Pre-opening Comments for Friday January 3^rd

U.S. equity index futures were higher this morning. S&P 500 futures were up 20 points at 8:30 AM EST.

United States Steel dropped $2.60 to $30.00 following reports that President Biden is set to block its takeover by Nippon Steel.

Chewy added $0.88 to $34.75 after Wolfe Research upgraded the stock from Peer Perform to Outperform.

Nvidia gained $0.55 to $138.87 prior to an update comment by CEO Huang at CES on Monday.

Block advanced $2.15 to $88.90 after Raymond James upgraded the stock from Market Perform to Outperform.

EquityClock’s Stock Market Outlook for January 3^rd 2025

While stocks are having difficulty mitigating the dollar headwind, Gold is not, a normal phenomenon for the first couple of months of the year. See:

https://equityclock.com/2025/01/02/stock-market-outlook-for-january-3-2025/

Technical Notes

S&P 500 Index $SPX moved below $5,853.01 and 5,832.30 completing a short term Head & Shoulders pattern. S&P 500 SPDRs $SPYmoved below $580.91 and $581.90 completing a short term Head & Shoulders pattern.

U.S. Crude Oil ETN $USO moved above $75.56 resuming an intermediate uptrend. WTI Crude Oil moved above $72.88 resuming an intermediate uptrend.

Corn ETN $CORN moved above $18.85 completing a long term reverse Head & Shoulders pattern

Target $TGT an S&P 100 stock moved above $138.11 resuming an intermediate uptrend.

Dollar Tree $DLTR a NASDAQ 100 stock moved above $76.76 and $76.98 completing a Reverse Head & Shoulders pattern.

CDW $CDW a NASDAQ 100 stock moved below $172.35 extending an intermediate downtrend.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for January 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 January 2^nd 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for January 2^nd 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Does December’s Weakness Signal a Bear Market Ahead? Tom Bowley

Does December’s Weakness Signal a Bear Market Ahead? – YouTube

Setup for equities this year is a little harder than ’24, says Hightower’s Stephanie Link

Setup for equities this year is a little harder than ’24, says Hightower’s Stephanie Link – YouTube

3 More Months Until it Begins…

https://www.youtube.com/watch?v=jy53X-r59JM

Is This ADX Pattern a Warning Sign for Investors? Joe Rabil

Is This ADX Pattern a Warning Sign for Investors? – YouTube

Top stock picks and market outlook for 2025: CIBC market technician, Sid Mokhtari

Top stock picks and market outlook for 2025 – YouTube

Wall Street predicts slower S&P 500 growth in 2025. Here’s why.

Wall Street predicts slower S&P 500 growth in 2025. Here’s why. – YouTube

Navigating a volatile start to 2025

Navigating a volatile start to 2025 – YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 2.20 to a 14 month low at 18.80. It remains Oversold. Daily trend is down.

The long term Barometer dropped 1.00 to 55.00. It remains Neutral.

P.S. Short term (20 day) Barometer added 0.60 to 10.80.

TSX Momentum Barometers

The intermediate term Barometer advanced 8.52 to 42.60. It changed from Oversold to Neutral on a move above 40.00. Daily trend has turned up.

The long term Barometer advanced 4.04 to 64.13. It remains Overbought.

P.S. Short term (20 day) Barometer jumped 9.87 to 39.01.

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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