Tech Talk for Monday December 1st 2025

U.S. equity index futures were lower this morning. S&P 500 futures were down 46 points at 8:30 AM EST.

U.S. Global Jets ETF (JETS) dropped $0.18 to $26.13 after hundreds of flights were canceled after a winter storm hit Chicago.

EquityClock's Market Outlook for December 1st

The S&P 500 Index has averaged a return of 1.2% in December with a frequency of gains for the month coming in at 72%. See:

https://equityclock.com/2025/11/28/stock-market-outlook-for-december-1-2025/

Technical Scoop for December 1st from David Chapman and www.EnrichedInvesting.com

https://enrichedinvesting.com/library/

The Bottom Line

Seasonal strength by North American indices from late November to early January "kicked in" last week despite limited favourable economic and corporate news. Notable was strength by the NASDAQ Composite Index on a real and relative basis (relative to the S&P 500).

Economic News This Week

U.S. September Construction Spending is released at 10:00 AM EST on Monday

November ISM Manufacturing PMI released at 10:00 AM EST on Monday is expected to improve to 49.0 from 48.7 in October

September U.S. Capacity Utilization released at 9:15 AM EST on Wednesday is expected to increase to 77.3 from 75.8 in August.

November ISM Non- manufacturing PMI released at 10:00 AM EST on Wednesday is expected to slip to 52.0 from 52.4 in October.

November Canadian Employment Report is released at 8:30 AM EST on Friday

Selected Earnings News This Week

Focus this week is on fiscal fourth quarter reports by Canada's major banks.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for November 28th 2025

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 28th 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 28th 2025

Green: Increase from previous day

Red: Decrease from previous day

Changes last week

Links offered by valued providers

Michael Cambell's MoneyTalks for November 29th

Michael Campbell's MoneyTalks - Complete Show (mikesmoneytalks.ca)

Is the Santa Claus Market Rally a Myth? Bob Hoye

https://www.howestreet.com/2025/11/is-the-santa-claus-market-rally-a-myth-bob-hoye/

Why Your Portfolio Might Go Higher in December; Mark Leibovit

https://www.howestreet.com/2025/11/why-your-portfolio-might-go-higher-in-december-mark-leibovit/

Long-term uptrend due for an extended pause, says Fairlead’s Stockton on S&P 500

Long-term uptrend due for an extended pause, says Fairlead’s Stockton on S&P 500 - YouTube

The Shocking Truth About K-Shaped Wealth Gaps and Market Risk: ValueTrendCanada

The Shocking Truth About K-Shaped Wealth Gaps and Market Risk - YouTube

"Impressive" 2025: Seasonal Trends & FOMC Outlook Keep Bulls Running: Schwab Network

"Impressive" 2025: Seasonal Trends & FOMC Outlook Keep Bulls Running - YouTube

Market Strength Broadens What's Powering This Rally? Mary Ellen McGonagle

https://www.youtube.com/watch?v=AlPz8MgrQOo

Weekly Update with Larry Berman – November 29, 2025

https://www.youtube.com/watch?v=a6Y8qaa7WxQ

Tom Lee: "We're Set Up for a Really Strong Rally Into Year-End"

https://www.youtube.com/watch?v=mZw9WF8YIfk

Black Friday Shoppers Prepared to Take on Debt: Martin Armstrong

https://www.howestreet.com/2025/11/black-friday-shoppers-prepared-to-take-on-debt/

Technical Notes for Friday

Steel ETF (SLX) moved above $81.22 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable on a real and relative basis until February 15th See seasonality chart at www.equityclock.com

Silver iShares (SLV) moved above $49.25 to an all-time high extending an intermediate uptrend.

Wal-Mart (WMT) a Dow Jones Industrial Average stock moved above $109.57 to an all-time high extending an intermediate uptrend.

Kinross Gold (KGC) a TSX 60 stock moved above US$27.80 to an all-time high extending an intermediate uptrend.

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.60 on Friday and 18.40 last week to 59.20. It remains Neutral. Daily uptrend was established.

The long term Barometer added 1.00 on Friday and gained 5.60 last week to 61.60. It changed from Neutral to Overbought on a move above 60.00. Daily uptrend was established.

TSX Momentum Barometers

The intermediate term Barometer added 1.42 on Friday and gained 17.53 last week to 71.58. It changed last week from Neutral to Overbought on a move above 60.00. Daily uptrend was established.

The long term Barometer added 0.47 on Friday and gained 4.26 last week to 81.04. 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