Pre-opening Comments for Thursday January 4^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points at 8:30 AM EST

Cal-Maine Foods dropped $3.66 to 51.29 after reporting lower second quarter results

AbbVie dropped $2.31 to $158.31 after CVS Health announced that it will substitute AbbVie’s drug, Humira with comparable drugs.

Apple slipped $1.31 to $182.94 after Piper Sandler lowered its target price from $220 to $205.

Yum Brands dropped $0.78 to $128.32 after Stifel downgraded the stock from Buy to Hold.

 

Technical Notes

U.S. Insurance iShares $IAK moved above $101.12 to an all-time high extending an intermediate uptrend.

Allstate $ALL an S&P 100 stock moved above $144.99 to an all-time high extending an intermediate uptrend.

Pharma ETF $PPH moved above $82.68 to an all-time high extending an intermediate uptrend.

Incyte $INCY a NASDAQ 100 stock moved above $66.43 extending an intermediate uptrend.

Copart $CPRT a NASDAQ 100 stock moved below $47.08 completing a double top pattern.

Cadence Design Systems $CNDS a NASDAQ 100 stock moved below $256.95 completing a double top pattern.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Jan.3^rd 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 3^rd 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Jan.3^rd 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Link offered by a valued provider

Stocks & Bonds Fall in Tandem!

Stocks & Bonds Fall in Tandem! – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer was unchanged at 91.60. It remains Overbought.

The long term Barometer dropped 2.40 to 78.00. It remains Overbought and showing early signs of a peak.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 6.67 to 66.67. It remains Overbought. Daily data has rolled over.

The long term Barometer dropped 1.33 to 57.33. It remains Neutral. Daily data has rolled over.

 

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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