Tech Talk for Tuesday December 8th 2020
Home Depot (HD), a Dow Jones Industrial Average stock moved below $260.61 completing a Head & Shoulders pattern.
![clip_image001[3]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0013.png "clip_image001[3]")
Pre-opening Comments for Tuesday December 8th
U.S. equity index futures were lower this morning. S&P 500 futures were down 13 points in pre-opening trade.
Index futures were virtually unchanged following release of the second estimate for third quarter U.S. Non-farm Productivity at 8:30 AM EST. Consensus was unchanged from the previous estimate at 4.9%. Actual was 4.6%
Toll Brothers slipped $1.46 to $47.75 despite reporting higher than consensus fiscal fourth quarter revenues and earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0011.png "clip_image001[1]")
Raytheon Technologies (RTX $73.04) is expected to open higher after its Board of Directors authorized a $5 billion share buyback program
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0021-1.png "clip_image002[1]")
Nike (NKE $138.75) is expected to open higher after Cowen raised its target price from $150 to $165.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0031.png "clip_image003[1]")
FedEx (FDX $) is expected to open higher after Cowen raised its target price from $320 to $380.
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2020/12/07/stock-market-outlook-for-december-8-2020/
Technical Notes for December 7th
South Africa iShares (EZA) moved above $44.05 extending an intermediate uptrend. Triggered by strength in gold.
Uranium stocks and their related ETF (URA) continue to stream higher.
Philip Morris (PM), an S&P 100 stock moved above $81.30 resuming an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for December 7th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for December 7th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for December 3rd 2020
Green: Increase from previous day
Red: Decrease from previous day
Technical Scoop
Thank you to David Chapman and www.EnrichedInvesting.com for a link to their weekly report. Headline reads, "Not 536, records set, debt soars, golden life, broken dollar, oil cusp, pandemic rage, faltering jobs, rate creep". Following is the link:
S&P 500 Momentum Barometer
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0015-4.png "clip_image001[5]")
The Barometer slipped 0.80 to 81.76 yesterday. It remains extremely intermediate overbought.
TSX Momentum Barometer
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/12/clip_image0025-4.png "clip_image002[5]")
The Barometer was unchanged yesterday at 72.83. 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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