Pre-opening Comments for Wednesday January 3^rd

U.S. equity index futures were lower this morning. S&P 500 futures were down 17 points at 8:30 AM EST.

Exxon Mobil slipped $0.48 to $101.88 after Mizuho downgraded the stock from Buy to Neutral.

Occidental Petroleum dropped $0.35 to $59.70 after Mizuho downgraded the stock from Buy to Neutral.

Prudential Financial dropped $0.81 to $103.76 after JP Morgan downgraded the stock from Overweight to Neutral.

Verizon added $0.47 to $39.35 after KeyBanc Capital upgraded the stock from Sector Weight to Overweight.

 

Technical Notes

Healthcare Providers iShares $IHF moved above $264.53 extending an intermediate uptrend.

Biotech ETF $BBH moved above $168.92 resuming an intermediate uptrend.

Merck $MRK a Dow Jones Industrial Average stock moved above $110.46 extending an intermediate uptrend.

Johnson & Johnson $JNJ a Dow Jones Industrial Average stock moved above 160.02 extending an intermediate uptrend.

T Mobil $TMUS moved above $161.19 to an all-time high extending an intermediate uptrend.

Soybeans ETN moved below $26.59 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Jan.2^nd 2024

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

 

Commodities

Daily Seasonal/Technical Commodities Trends for Jan 2^nd 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Jan.2^nd 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Technical Notes

Technology Shares PLUNGE to Kick Off 2024 | The Final Bar (01.02.24)

Technology Shares PLUNGE to Kick Off 2024 | The Final Bar (01.02.24) – YouTube

 

2023 Market Retrospective & 2024 Predictions | Trading Places (01.02.24)

2023 Market Retrospective & 2024 Predictions | Trading Places (01.02.24) – YouTube

 

There may be a ‘catch up’ trade for gold in 2024, says Worth Charting’s Carter Worth

There may be a ‘catch up’ trade for gold in 2024, says Worth Charting’s Carter Worth – YouTube

 

Seasonality Chart of the Day

Carter Worth in the video above recommends GDX as a ‘catch up” trade ito gold. Seasonal influences support the trade.

www.EquityClock.com Comment

 

Analysis of the VanEck Vectors Gold Miners ETF (NYSE:GDX) seasonal charts above shows that a Buy Date of December 15 and a Sell Date of April 9 has resulted in a geometric average return of 5.49% above the benchmark rate of the S&P 500 Total Return Index over the past 16 years. This seasonal timeframe has shown positive results compared to the benchmark in 11 of those periods.

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.60 to 91.60. It remains Overbought. Daily trend remains up.

The long term Barometer added 2.00 to 80.40. It remains Overbought. Daily trend remains up.

 

TSX Momentum Barometers

The intermediate term Barometer slipped 1.38 to 73.33. It remains Overbought.

The long term Barometer dropped 1.78 to 58.67. It changed from Overbought to Neutral on a move below 60.00.

 

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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