Tech Talk for Friday December 15th 2023

Equity index futures were higher this morning. S&P 500 futures were up 3 points at 8:35 AM EST

Index futures dropped 6 points following release of the December Empire State Manufacturing Survey at 8:30 AM EST. Consensus was a drop to +4.0 from +9.1 in November. Actual was a drop to -14.5.

Today is "Triple Witching Day', the last trade day in December for listed index and equity options and futures. Volume on U.S. exchanges is expected to increase significantly as positions are liquidated, exercised or rolled over prior to expiry.

Costco added $8.70 to $639.48 after reporting higher than consensus fiscal first quarter results. The company also declared a special $15 per share special dividend.

First Solar added $0.35 to $158.60 after Jefferies launched coverage with a Buy rating.

Intel added $1.03 to $46.21 after Bank of America raised its target price from $32 to $50.

Alibaba gained $1.72 to $74.23 after the Chinese government announced steps overnight to revive the economy.

Technical Notes

U.S. sector ETFs moving above resistance extending an intermediate uptrend included Materials SPDRs (XLB), Consumer Discretionary SPDRs (XLY), Midcap SPDRs (MDY), Steel (SLX) to an all-time high, Forest Products (WOOD), Russell 2000 (IWM), Agribusiness (MOO) and Global X Uranium (URA) to an all-time high.

International iShares breaking resistance extending an intermediate uptrend included IEV to an all-time high, EZA, EWG, EEM and EFA.

S&P 100 and NASDAQ 100 stocks breaking resistance extending an intermediate uptrend included Philip Morris, Bank of America, Citigroup, Goldman Sachs, JP Morgan, MetLife, Union Pacific, Autodesk, Marvell, CDW, Exelon and NXP Semiconductor

TSX 60 stocks moving above resistance extending an intermediate uptrend included Commerce Bank above Cdn$60.58, Royal Bank above Cdn$129.84 and Magna International above $Cdn77.38.

TSX 60 stocks moving below support setting an intermediate downtrend included Dollarama on a move below Cdn$92.50and Couche Tard on a move below Cdn$74.33.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Dec.14th 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.14th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Dec.14th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Will Dovish Fed Fuel New ALL-TIME HIGHS By Year End? | Trading Places (12.14.23)

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

Blow-Off Top?! Market Reacts to The FED Announcement | The Final Bar (12.13.23)

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

Crude Oil is Back in the "White House Buy Zone" | Halftime by Chaikin Analytics

Crude Oil is Back in the "White House Buy Zone" | Halftime by Chaikin Analytics (12.14.23) - YouTube

S&P 500 Breakout: Will the Rally Continue to All-Time Highs by Year End? | GoNoGo

S&P 500 Breakout: Will the Rally Continue to All-Time Highs by Year End? | GoNoGo Charts (12.14.23) - YouTube

The Final Bar with David Keller, CMT | Guest Julius de Kempenaer | 4pm ET, 1pm PT |

The Final Bar with David Keller, CMT | Guest Julius de Kempenaer | 4pm ET, 1pm PT | DEC. 14th - YouTube

Small caps could climb 50% in the next 12 months, says Fundstrat’s Tom Lee

Small caps could climb 50% in the next 12 months, says Fundstrat’s Tom Lee - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 0.20 to 89.80. It remains Overbought.

The long term Barometer added 3.20 to 78.00. It remains Overbought. Daily trend moved higher.

TSX Momentum Barometers

The intermediate term Barometer added 2.20 to 76.21. It remains Overbought. Daily trend was up.

The long term Barometer added 4.41 to 57.71. It remains Neutral. Daily uptrend resumed

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