Tech Talk for Wednesday December 11th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 19 points at 8:35 AM EST.

S&P 500 futures added 11 points following release of the November Consumer Price Index at 8:30 AM EST. Consensus called for a 0.3% gain versus a 0.2% gain in October. Actual was a 0.3% gain. On a year-over-year basis, consensus called for a 2.7% gain versus a 2.6% gain in October. Actual was a 2.7% gain. Excluding food and energy, consensus calls for a 0.3% gain versus a 0.3% gain in October. Actual was a0.3% gain. On a year-over-year basis, consensus calls for a 3.3% gain versus a 3.3% gain in October. Actual was a 3.3% gain.

The Bank of Canada releases its interest rate decision at 9:45 AM EST. Consensus calls for a 0.50% drop to 3.25% in its lending rate to major Canadian banks. A news conference offering more guidance is scheduled at 10:30 AM EST.

General Motors advanced $1.73 to $54.32 after the company announced a refocus away from autonomous driving development.

General Electric Vernova added $9.11 to $336.50 after offering positive sales guidance. The company also announced a $6 billion share buyback program.

Dave & Buster's dropped $3.55 to $33.25 after reporting less than consensus quarterly revenues and earnings. Also, the company's chief executive officer resigned.

EquityClock's Stock Market Comment for December 11th

Post-election year tendencies suggest that we could see a stronger than average appreciation in the US Dollar early in 2025, threatening to pressure risk assets in January and February. See:

https://equityclock.com/2024/12/10/stock-market-outlook-for-december-11-2024/

Technical Notes

Materials SPDRs $XLB moved below $90.82 setting an intermediate downtrend.

Alphabet an S&P 100 stock extended an intermediate uptrend when GOOG moved above $183.82 and GOOGL moved above $182.28

S&P 100 stocks moving below support extending an intermediate downtrend included AIG, Linde, Exelon and Texas Instruments

Pembina Pipelines $PPL.T0 a TSX 60 stock moved below Cdn$55.23 setting an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for December 10th 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 10th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for December 10th 2024

Green: Increase from previous day

Red: Decrease from previous day

Notes offered by valued providers

Calls For S&P 7100… Can Wall Street Deliver Big Again In 2025? Guy Adami, Dan Nathan, Liz Young

Calls For S&P 7100… Can Wall Street Deliver Big Again In 2025? - YouTube

Why CFRA Expects Banks to Outperform in 2025: Schwab Network

Why CFRA Expects Banks to Outperform in 2025 - YouTube

Stocks will be higher in ’25 driven by tax policy and immigration: Evercore ISI’s Julian Emanuel

Stocks will be higher in ’25 driven by tax policy and immigration: Evercore ISI’s Julian Emanuel - YouTube

3 WAYS to Pinpoint When a Stocks Uptrend is Ending: David Keller

3 WAYS to Pinpoint When a Stocks Uptrend is Ending - YouTube

Tesla Stock Near Record Highs: Buy The Breakout or Fade It? Guy Adami, Dan Nathan, Carter Worth.

Tesla Stock Near Record Highs: Buy The Breakout or Fade It? - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 5.20 to 53.80. It remains Neutral. Daily trend is down.

The long term Barometer dropped 2.80 to 69.40. It remains Overbought. Daily trend is down.

TSX Momentum Barometers

The intermediate term Barometer dropped 3.65 to 57.99. It changed from Overbought to Neutral on a drop below 60.00.

The long term Barometer dropped 1.37 to 71.69. 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