Tech Talk for Thursday December 4th 2025 Technical Notes

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

Salesforce.com (CRM) advanced $20.00 to $258.81 after reporting higher than consensus third quarter earnings.

Snowflake (SNOW) dropped $13.49 to $250.30 after reporting less than consensus third quarter results.

Five Below (FIVE) added $4.35 to $468.00 after reporting higher than consensus third quarter results.

BMO Equal Weight Canadian Banks ETF (ZEB.TO) is expected to open higher after Toronto Dominion Bank, Bank of Montreal and Commerce Bank released higher than consensus fiscal fourth quarter earnings. They also raised their dividend. Seasonal influences are favourable on a real and relative basis until the first week in March. See seasonality chart at www.EquityClock.com

EquityClock's Market Outlook for December 4th

Interest rate optimism providing fuel to segments of the market that are sensitive to the cost of borrowing. See:

https://equityclock.com/2025/12/03/stock-market-outlook-for-december-4-2025/

Technical Notes

Copper Miners ETF (COP) moved above $66.20 to an all-time high extending an intermediate uptrend. Seasonal influences on a real and relative basis are favourable until March 4th. See www.EquityClock.com Notable strength within the group was VALE (VALE) on a move above $13.10 and Rio Tinto (RIO) on a move above $73.76. Seasonal strength for VALE is favourable until January 13th. Seasonal strength for Rio Tinto is favourable until January 16th Lundin Mining (LUN.TO) added to strength in the sector by moving above Cdn$26.41 to an all-time high.

Oil Services ETF (OIH) moved above $297.80, $303.77 and $304.89 extending an intermediate uptrend. Seasonal influences are favourable until April 15th. See seasonality chart at www.EquityClock.com

Transportation Average iShares (IYT) moved above $74.74 to an all-time high extending an intermediate uptrend. Leading the sector was strength by U.S. Global Jets ETF (JETS) on a move above $26.99 and $27.10 to a four year high. Seasonal influences for JETS are favourable until December 23rd. See seasonality chart at www.EquityClock.com

S&P 100 and NASDAQ 100 stocks breaking resistance extending an intermediate uptrend included Nike (NKE) on a move above $65.83, Marvell Technology (MRVL) on a move above $98.13, Coca Cola EuroPacific (CCEP) on a move above $92.87, US Bancorp (USB) on a move above $49.98, Morgan Stanley (MS) on a move above $171.77, Vertex (VRTX) on a move above $442.22, Old Dominion Freight Lines (ODFL) on a move above $146.70 and Wells Fargo (WFC) on a move above $88.64. Seasonal influences are favourable for Marvell Technology until February 12th, on Old Dominion Freight Lines until March 13th, on Morgan Stanley until February 27th and Wells Fargo until December 23rd .See seasonality charts at www.EquityClock.com . No S&P 100 or NASDAQ 100 stocks broke intermediate support.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for December 3rd 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 December 3rd 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for December 3rd 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Is a Major Move Setting Up? Nasdaq 100, Healthcare, Gold & Bitcoin at Key Levels; Frank Cappelleri
Is a Major Move Setting Up? Nasdaq 100, Healthcare, Gold & Bitcoin at Key Levels - YouTube

Microsoft Sell Pressure Drags On Markets: Guy Adami, Dan Nathan and Robinhood's Michael Obucina

Microsoft Sell Pressure Drags On Markets - YouTube

StockCharts Insider: John Murphy's Law #8 Know the Warning Signs (MACD)

StockCharts Insider: John Murphy's Law #8 Know the Warning Signs (MACD)

David Keller’s December Playbook: 10 Charts You Should See

David Keller’s December Playbook: 10 Charts You Should See - YouTube

Understanding Canadian tax brackets for 2026

Understanding tax brackets for 2026 - YouTube

RBC posts 29% Q4 profit jump: BNN

RBC posts 29% Q4 profit jump - YouTube

S&P Momentum Barometers

The intermediate term Barometer added 3.00 to 54.40. It remains Neutral.

The long term Barometer added 2.80 to 61.40. It changed from Neutral to Overbought on a recovery above 60.00.

TSX Momentum Barometers

The intermediate term Barometer slipped 0.95 to 67.77. It remains Overbought.

The long term Barometer was unchanged at 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