Tech Talk for Thursday December 31st 2020
Gold ETN (GLD) moved above $177.87 setting a short term uptrend.
![clip_image001[3]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0013-4.png "clip_image001[3]")
'Tis the season for gold prices to move higher on a real and relative basis to near the end of February!
![clip_image003[3]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0033.png "clip_image003[3]")
Pre-opening Comments for Thursday December 31st
U.S. equity index futures were mixed this morning. S&P 500 futures were down 2 points in pre-opening trade.
Trading activity on North American equity markets is expected to be well below average today prior to the New Year holiday tomorrow.
U.S. equity index futures were virtually unchanged following release of the Weekly Jobless Claims report at 8:30 AM EST. Consensus was 828,000 versus upwardly revised 806,000 last week. Actual was 787,000.
The Shanghai Composite Index jumped 1.72% to a two year high at 3,473.07 after a Chinese government report revealed a continuation of expanding factory activity in December.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0011-6.png "clip_image001[1]")
'Tis the season for the Chinese equity market to move higher on a real and relative basis!
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0031-3.png "clip_image003[1]")
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2020/12/30/stock-market-outlook-for-december-31-2020/
Next Tech Talk Report
Tomorrow, January 1st, is an official holiday for North American equity markets. Next report is scheduled for release on Monday.
Technical Notes for Wednesday December 30th
U.S. Dollar Index ETN moved below $24.19 to a two year low extending an intermediate downtrend.
Wheat ETN (WEAT) moved above $6.16 completing a two year base building pattern.
Starbucks (SBUX), an S&P 100 stock moved above $106.09 to an all-time high extending an intermediate uptrend.
Visa (V), a Dow Jones Industrial Average stock moved above $217.02 to an all-time high extending an intermediate uptrend.
Toronto Dominion Bank (TD), a TSX 60 stock moved above $72.50 extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for December 30th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for December 30th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for December 30th 2020
Green: Increase from previous day
Red: Decrease from previous day
Trade ideas for 2021
Greg Schnell discusses Sector Rotation with a focus on the Materials and Energy sectors. If your are a Canadian investor, you will want to watch this video. Following is a link:
https://www.youtube.com/watch?v=Wa3YFqFOB2o&ab_channel=StockCharts
S&P 500 Momentum Barometer
The Barometer added 1.60 to 82.36 yesterday. It remains extremely intermediate overbought.
TSX Momentum Barometer
The Barometer added 1.62 to 72.561 yesterday. It remains intermediate overbought.
Disclaimer: Seasonality 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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