Tech Talk for Tuesday December 20th 2022
U.S. equity index futures were lower this morning. S&P 500 futures were down 12 points in pre-opening trade.
Index futures were virtually unchanged following release of the November U.S. Housing Start report at 8:30 AM EDT. Consensus was 1.400 million units versus 1.425 million units in October. Actual was 1.427 million units
The Canadian Dollar was virtually unchanged at US73.41 cents after Canada's October Retail Sales report was released at 8:30 AM EDT. Consensus was an increase of 1.5% versus a drop of 0.5% in September. Actual was an increase of 1.4%
General Mills slipped $1.15 to $85.97 despite reporting higher than consensus fiscal second quarter results. The company also raised guidance for remainder of the year.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/12/clip_image0011-9.png "clip_image001[1]")
Union Pacific added $1.75 to $208.14 after Evercore upgraded the stock to Outperform.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/12/clip_image0021-12.png "clip_image002[1]")
Magna International gained $1.83 to US$58.90 following news of its purchase of Veoneer Active Safety business for $1.525 billion cash.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/12/clip_image0031-7.png "clip_image003[1]")
EquityClock's Daily Comment
Headline reads "The counter-trend moves in the currency market from pivot-points charted in September/October are showing signs of maturing, setting the stage for the resumption of longer-term paths."
http://www.equityclock.com/2022/12/19/stock-market-outlook-for-december-20-2022/
Technical Notes
Consumer Discretionary SPDRs $XLY moved below $131.54 extending an intermediate downtrend.
Lithium ETN $LIT moved below $63.01 extending an intermediate downtrend.
Amazon $AMZN an S&P 100 stock moved below$85.97 extending an intermediate downtrend.
Walt Disney $DIS a Dow Jones Industrial Average stock moved below $86.28 extending an intermediate downtrend.
McDonalds $MCD a Dow Jones Industrial Average stock moved below $284.85 completing a double top pattern.
Match Group $MTCH a NASDAQ 100 stock moved below $40.23 extending an intermediate downtrend.
Brookfield Infrastructure $BIP a TSX 60 stock moved below US$31.79 extending an intermediate downtrend.
Cameco $CCO.TO a TSX 60 stock moved below Cdn$29.10 extending an intermediate downtrend.
Canadian Tire $CTC.A.TO a TSX 60 stock moved below $141.78 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for December 19th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for December 19th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for December 16th 2021
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 6.20 to 52.60. It remains Neutral. Trend is down.
The long term Barometer slipped 1.40 to 48.00. It remains Neutral. Trend is down.
TSX Momentum Barometers
The intermediate term Barometer plunged 12.66 to 43.04. It remains Neutral. Trend is down.
The long term Barometer dropped 3.38 to 37.97. It changed from Neutral to Oversold on a move below 40.00. Trend remains down.
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
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