Pre-opening Comments for Thursday February 9^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 27 points in pre-opening trade.

Walt Disney gained $6.03 to $117.81 after reporting higher than consensus fiscal first quarter revenues and earnings. The company also announced a planned reduction in employees.

MGM International added $2.25 to $43.68 after reporting higher than consensus fourth quarter results.

Affirm dropped $3.15 to $12.87 after reporting less than consensus fiscal second quarter results. The company also announced plans to reduce its workforce by 19%.

Mattel dropped $2.50 to $18.00 after reporting lower than consensus fourth quarter revenues and earnings.

 

EquityClock’s Daily Comment

Headline reads “Wholesale inventories just showed the first monthly decline since the summer of 2020, a minor point of encouragement that businesses are starting to get a grip on the inventory problem that has flared over the past year amidst waning consumer demand”.

http://www.equityclock.com/2023/02/08/stock-market-outlook-for-february-9-2023/

 

Technical Notes

Fox $FOX and $FOXA S&P 100 stocks moved above $33.73 and $36.49 respectively extending an intermediate uptrend

Wells Fargo $WFC an S&P 100 stock moved above $48.05 extending an intermediate uptrend

Emerson $EMR an S&P 100 stock moved below $86.62 extending an intermediate downtrend.

Fortis $FTS.TO a TSX 60 stock moved below $53.90 completing a double top pattern.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Feb.7^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for Feb.8^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Feb.8^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Mark Bunting and www.uncommonsenseinvestor.com

Newmont’s $17 Billion Newcrest Deal Could Signal Multi-Year Bull Run for Gold. Here’s Why. – Uncommon Sense Investor

 

Catch Your Next Big Profit Trend | Greg Schnell, CMT | Market Buzz (02.08.23)

Catch Your Next Big Profit Trend | Greg Schnell, CMT | Market Buzz (02.08.23) – YouTube

 

Analyzing The Oil Service Group | Bruce Fraser | Your Daily Five (02.08.23)

Analyzing The Oil Service Group | Bruce Fraser | Your Daily Five (02.08.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 4.00 to 67.60. It remains Overbought.

The long term Barometer dropped 2.20 to 70.60. It remains Overbought. Daily trend has turned down.

 

TSX Momentum Barometers

The intermediate term Barometer was unchanged at 66.10. It remains Overbought.

The long term Barometer added 0.85 to 69.49. 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

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