Tech Talk for Friday December 8th 2023

Equity index futures were lower this morning. S&P 500 futures were down 20 points at 8:35 AM EST

Index futures dropped 12 points following release of the November Employment report at 8:30 AM EST. Consensus for November Non-farm Payrolls was an increase to 180,000 from 150,000 in October. Actual was 199,000. Consensus for the November Unemployment Rate was unchanged at 3.9% from October. Actual was a drop to 3.7%. Consensus for November Average Hourly Earnings was a drop to 4.0% from 4.1% in October. Actual was a drop to 4.0%

Lululemon dropped $13.19 to $451.48 despite reporting higher than consensus third quarter results. However, the company also issued fiscal fourth quarter revenue guidance that was lower than consensus.

Broadcom dropped $12.26 to $910.00 after reporting less than consensus third quarter revenues.

MBIA jumped $3.49 to $11.87 after the company declared a special $8.00 per share dividend.

Smith & Wesson dropped $0.67 to $13.20 after reporting lower than consensus quarterly operating earnings

Technical Notes

Walgreen Boots $WBA a Dow Jones Industrial Average stock moved above $22.07 completing a double bottom pattern.

Xcel Energy $XEL an S&P 100 stock moved above $62.02 extending an intermediate uptrend.

Seagen $SGEN a NASDAQ 100 stock moved above $217.51 to an all-time high extending an intermediate uptrend.

United Parcel Service $UPS an S&P 100 stock moved above $156.66 extending an intermediate uptrend.

Sherwin Williams $SHW a NASDAQ 100 stock moved above $282.55 extending an intermediate uptrend.

CCL Industries $CCL.B.TO a TSX 60 stock moved above Cdn$58.79 completing a reverse Head & Shoulders pattern.

BMO Equal Weight TSX Energy ETF $ZEO.TO moved below Cdn$62.83 setting an intermediate downtrend.

Imperial Oil $IMO.TO a TSX 60 stock moved below Cdn$73.44 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Dec.7th 2023

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 Dec.7th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Dec.7th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

High Risk of Market Downside in December? | The Final Bar (12.06.23)

High Risk of Market Downside in December? | The Final Bar (12.06.23) - YouTube

Keep an Eye on Non-Farm Payroll as S&P Struggles at 4600 Level | Trading Places (12.07.23)

https://www.youtube.com/watch?v=lrhnGyd9Ufc

What Lies Ahead For End of the Year Equities? | GoNoGo Charts (12.08.23)

What Lies Ahead For End of the Year Equities? | GoNoGo Charts (12.08.23) - YouTube

Lift Off! Aerospace and Defense Stocks Showing Multi-Year Breakout | The Final Bar (12.07.24)

Note Jeff Huge's comment on gold at the 28 minute mark.

Lift Off! Aerospace and Defense Stocks Showing Multi-Year Breakout | The Final Bar (12.07.24) - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.60 to 81.80. It remains Overbought.

The long term Barometer added 0.60 to 64.00. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer slipped 0.88 to 70.04. It remains Overbought and showing early signs of peaking.

The long term Barometer dropped 1.32 to 48.46. It remains Neutral.

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