Tech Talk for Wednesday December 18th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 16 points at 8:35 AM EST.

S&P 500 futures slipped 2 points following release of November U.S. Housing Starts at 8:30 AM EST. Consensus calls for an increase to 1.350 million units from 1.311 million units in October. Actual was1.289 million units

FOMC's economic update is released at 2:00 PM EST. Consensus calls for a drop in the Fed Fund Rate by 0.25%. Press conference is offered at 2:30 PM EST.

MasterCard added $2.99 to $534.00 after raising its dividend and after announcing a $12 billion share buyback program

Worthington Enterprises advanced $5.50 to $43.70 after reporting higher than consensus fiscal second quarter results.

General Mills dropped $1.97 to $63.96 after the company lowered its fiscal 2025 outlook.

EquityClock's Stock Market Outlook for December 18th

Evidence of a discerning consumer mentality remains readily apparent this holiday season, but better days could be ahead if post-election year tendencies prove to be correct. See:

https://equityclock.com/2024/12/17/stock-market-outlook-for-december-18-2024/

Technical Notes

Agribusiness ETF $MOO moved below $69.14 extending an intermediate downtrend.

US REIT iShares $IYR moved below $96.06 completing a double top pattern.

Utilities SPDRs $XLU moved below support at $76.78 setting an intermediate downtrend.

Home Builders SPDRs $XHB moved below $111.95 completing a double top pattern.

S&P 100 and NASDAQ 100 stocks moving below support extending an intermediate downtrend included American Tower $AMT, Next Energy $NEE, CSX $CSX and Lowe's $LOW.

CAE $CAE.TO a TSX 60 stock moved above Cdn$33.87 extending an intermediate uptrend.

Barrick Gold $ABX a TSX 60 stock moved below Cdn$23.16 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for December 17th 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 17th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Five KEY CHARTS to Watch for Fed Week: David Keller

Five KEY CHARTS to Watch for Fed Week - YouTube

SPX Internals Correcting While Price Stalls, Bulls Eye Big Tech: Schwab Network

SPX Internals Correcting While Price Stalls, Bulls Eye Big Tech - YouTube

Expect broadening of the market rally and rotation next year, says JPMorgan's Elyse Ausenbaugh

Expect broadening of the market rally and rotation next year, says JPMorgan's Elyse Ausenbaugh - YouTube

Why this financial expert say now is not a good time to buy stocks: John O'Connell

Why this financial expert say now is not a good time to buy stocks - YouTube

Market ‘catching its breath’ for Santa Claus rally: Ryan Detrick

Market ‘catching its breath’ for Santa Claus rally - YouTube

Silver's Untapped Potential: $40 Price Tag Just the Beginning in 2025? Randy Smallwood

https://www.youtube.com/watch?v=3NLKGaHEFoI

S&P 500 Momentum Barometers

The intermediate term Barometer dropped another 6.20 to 39.00. It changed from Neutral to Oversold on a move below 40.00. Daily downtrend was extended.

The long term Barometer dropped another 0.60 to 63.00. It remains Overbought. Daily downtrend was extended.

Editor's Note: The 20 day momentum indicator $SPXA20R dropped to 22.20%, lowest level since April. However, signs of a low have yet to be determined.

TSX Momentum Barometers

The intermediate term Barometer dropped 1.83 to 34.70. It remains Oversold. Daily downtrend was extended.

The long term Barometer dropped 0.91 to 65.30. It remains Overbought. Daily downtrend was extended.

Editor's Note: The 20 day momentum indicator $TSXA20R dropped to 20.55%, lowest level since October 2023. However, signs of a low have yet to be determined.

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