Pre-opening Comments for Thursday January 2nd
U.S. equity index futures were higher this morning. S&P 500 futures were up 41.75 points to 5,977.50 at 8:30 AM EST.
WTI Crude oil advanced $0.91 to $72.63 after a polar vortex expanded southward to southern U.S. states.
SoFi Technologies dropped $0.20 to $15.20 after Keefe Bruyette downgraded the stock from Market Perform to Underperform.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/01/clip_image0021.png "clip_image002[1]")
Neumora Therapeutics dropped $8.33 to $2.49 after its proposed depression treatment missed its endpoint.
EquityClock’s Stock Market Outlook for January 2nd
The S&P 500 Index has averaged a return of 1.2% in January. However, the frequency of gains is rather muted at 58%. See:
https://equityclock.com/2024/12/31/stock-market-outlook-for-january-2-2025/
Technical Notes
Nil
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for December 31st 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 December 31st 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for December 31st 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Josef Schachter: Oil Prices to Rise in 2025, Stocks Now at Bargain Levels
https://www.youtube.com/watch?v=F-0sveLp0KM
What it Means for Lumber Prices, Lumber Quality, and Lumber Supply in the Future!
https://www.youtube.com/watch?v=U6r68WV477Y
Why this portfolio manager has a cautious call on the TSX: Barry Schwartz
https://www.youtube.com/watch?v=z4vvuAb-LjE
Chart of the Day: TSX Energy iShares (XEG.TO)
Technical score increased from -2 to +2 when strength relative to the S&P 500 changed from Neutral to Positive and price moved above its 20 day moving average. Seasonal influences are Positive. Responding to weather forecasts for extreme cold in North America starting next week!
S&P Momentum Barometers
The intermediate term Barometer added 0.80 to 21.00. It remains Oversold and showing early signs of bottoming.
The long term Barometer was unchanged at 56.00. It remains Neutral.
P.S. Short term (20 day) Barometer recovered from 7.80 on Friday to 10.20 on Tuesday.
TSX Momentum Barometers
The intermediate term Barometer added 4.48 to 34.08. It remains Oversold. Daily trend has turned up.
The long term Barometer added 1.35 to 60.09. It changed from Neutral to Overbought on a return above 60.00. Daily trend has turned up.
P.S. Short term (20 day) Barometer bounced from 8.68 last Friday to 29.15 on Tuesday
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 2nd, 2025 at 12:52 pm
It started positive and then all of a sudden someone pulled the rug out of this market by 12:30.
QQQ took out the December low. If SPX takes out the Dec low of 5832 we may be looking at more selling.
January 2nd, 2025 at 4:07 pm
Larry,
SPX did take out the Dec low and printed 5829.53 but had a bounce off that level. Maybe a double bottom, for now.
January 2nd, 2025 at 8:49 pm
Paula nice to see you post. There aren’t enough posts and it’s nice to see other’s opinions. If you live in the GTA you will see on local television commercials for a pawn shop where the owner calls himself the “Cashman”. That’s me now so I am a little biased on this market weakness. Normally I am the perma bull.