Tech Talk for Monday December 9th 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points at 8:30 AM EST

Interpublic advanced $4.20 to $33.46 on reports that it will merge with Omnicom.

Apollo gained $11.15 to $189.00 on news that its shares will join the S&P 500 on December 23rd

Workday added $24.08 to $290.50 on news that its shares will join the S&P 500 on December 23rd

EquityClock's Stock Market Outlook for December 9th

The second largest surge in Canadian unemployment in the past four decades highlights a labour market that is struggling. See:

https://equityclock.com/2024/12/07/stock-market-outlook-for-december-9-2024/

Technical Scoop for December 9th from David Chapman and www.EnrichedInvesting.com

https://enrichedinvesting.com/library/

The Bottom Line

U.S. economic focuses this week are on November CPI released on Wednesday and November PPI released on Thursday.

Canadian focus is on the Bank of Canada's interest rate decision on Wednesday. Consensus calls for at least a 0.25 basis point reduction.

Consensus for Earnings and Revenues by S&P 500 companies

Source: www.factset.com

Earnings and revenue gains accelerate in the fourth quarter from the third quarter, but at a slightly lower rate than offered three weeks ago. (November 25th). Consensus calls for an 11.9% earnings increase (down from previous 12.0%) and a 4.8% revenue increase (up from previous 4.7%).

For all of 2024, consensus calls for a 9.6% earnings increase (up from previous 9.4%) and a 5.1% revenue increase (up from previous 5.0%).

Consensus for earnings gains in 2025 remains elevated and moved higher from the November 25th report. First quarter earnings are expected to increase 12.8 % on a year-over-year basis (up from previous 12.7%) and revenues are expected to increase 5.2%. Second quarter earnings are expected to increase 12.1% and revenues are expected to increase 5.4% (down from previous 5.7%). Third quarter earnings are expected to increase 15.2% and revenues are expected to increase 5.7%. Fourth quarter earnings are expected to increase 16.9% and revenues are expected to increase 6.6%. For all of 2025 earnings are expected to increase 15.0% and revenues are expected to increase 5.7% (down from previous 5.8%)

Economic News This Week

Third quarter U.S. Non-farm Productivity is released at 8:30 AM EST on Tuesday

November U.S. Consumer Price Index is released at 8:30 AM EST on Wednesday

Bank of Canada interest rate decision is released at 9:45 AM EST on Wednesday

November U.S. Producer Price Index is released at 8:30 AM EST on Thursday

Selected Earnings News This Week

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for December 6th 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 December 6th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for December 6th 2024

Green: Increase from previous day

Red: Decrease from previous day

Changes Last Week

Technical Notes for Friday

Healthcare Providers iShares $IHF moved below $51.99 extending an intermediate downtrend. Responded to murder of UnitedHealth Group's CEO

UnitedHealth Group $UNH a Dow Jones Industrial Average stock moved below$576.77 completing a double top pattern.

IBM $IBM a Dow Jones Industrial Average stock moved above $235.51 to an all-time high extending an intermediate uptrend.

Diamondback Energy $FANG a NASDAQ 100 stock moved below $204.07 extending an intermediate downtrend.

Emera $EMA.TO a TSX 60 stock moved above Cdn$55.90 to an all-time high extending an intermediate uptrend.

Cenovus $CVE.TO a TSX 60 stock moved below Cdn$21.35 extending an intermediate downtrend.

Links offered by valued providers

Michael Campbell's Money Talks for December 7th 2024

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

CHART THIS with David Keller, CMT Friday 12/6/24

https://www.youtube.com/watch?v=vPcOv0lbuuM

What’s The Outlook For December AND For 2025? Tom Bowley

Note seasonality comment

What’s The Outlook For December AND For 2025? | Trading Places with Tom Bowley | StockCharts.com

Double Top on Industrials (XLI); Erin Swenlin

Double Top on Industrials (XLI) | DecisionPoint | StockCharts.com

Market sentiment could be a threat to the bull market in early 2025, says Renaissance’s Jeff deGraaf. Note comment on seasonality

Market sentiment could be a threat to the bull market in early 2025, says Renaissance’s Jeff deGraaf - YouTube

How Long Can Stock Markets Keep Climbing? Bob Hoye

How Long Can Stock Markets Keep Climbing? - HoweStreet

What Could Bitcoin's Short Term High Be? Mark Leibovit

What Could Bitcoin's Short Term High Be? - HoweStreet

Trading Desk Notes for December 7, 2024 Victor Adair

Trading Desk Notes for December 7, 2024 - HoweStreet

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 0.80 on Friday and 12.60 last week to 58.40. It changed from Overbought to Neutral on a drop below 60.00. Daily trend is down.

The long term Barometer dropped 1.20 on Friday and dropped 4.80 last week to 71.20. It remains Overbought. Daily trend is down.

TSX Momentum Barometers

The intermediate term Barometer dropped 8.22 on Friday and 8.22 last week to 56.62. It changed from Overbought to Neutral on a drop below 60.00.

The long term Barometer dropped 3.65 on Friday 4.56 last week to 70.78. 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