Tech Talk for Friday December 22nd 2023

U.S. equity index futures were higher this morning. S&P 500 futures were up 2 points at 8:35 AM EST.

Index futures were unchanged following release of economic data at 8:30 AM EST:

November Durable Goods Orders were expected to increase 1.7% versus a decline of 5.4% in October. Actual was an increase of 5.4%.

November Core PCE Price Index was expected to increase 0.2% versus a gain of 0.2% in October. Actual was an increase of 0.1%. On a year-over-year basis, the November Core Index was expected to increase 3.4% versus a gain of 3.5% in October. Actual was an increase of 3.2%

November Personal Spending was expected to increase 0.4% versus a gain of 0.2% in October. Actual was an increase of 0.4%. November Personal Income was expected to increase 0.2% versus a gain of 0.2% in October. Actual was an increase of 0.2%

October Canadian GDP released at 8:30 AM EST was expected to increase 0.2% versus a gain of 0.1% in September. Actual was unchanged.

Nike dropped $8.10 to $114.43 after warned about a softer fiscal second half outlook. CFRA downgraded the stock from Neutral to Sell.

Foot Locker, a major distributor of Nike products dropped $1.55 to $30.75

Karuna advanced $101.12 to $316.31 after Bristol-Myers offered to purchase the company for $330 per share cash. Value of the offer is $14 billion.

Next Tech Talk report is scheduled for release

on Wednesday December 27th

Technical Notes

Base metals equity ETFs (e.g. XBM.TO and $PICK) moved higher with rising base metals prices:

VALE $VALE one of the world's largest base metals producers moved above $15.55 extending an intermediate uptrend.

Southern Copper $SCCO one of the world's largest copper producers moved above $85.38 to an all-time high extending an intermediate uptrend.

BHP Group $BHP one of the world's largest base metals producers moved above $67.58 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Dec.21st 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.21st 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Dec.21st 2023

Green: Increase from previous day

Red: Decrease from previous day

Michael Campbell's Money Talks

Michael has recorded his "2024 Outlook" show. Webcast is available tomorrow after 8:30 AM Pacific time (11:30 AM Eastern time). Don Vialoux is one of the presenters. Following is a link:

https://mikesmoneytalks.ca/category/mikes-content/complete-show/

Links offered by valued providers

Defensive Stocks Trigger Broad Selloff | Trading Places (12.21.23)

Defensive Stocks Trigger Broad Selloff | Trading Places (12.21.23) - YouTube

Sectors to Watch in 2024: Guy Adami and Dan Nathan

Sectors to Watch in 2024 - YouTube

Gold stocks trading at 50% of their value, expect 2024 to be a catchup year: Pierre Lassonde

Gold stocks trading at 50% of their value, expect 2024 to be a catchup year: Pierre Lassonde - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.60 to 89.20. It remains Overbought.

The long term Barometer added 3.60 to 75.80. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 2.40 to 72.44. It remains Overbought.

The long term Barometer added 5.38 to 60.44. It changed from Neutral to Overbought on a move above 60.00.

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