Pre-opening Comments for Friday January 27^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 8 points in pre-opening trade.

December Core PCE Price Index released at 8:30 AM EDT was expected to increase 0.3% versus a gain of 0.2% in November. Actual was an increase of 0.3%. On a year-over-year basis December core PCE Price Index is expected to increase 4.4% versus a gain of 4.7% in November. Actual was a gain of 4.4%.

December Personal Income released at 8:30 AM EST was expected to increase 0.2% versus a gain of 0.4% in November. Actual was an increase of 0.2% December Personal Spending was expected to decline 0.1% versus a gain of 0.1% in November. Actual was a decline of 0.2%

Visa added $3.29 to $228.00 after reporting higher than consensus fourth quarter results.

Intel dropped $1.40 to $28.69 after reporting less than consensus fourth quarter results.

KLA Tencor dropped $20.76 to $408.00 after lower fiscal third quarter revenue and earnings guidance.

Hasbro fell $4.06 to $59.72 after the company warned about fourth quarter revenues and earnings will be less than consensus due to less than expected holiday sales.

 

EquityClock’s Daily Comment

Headline reads “The change in the Balance of Payments has increased by the most since the Great Financial Crisis as the US trade deficit contracts amidst the downfall of consumer demand”.

http://www.equityclock.com/2023/01/26/stock-market-outlook-for-january-27-2023/

 

Technical Notes

TSX Composite Index $TSX moved above $20,639.48 completing a reversal pattern.

Equal weight S&P 500 ETF $RSP moved above $149.59 extending an intermediate uptrend.

S&P Midcap 400 moved above $473.40 extending an intermediate uptrend.

Steel ETF $SLX moved above $67.02 to a 14 year high extending an intermediate uptrend.

Ansys $ANSS a NASDAQ 100 stock moved above $263.19 extending an intermediate uptrend.

Seagen $SGEN a NASDAQ 100 stock moved above $139.17 completing a reverse Head & Shoulders pattern.

IBM $IBM a Dow Jones Industrial Average stock moved below $137.20 following release of quarterly results setting an intermediate downtrend.

Exxon Mobil $XOM a Dow Jones Industrial Average stock moved above $114.64 to an all-time high extending an intermediate uptrend.

Sherwin Williams $SHW moved below $226.50 following lower than consensus quarterly results extending an intermediate downtrend.

Canadian Pacific $CP.TO a TSX 60 stock moved below $100.37 following release of quarterly results completed a double top pattern.

Cdn. Finanicals iShares $XFN.TO moved above $47.09 completing a reversal pattern.

Bank of Montreal $BMO.TO a TSX 60 stock moved above $134.69 completing a reversal pattern.

Timber & Forest Products iShares $WOOD moved above $77.87 extending an intermediate uptrend.

Canadian lumber stocks were exceptionally strong on anticipation of a recovery in demand. Also the sector was recommended by CIBC’s analyst. Canfor jumped 8.95%, Interfor gained 10.37% and West Fraser Timber advanced.8.0%.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for January 26^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for January 26^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for January 26^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Wall Street Manipulation Remains Bullish | Tom Bowley

Wall Street Manipulation Remains Bullish | Tom Bowley | Trading Places (01.26.23) – YouTube

 

S&P Fighting 200-Day Trend | Greg Schnell, CMT

S&P Fighting 200-Day Trend | Greg Schnell, CMT | Your Daily Five (01.26.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.80 to 72.80. It remains Overbought.

The long term Barometer added 2.00 to 67.20. It remains Overbought. Daily trend remains up.

 

TSX Momentum Barometers

The intermediate term Barometer added 2.12 to 78.39. It remains Overbought.

The long term Barometer added 1.69 to 72.03. It remains Overbought. Daily trend remains up.

 

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

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