Equity Clock

Stock Market Outlook for December 9, 2020

This global equity benchmark has broken above significant resistance, suggesting the next upleg may be upon us.

 

 

 

*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.   As always, the use of technical and fundamental analysis is encouraged in order to fine tune entry and exit points to average seasonal trends.

Stocks Entering Period of Seasonal Strength Today:

Subscribers – Click on the relevant link to view the full profile. Not a subscriber? Signup here.

Hess Corp. (NYSE:HES) Seasonal Chart

Micron Technology, Inc. (NASD:MU) Seasonal Chart

Denison Mines Corp. (TSE:DML.TO) Seasonal Chart

Premium Brands Holdings Corp. (TSE:PBH.TO) Seasonal Chart

Acadian Timber Corp. (TSE:ADN.TO) Seasonal Chart

Prudential Financial, Inc. (NYSE:PRH) Seasonal Chart

iShares S&P-TSX Small Cap Index ETF (TSE:XCS.TO) Seasonal Chart

Invesco DB Agriculture Fund (NYSE:DBA) Seasonal Chart

Western Asset Emerging Markets Debt Fund Inc. (NYSE:EMD) Seasonal Chart

iShares MSCI Brazil Capped ETF (NYSE:EWZ) Seasonal Chart

iShares Global Industrials ETF (NYSE:EXI) Seasonal Chart

ETFS Physical Platinum Shares (NYSE:PPLT) Seasonal Chart

 

 

The Markets

Stocks closed Tuesday’s session higher as Pfizer started to roll out its COVID vaccine.  The S&P 500 Index added nearly three-tenths of one percent, closing above the psychologically important 3700 level and achieving a new record high.  Momentum indicators continue to grind higher, along with the benchmark, maintaining an upward tilt following the MACD buy signal that was triggered at the start of November.  While stochastics are presently overbought, the Relative Strength Index (RSI) and MACD are not there yet.  Short and intermediate-term support around 20 and 50-day moving averages hover at 3618 and 3499, respectively.  Upside target remains towards 3800, which is the calculated upside move following the breakout from the 300-point span between 3200 and 3500.

Today, in our Market Outlook to subscribers, we discuss the following:

• Small Caps
• The next decade-long rotation to derive outperformance in investment portfolios that may be starting now
• The return of the S&P/TSX 60 to February’s downside gap

Subscribe now and we’ll send this outlook to you.

Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.65.

 

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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