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Morning Brief
December 27, 2024
 
   
 
Pre-Market Session
US Snapshot
Canadian Snapshot
Market Outlook
Market Technicals
 
 
  Pre-Market Session  
 
 
Last Price Technical Views Target Pivot
 
S&P 500 (CME) 6,073.50
Bullish Read the analysis
6,108.00
6,047.00
 
 
S&P/TSX 60 (TMX) 1,489.10
Bullish Read the analysis
1,497.00
1,481.00
 
 
Dow Jones (CME) 43,586.00
Bullish Read the analysis
43,746.00
43,430.00
 
 
Nasdaq 100 (CME) 21,914.75
Bullish Read the analysis
22,240.00
21,800.00
 
 
Russell 2000 (CME) 2,289.10
Bullish Read the analysis
2,305.00
2,265.00
 
 
Crude Oil (WTI) 70.12
Bullish Read the analysis
70.75
69.70
 
 
Gold 2,625.39
Bullish Read the analysis
2,642.00
2,621.00
 
 
Copper (CME) 4.129
Bearish Read the analysis
4.0765
4.159
 
 
     
  Before the Bell  
 
 
U.S. markets futures are slightly lower. On Thursday (December 26), U.S. stocks were little changed at close after gaining ground in the prior session (December 24). The Dow Jones Industrial Average edged up 28 points (+0.07%) to 43,325, posting a 5-session rebound.

The S&P 500 dipped 2 points (-0.04%) to 6,037, and the Nasdaq 100 was down 29 points (-0.13%) to 21,768.

On the economic front, in the U.S., wholesale inventories are expected to increase 0.1% in November after a 0.2% rise in October.

European indices are trading higher.

Asian indices were mixed. On the economic front, In Japan, jobless rate was flat at 2.5% in November (as expected), retail sales grew 1.8% month on month (vs +0.3% expected, +0.1% in October), while industrial production declined 2.3% month on month (vs -0.5% expected, +2.8% in October).

Tokyo's core inflation accelerated to 2.4% year on year in December (vs 2.3% expected, 2.2% in November).

WTI Crude oil prices are rebounding, trading above 70.00 dollars.

Bitcoin failed to regain the key level of 100,000 dollars.
 
 
  US Snapshot  
 
 
UnitedHealth Group (UNH), a private health insurance provider, and Amedisys (AMED) extended the deadline to complete their merger.
 
 
  Earnings Expected  
 
 
No major earnings expected
 
 
  Economic Calendar   US  
 
Time (UTC-5) Event Forecast Importance
 
08:30
Retail Inventories Ex Autos MoM Adv (Nov)
0%
Medium
 
 
08:30
Goods Trade Balance Adv (Nov)
-94B
Medium
 
 
08:30
Wholesale Inventories MoM Adv (Nov)
0.1%
Medium
 
 
10:30
EIA Natural Gas Stocks Change (Dec/20)
Low
 
 
11:00
EIA Crude Oil Stocks Change (Dec/20)
-2M
Medium
 
 
11:00
EIA Gasoline Stocks Change (Dec/20)
-1M
Medium
 
 
11:00
EIA Refinery Crude Runs Change (Dec/20)
Low
 
 
11:00
EIA Distillate Fuel Production Change (Dec/20)
Low
 
 
11:00
EIA Distillate Stocks Change (Dec/20)
-700k
Low
 
 
11:00
EIA Cushing Crude Oil Stocks Change (Dec/20)
Low
 
 
11:00
EIA Crude Oil Imports Change (Dec/20)
Low
 
 
11:00
EIA Heating Oil Stocks Change (Dec/20)
Low
 
 
11:00
EIA Gasoline Production Change (Dec/20)
Low
 
 
13:00
Baker Hughes Oil Rig Count (Dec/27)
Low
 
 
13:00
Baker Hughes Total Rigs Count (Dec/27)
Low
 
 
     
  Canadian Snapshot  
 
 
No major corporate news.
 
 
  Earnings Expected  
 
 
No major earnings expected
 
 
  Economic Calendar   CA  
 
 
There are no economic events today.
 
     
  Market Outlook  
 
 
S&P 500 (CME)‎ (H5)‎ Intraday: intraday support around 6047.00.
 
Pivot:
6047.00
 
Our preference:
Long positions above 6047.00 with targets at 6108.00 & 6178.00 in extension.
 
Alternative scenario:
Below 6047.00 look for further downside with 6006.00 & 5976.00 as targets.
 
Comment:
The RSI lacks momentum.
 
Analyst Views Chart
 
 
 
 
 
S&P/TSX 60 (TMX)‎ (H5)‎ Intraday: bullish bias above 1481.00.
 
Pivot:
1481.00
 
Our preference:
Long positions above 1481.00 with targets at 1497.00 & 1508.00 in extension.
 
Alternative scenario:
Below 1481.00 look for further downside with 1471.00 & 1454.00 as targets.
 
Comment:
The RSI is mixed with a bullish bias.
 
Analyst Views Chart
 
 
  Market Technicals  
 
  Technical Events (US)  
 
 
Uber Technologies Inc
61.56 USD
 
 
 
 
 
bullish 2
bearish 4
bearish 2
rating
 
 
 
 
Trading closed at 61.56 to confirm a Short-Term MACD pattern.
The MACD (Moving Average Convergence Divergence) plots the difference between a shorter-term (12-bar) and a longer-term (26-bar) exponential moving average (EMA). Bullish and bearish events are generated respectively as the MACD fluctuates above and below zero to indicate whether prices in the shorter term are stronger or weaker than the longer term average. More Details
 
 
 
 
 
 
 
Tesla Inc
454.13 USD
 
 
 
 
 
bearish 4
neutral 0
bullish 2
rating
 
 
 
 
Trading closed at 454.13 to confirm a Short-Term Short-term KST pattern.
The KST, "Know Sure Thing", is an oscillator that combines multiple time frames into a single measure of momentum for a financial instrument. It can be interpreted in the same way as other smoothed oscillators but most commonly indicates bullish and bearish momentum signals as it crosses above and below its moving average respectively. More Details
 
 
  Technical Events (CA)  
 
 
There are no technical events today.
 
 
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