Pre-opening Comments for Wednesday January 24^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 29 points at 8:30 AM EST.

Bank of Canada’s monetary statement is scheduled for released at 9:45 AM EST. The Bank’s lending rate to major Canadian banks is expected to remain unchanged at 5.0%.

Netflix gained $18.90 to $510.00 after increasing subscriptions in the fourth quarter greater than consensus. The company also offered positive first quarter guidance.

Texas Instruments dropped $5.84 to $168.50 after offering first quarter guidance below consensus.

Steel Dynamics dropped $0.88 to $115.26 after reporting lower fourth quarter earnings and revenues.

Intuitive Surgical added $21.43 to $392.84 after reporting higher than consensus fourth quarter revenues and earnings.

 

Technical Notes

Colgate Palmolive $CL an S&P 100 stock moved above $81.00 to an all-time high extending an intermediate uptrend.

PACCAR $PCAR a NASDAQ 100 stock moved above $98.20 to an all-time high extending an intermediate uptrend.

Lockheed Martin $LMT an S&P 100 stock moved below $438.71 and $436.56 setting an intermediate downtrend.

Canadian Tire $CTC.A.TO a TSX 60 stock moved above Cdn$147.29 completing a double bottom pattern.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Jan.23^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 23^rd 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Jan.23^rd 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Next Canadian Association for Technical Analysis Meeting

The next Zoom presentation is offered tomorrow (Thursday) at 8:00 PM. Presenter is Mark Kelly. Everyone is welcome. Registration is recommended. Not a member of CATA?

See CATA Meeting – Jan 25 – Mark Kelly – Events – Canadian Association for Technical Analysis (clubexpress.com)

 

Links offered by Valued Providers

US Stocks Once Again Lead the World

https://www.youtube.com/watch?v=10FccrgDqiU&t=51s

 

Uncover the Best Small Cap Opportunities: Joe Rabil

Uncover the Best Small Cap Opportunities – YouTube

 

Is A Market Sell-Off Coming Soon? Guy Adami

Is A Market Sell-Off Coming Soon? – YouTube

 

Market Update: Futures Mixed, What’s Next? Tom Bowley

Market Update: Futures Mixed, What’s Next? – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.80 to 77.80. It remains Overbought

The long term Barometer slipped 0.40 to 71.40. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer added 4.00 to 68.44. It remains Overbought.

The long term Barometer added 2.67 to 61.78. It changed from Neutral to Overbought on a move above 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

More from the network: Stock Market Outlook for December 23, 2024 Stock Market Outlook for December 20, 2024 Stock Market Outlook for December 19, 2024 Stock Market Outlook for December 18, 2024 Stock Market Outlook for December 17, 2024