Pre-opening Comments for Friday January 20th
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.
The Canadian Dollar was unchanged at US74.22 cents following released of Canada’s December Retail Sales at 8:30 AM EST. Consensus was a drop of 0.5% versus a gain of 1.4% in November. Actual was a drop of 0.1%.
Netflix added $19.60 to $335.33 after subscriber additions beat consensus.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/01/clip_image0011-12.png "clip_image001[1]")
Costco gained $5.94 to $475.43 after the company reauthorized a $4 billion share buyback program
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/01/clip_image0021-10.png "clip_image002[1]")
Nordstrom dropped $1.07 to $16.38 after the company warned that holiday sales were softer than expected.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/01/clip_image0031-12.png "clip_image003[1]")
Alphabet gained $3.45 to $96.50 after announcing layoffs for 12,000 employees
EquityClock’s Daily Comment
Headline reads “Gasoline product supplied is showing the largest jump on record to start the year, emphasizing the sound fundamental backdrop that is supportive of prices in the energy sector”.
http://www.equityclock.com/2023/01/19/stock-market-outlook-for-january-20-2023/
Technical Notes
Utilities SPDRs $XLU moved below $69.03 completing a double top pattern.
O’Reilly Automotive $ORLY, a NASDAQ 100 stock moved below $800.38 completing a double top pattern.
Xcel Energy $XEL a NASDAQ 100 stock moved below intermediate support at $68.29.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for January 19th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for January 19th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for January 19th 2023
Green: Increase from previous day
Red: Decrease from previous day
Don Vialoux on “Wolf on Bay Street”
Don was interviewed as part of the radio program (Corus 640) released this Saturday at 7:00 PM EST. Focus is on the outlook for 2023.
Links offered by valued providers
Sprott special report: 2023 uranium outlook
2023 Uranium Outlook: Is Nuclear Power Out of the Penalty Box? (sprott.com)
S&P 500 Momentum Barometers
The intermediate term Barometer dropped another 11.00 to 49.00. It changed from Overbought to Neutral on a move below 60.00. Short term trend is down.
The long term Barometer dropped 3.00 to 56.80. It remains Neutral. Short term trend is down.
TSX Momentum Barometers
The intermediate term Barometer dropped 3.39 to 71.19. It remains Overbought.
The long term Barometer added 0.42 to 67.37. It remains Overbought.
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
|
|
January 20th, 2023 at 9:56 am
still_learning,
I have been looking at these charts
https://stockcharts.com/h-sc/ui?s=IMO.TO&p=D&yr=0&mn=4&dy=0&id=p41551973243
https://stockcharts.com/freecharts/candleglance.html?IMO.TO,XOM,HES,VLO,HOU.TO,CNQ.TO,PD.TO,VIST,BNE.TO,SU.TO,BPT,VLO|B|null
Looks like USO, HOU-T, are sitting at trendline resistance this week.
https://stockcharts.com/freecharts/candleglance.html?IMO.TO,USO,HOU.TO,OVV.TO,CVE.TO,SU.TO,VET.TO,PEY.TO,WCP.TO,BTE.TO,WCP.TO,TOU.TO|B|null
January 20th, 2023 at 10:33 am
Rol Lew,
That’s the way I have it also, IMO is at resistance.
January 20th, 2023 at 11:55 am
Most oil and gas companies look to have bottomed near term and are starting to build on the bases. Quarterly results start to come out later this month in the US (Chevron, Exxon, Imperial) which should hint at what is in store for Canada. Expect good results (not as great as Q3, but starting to turn upwards again) and strong fundamentals under the industry. Looking at a target to exceed Q3 share prices, but this market is fickle. CVE is the leader in cash return to shareholders (100% starting around now), so how this stock performs may be a preview to the rest of the industry later in 2023/2024. CVE has gone sideways since June 2022 building a major base. Shorter term, has been hitting higher lows and building an ascending triangle. Any estimates where happens once we break out?
January 21st, 2023 at 12:34 am
Bman/Van
CVE (NYSE} has been trading in a tight range for a few weeks now and looks like it will breakout to the upside. Would not want to see price break $!8 meanwhile. With a tight range breakout price suggests a fast move up to 22 after a brief battle with 20.50/. (Not an easy chart to read) That’s what I see fwiw……..
https://stockcharts.com/h-sc/ui?s=CVE&p=D&yr=2&mn=0&dy=0&id=p54247589569&a=1334553348
https://stockcharts.com/freecharts/seasonality.php?symbol=CVE
January 21st, 2023 at 1:21 am
Ron. Thanks for the response and graph. Fingers crossed the breakout is only the beginning of a new trend for 2023 upwards and to the right.
January 21st, 2023 at 8:37 pm
The $SPX continues to trade in a downtrend over the last year inspite of various rallies. She’s still a very sick puppy…………………
https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=4&mn=0&dy=0&id=p97703896001&a=939923011
January 22nd, 2023 at 4:34 pm
Here is a link to the current Ciovacco video:
https://www.ccmmarketmodel.com/short-takes/earnings-to-take-stocks-down
What I took away from this week’s presentation was the outperformance of global stocks vs the US.
I like looking at a weekly chart to get a more long term perspective for a possible longer term hold.
https://schrts.co/QKZPsqGN