Tech Talk for Tuesday December 23rd 2025

U.S. equity index futures were lower this morning. S&P 500 futures were 9 points at 8:35 AM EST.

S&P 500 futures dropped 6 points following release of economic news at 8:30 AM EST. Consensus for Third Quarter U.S. GDP was a slip to 3.2% from 3.8% in the second quarter. Actual was an increase to 4.3%

The Canadian Dollar was unchanged at US73.03 cents following release of Canada's October GDP at 8:30 AM EST. Consensus was a 0.3% drop versus a 0.2% increase in September. Actual was a 0.3% drop.

Signs, that the U.S. Dollar has passed an intermediate term bottom, have appeared on the charts. The U.S. Dollar completed a "golden cross" yesterday when its 50 day moving average moved above its 200 day moving average.

Note that regular trading on U.S. exchanges closes at 1:00 PM EST on Wednesday and is closed on Thursday. Regular trading on the TSX closes at 4:00 PM EST on Wednesday and is closed on Thursday and Friday.

EquityClock's Market Outlook for December 23rd

Waning interest in consumer discretionary stocks combined with an ongoing rotation towards materials counterparts increasingly influential in equity market performance and how to position into 2026. See:

https://equityclock.com/2025/12/22/stock-market-outlook-for-december-23-2025/

Technical Notes

Gold bullion futures ($GOLD) moved above $4,381.58 per ounce and Gold bullion ETN (GLD) moved above $403.30 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable on a real and relative basis (relative to the S&P 500 Index) until March 3rd. See seasonality chart at www.equityclock.ca

Lithium ETN (LIT) moved above $65.23 extending an intermediate uptrend.

S&P 100 and NASDAQ 100 stocks breaking resistance extending intermediate uptrends included Tesla (TSLA) on a move above $488.54 to an all-time, JP Morgan Chase (JPM) on a move above $322.25 to an all-time high and Intuitive Surgical (ISRG) on a move above $582.41. Seasonal influences on a real and relative basis are favourable for Tesla until February 18th and on Intuitive Surgical until February 15th. See seasonality charts at www.equityclock.com

Natural Gas ETN (UNG) moved below $11.55 extending an intermediate downtrend.

CGI Group (GIB) a TSX 60 stock moved above US$92.97 extending an intermediate uptrend. Seasonal influences are favourable on a real and relative basis until February 18th. See seasonality chart at www.equityclock.com

CAE (CAE.TO) a TSX 60 stock moved above Cdn$42.43 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable until March 1st. See seasonality chart at www.equityclock.com

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for December 22nd 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 22nd 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for December 22nd 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

The real beneficiaries of AI are going to be the ‘Impressive 493’, says Ed Yardeni

The real beneficiaries of AI are going to be the ‘Impressive 493’, says Ed Yardeni - YouTube

Santa Claus Rally "Very Sensitive" to Headlines, FOMC’s 2026 Picture: Schwab Network

Santa Claus Rally "Very Sensitive" to Headlines, FOMC’s 2026 Picture - YouTube

The Fed chair endgame: Here’s what to know: Steve Leisman

The Fed chair endgame: Here’s what to know - YouTube

Tech, Silver & Gold Rally to Start Holiday-Shortened Week: Schwab Network

Tech, Silver & Gold Rally to Start Holiday-Shortened Week – YouTube

Charles Schwab's Sonders on her outlook for 2026

Charles Schwab's Sonders on her outlook for 2026 - YouTube

Liz’s 2026 Market Outlook: The Show Must Go On: Liz Thomas and Guy Adami

Liz’s 2026 Market Outlook: The Show Must Go On - YouTube

What to expect for the economy in 2026: Michael Green

What to expect for the economy in 2026 - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer advanced 4.20 to 61.20. The Barometer changed from Neutral to Overbought by moving above 60.00.

The long term Barometer added 2.40 to 63.00. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 2.37 to 72.99. It remains Overbought. Daily uptrend resumed.

The long term Barometer added 1.42 to 82.46. 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