.com/watch?v=dz-OiUN1oR4

S&P 500 Momentum Barometers

The intermediate term Barometer advanced another 6.00 to 69.20. It remains Overbought. Daily trend is up.

The long term Barometer added another 4.60 to 76.80. It remains Overbought. Daily trend is up.

TSX Momentum Barometers

The intermediate term Barometer dropped 4.57 to 59.36. It changed from Overbought to Neutral on a drop below 60.00.

The long term Barometer was unchanged at 75.34. It remains Overbought.

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