Pre-opening Comments for Thursday January 11th
U.S equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:35 AM EST.
Index futures dropped 9 points following release of the December Consumer Price report at 8:30 AM EST. Consensus was an increase of 0.2% versus a gain of 0.1% in November. Actual was an increase of 0.3%. On a year-over-year basis, consensus was an increase of 3.2% versus an increase of 3.1% in November. Actual was an increase of 3.4%. Excluding food and energy, consensus for December CPI was an increase of 0.3% versus a gain of 0.3% in November. Actual was an increase of 0.3%. On a year-over-year basis consensus was an increase of 3.8% versus a gain of 4.0% in November. Actual was 3.9%.
The SEC has approved the listing of Bitcoin Exchange Traded Funds to be offered by 11 applicants. Bitcoin gained $1,225 to $47,162. Coinbase advanced $7.72 to $159.00.
![clip_image001[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0015-2.png "clip_image001[5]")
KB Homes dropped $2.05 to $61.05 after reporting less than consensus fourth quarter revenues.
![clip_image002[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0025-3.png "clip_image002[5]")
Citigroup dropped $0.80 to $52.22 after confirming that it will take a $1.3 billion charge related to its Argentina and Russian assets.
![clip_image003[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0035-2.png "clip_image003[5]")
Technical Notes
Uranium ETF $URA moved above $28.55 to an all-time high extending an intermediate uptrend.
AbbVie $ABBV a NASDAQ 100 stock moved above $164.43 to an all-time high extending an intermediate uptrend.
Intuitive Surgical $ISRG a NASDAQ 100 stock moved above $358.07 extending an intermediate uptrend. Responded to higher than consensus quarterly results.
Home Depot $HD a Dow Jones Industrial Average stock moved above $354.92 extending an intermediate uptrend.
Oil Services ETF $OIH moved below $285.86 extending an intermediate downtrend.
Schlumberger $SLB an S&P 100 stock moved below $48.08 extending an intermediate downtrend.
Couche Tard $ATD.TO a TSX 60 stock moved above Cdn$80.10 to an all-time high extending an intermediate uptrend.
Nutrien $NTR.TO a TSX 60 stock moved below Cdn$70.24 extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Jan.10th 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 10th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Jan.10th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by a Valued Provider
What to Do When Bullish Signals Hit a Roadblock! Erin Swenlin
What to Do When When Bullish Signals Hit a Roadblock! – YouTube
Don’t Miss Out! 2 Promising Sectors in Early 2024: David Keller
Don’t Miss Out! 2 Promising Sectors in Early 2024 – YouTube
Top Picks For 2024 with Dan Niles | Okay, Computer. Podcast
Top Picks For 2024 with Dan Niles | Okay, Computer. Podcast – YouTube
The Canadian dollar looks fundamentally overvalued: FX Strategist
The Canadian dollar looks fundamentally overvalued: FX Strategist – YouTube
The Key to Tackling Market Uncertainty: Pete Carmasino
https://www.youtube.com/watch?v=tvKNxJQh-As
S&P 500 Momentum Barometers
The intermediate term Barometer slipped 1.00 to 85.80. It remains Overbought. Daily data points have turned down.
The long term Barometer was unchanged at 77.20. It remains Overbought. Daily data points have rolled over.
TSX Momentum Barometers
The intermediate term Barometer added 3.11 to 73.33. It remains Overbought.
The long term Barometer was unchanged at 59.56. It remains Neutral.
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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January 11th, 2024 at 12:48 pm
The $SPX continues to spin it’s wheels at 4800 with a loss of momentum. Price must clear “and hold” above 4800 to suggest higher prices.
https://stockcharts.com/h-sc/ui?s=%24SPX&p=W&yr=20&mn=0&dy=0&id=p79307810961&a=673066405
January 11th, 2024 at 10:19 pm
Ron/BC,
Thanks for the Chart.Momentum Barometer charts above at overbought and also Fear and Greed index at almost extreme greed also means only few left to buy and maybe time for a Kick in the A$$ of fomo people might reset the path to higher high.Let’s see
https://www.cnn.com/markets/fear-and-greed
Ps. Good to talk to you after long time.
January 12th, 2024 at 7:32 am
JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), and Citigroup (C) reports earnings tomorrow.