Tech Talk for Wednesday December 4th 2019

U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade. Index futures responded to news that trade negotiations between China and the U.S. are progressing.

Index futures moved lower following release of the November ADP Employment report released at 8:15 AM EST. Consensus was an increase to 138,000 from 125,000 in October. Actual was 67,000.

Crude oil gained $0.93 to 57.03 prior to start of the OPEC meeting tomorrow.

The Canadian Dollar was unchanged at U.S. 75.34 cents prior to an economic outlook from the Bank of Canada at 10:00 AM EST. Consensus is that the Bank of Canada will maintain its overnight lending rate at 1.75%.

Royal Bank (RY $107.18) is expected to open lower after reporting lower than consensus fiscal fourth quarter earnings.

National Bank (NA $70.85) is expected to open higher after announcing higher than consensus fiscal fourth quarter earnings and a dividend increase.

CVS Health gained $0.59 to $75.29 after Raymond James raised its target on the stock to $90 from $80

Campbell Soup slipped $0.58 to $47.08 after reporting lower than consensus fiscal first quarter earnings.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/12/03/stock-market-outlook-for-december-4-2019/

StockTwits released yesterday @EquityClock

Kinder Morgan $KMI, an S&P 100 stock moved below $19.39 and $19.26 setting an intermediate downtrend

American International Group $AIG, an S&P 100 stock moved below $51.30 completing a Head & Shoulders pattern

Xilinx $XLNX, a NASDAQ 100 stock moved below $88.88 extending an intermediate downtrend.

First Trust Natural Gas ETF $FCG moved below $9.98 extending an intermediate downtrend.

Home Builders SPDRs $XHB moved below $44.81 completing a double top pattern.

Coal ETF $KOL moved below $10.55 extending an intermediate downtrend.

Canadian Gold iShares $XGD.CA moved above $15.99 re-establishing an intermediate uptrend.

Fertilizer ETF $SOIL moved below $8.30 extending an intermediate downtrend

Encana $ECA, a TSX 60 stock moved below $3.81 U.S. extending an intermediate downtrend.

Gold stocks are starting to break out and extend intermediate uptrends. Yamana Gold $YRI.CA moved above $5.03 extending an intermediate uptrend

Another gold stock breakout! Franco-Nevada $FNV.CA moved above $133.21 to an all-time high extending an intermediate uptrend.

BMO Junior Natural Gas ETF $ZJN.CA moved below $30.35 extending an intermediate downtrend.

Junior Gold ETF $GDXJ moved above $39.44 re-establishing an intermediate uptrend.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for December 3rd 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for December 3rd 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for December 3rd 2019

Green: Increase from previous day

Red: Decrease from previous day

Jon Vialoux on BNN Bloomberg

Jon will be on BNN's Market Call Tonight at 6:00pm ET today taking your calls on Technical Analysis and Seasonal Investing.  CALL TOLL-FREE 1-855-326-6266,  EMAIL marketcall@bnnbloomberg.ca,  or TWEET @MarketCall

S&P 500 Momentum Barometer

The Barometer dropped another 4.01 to 62.73 yesterday. It remains intermediate overbought.

TSX Momentum Barometer

The Barometer dropped 5.48 to 65.30 yesterday. 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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