Tech Talk for Tuesday December 17th 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 25 points at 8:35 AM EST.

S&P 500 futures were unchanged following release of November U.S. Retail Sales at 8:30 AM EST. Consensus called for a 0.5% gain versus a 0.4% gain in October. Actual was a 0.7% gain. Excluding auto sales, consensus called for a 0.4% increase versus a 0.1% gain in October. Actual was a 0.2% gain.

The Canadian Dollar was unchanged at US70.02 cents following release of Canada's November Consumer Price Index at 8:30 AM EST. Consensus called for a 0.1% increase versus a 0.4% gain in October. Actual was unchanged. On a year-over-year basis, consensus called for a 2.1% increase versus a 2.2% gain in October. Actual was a 1.9% gain.

Tesla advanced $6.88 to an all-time high at $469.69 after Wedbush's Dan Ives raised his one year target price to $515 and set his long term target price at $650.

Amentum Holdings gained $1.37 to $25.15 after reporting a higher than consensus fiscal fourth quarter profit. It also offered positive guidance.

Mitek Systems advanced $1.51 to $11.00 after reporting higher than consensus fiscal fourth quarter revenues and earnings.

EquityClock's Stock Market Outlook for December 17th

A short-term oversold reading is providing an enticing signal to buy/add to equity exposure for the still ongoing rising intermediate-term trend of prices. See:

https://equityclock.com/2024/12/16/stock-market-outlook-for-december-17-2024/

Technical Notes

Global Base Metals iShares $XBM.TO moved below Cdn$20.85 resuming an intermediate downtrend. The move below support was prompted by breakdowns by Southern Copper and Freeport McMoran. Southern Copper $SCCO one of the largest copper miner in the world dropped below US$98.29 extending an intermediate downtrend. Freeport McMoran $FCX largest U.S. copper miner dropped below US$42.00 extending an intermediate downtrend.

Global X Uranium ETF $URA moved below $29.27 completing a double top pattern.

Nvidia $NVDA an S&P 100 stock moved below $131.79 completing a Head & Shoulders pattern.

Caterpillar $CAT a Dow Jones Industrial Average stock moved below $378.03 completing a double top pattern.

Canadian National Railway $CNR.TO a TSX 60 stock moved below Cdn$146.53 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for December 16th 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 16th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for December 16th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Fateful 8 = New Mag 7: Nvidia, Broadcom, Microsoft & Google Stocks In Focus: Dan Nathan, Carter Worth

Fateful 8 = New Mag 7: Nvidia, Broadcom, Microsoft & Google Stocks In Focus - YouTube

Outlook for Canadian equities in 2025: Brian Belski, Bank of Montreal

Outlook for Canadian equities in 2025 - YouTube

Outlook for U.S. equities in 2025: Brian Belski, Bank of Montreal

Big technology stocks are the new consumer staples: BMO's Belski - YouTube

Market Breadth & Seasonality’s Impact on SPX Consolidation: Schwab Network

Market Breadth & Seasonality’s Impact on SPX Consolidation - YouTube

U.S. Tax loss selling candidates: Wolfe

Worst performing stocks for tax loss selling - Wolfe (S&P Complete Indices:SP500) | Seeking Alpha

S&P 500 Momentum Barometers

The intermediate term Barometer dropped another 2.40 to 45.20. It remains Neutral. Daily downtrend was extended.

The long term Barometer dropped another 3.00 to 63.60. It remains Overbought. Daily downtrend was extended.

TSX Momentum Barometers

The intermediate term Barometer dropped 5.94 to 36.53. It changed from Neutral to Oversold on a move below 40.00. Daily downtrend was extended.

The long term Barometer dropped 1.37 to 66.21. It remains Overbought. Daily downtrend was extended.

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