Tech Talk for Wednesday December 13th 2023

U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points at 8:35 AM EST.

Index futures were unchanged following release of the November Producer Price Index at 8:30 AM EST. Consensus was an increase of 0.1% versus a decline of 0.5% in October. Actual was unchanged. On a year-over-year basis, consensus was an increase of 1.0% versus a gain of 1.3% in October. Actual was a gain of 0.9%. Excluding food and energy, consensus was an increase of 0.2% versus unchanged in October. Actual was unchanged. On a year-over-year basis, consensus for core PPI was an increase of 2.3% versus a gain of 2.4% in October. Actual was an increase of 2.5%.

FOMC releases its latest economic statement at 2:00 PM EST. Consensus calls for no change in the Fed Fund Rate at 5.50%. Federal Reserve Chairman Powell is scheduled to hold a press conference at 2:30 PM EST to provide further comment.

Pfizer dropped $1.98 to $26.60 after the company lowered its revenue and profit guidance for 2024.

Take Two Interactive advanced $5.33 to $162.53 on news that the stock will be added to the NASDAQ 100 Index on December 18th

Costco added $2.52 to $637.02 after Oppenheimer raised its target price from $630 to $675.

Technical Notes

Financial SPDRs $XLF moved above $36.59 resuming an intermediate uptrend.

Notable among financial breakouts were Capital One Financial on a move above $120.85 to an 18 month high completing a long term reverse Head & Shoulders pattern and MasterCard on a move above $417.99 to an all-time high extending an intermediate uptrend.

Industrial SPDRs $XLI moved above $110.67 to an all-time high extending an intermediate uptrend.

NASDAQ Composite Index moved above 14,446.51 extending an intermediate uptrend.

NASDAQ 100 stocks breaking above resistance and extending an intermediate uptrend included

Applied Materials on a move above $157.42, Cognizant on a move above $72.10, Electronic Arts on a move above $139.88, Regeneron on a move above $853.97 to an all-time high, AbbVie on a move above $153.35.

CGI Group $GIB.A.TO a TSX 60 stock moved above Cdn$142.31 to an all-time high extending an intermediate uptrend.

Waste Connections $WCN.TO a TSX 60 stock moved Cdn$195.52 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Dec.12th 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.12th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Dec.12th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Renewed UPTREND for Semis, SMH and SOXX ETFs Breaking Out! | The Final Bar

Renewed UPTREND for Semis, SMH and SOXX ETFs Breaking Out! | The Final Bar (12.11.23) - YouTube

S&P 500 Above 4600 – Aggressive Sectors Blazing The Trail Higher | Trading Places

S&P 500 Above 4600 – Aggressive Sectors Blazing The Trail Higher | Trading Places (12.12.23) - YouTube

5 Hot Stocks – Joe Rabil’s Expert Picks! | Your Daily Five (12.12.23)

5 Hot Stocks – Joe Rabil’s Expert Picks! | Your Daily Five (12.12.23) - YouTube

Bitcoin is well-positioned to recover and push above the highs we just saw: Bitwise CIO

Bitcoin is well-positioned to recover and push above the highs we just saw: Bitwise CIO - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 1.00 to 86.40. It remains Overbought.

The long term Barometer slipped 0.80 to 67.80. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer dropped 3.08 to 62.56. It remains Overbought and has rolled over.

The long term Barometer dropped 3.08 to 42.73. It remains Neutral. Daily trend has turned down.

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