Pre-opening Comments for Thursday January 23rd
U.S. equity index futures were lower this morning. S&P 500 futures were down 8 points at 8:35 AM EST.
The Canadian Dollar was unchanged at US69.42 cents following release of Canada’s November Retail Sales report at 8:30 AM EST. Consensus was a 0.2% gain versus unchanged in October. Actual was unchanged.
Alcoa added $0.87 to $38.88 after reporting higher than consensus fourth quarter results.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/01/clip_image0011.png "clip_image001[1]")
Kinder Morgan slipped $0.15 after reporting less than consensus fourth quarter revenues.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/01/clip_image0021-1.png "clip_image002[1]")
M&T Bank advanced $1.41 to $197.81 after announcing a $4 billion share buyback program.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/01/clip_image0031.png "clip_image003[1]")
Discover Financial Services gained $2.25 to $199.80 after reporting higher than consensus fourth quarter earnings.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/01/clip_image0041.png "clip_image004[1]")
EquityClock’s Stock Market Outlook for January 23rd
The devastating storms that hit the southern states this fall is resulting in a building boom in the region. We examine various stocks/segments of the market that are benefiting at this seasonally strong time of year. See:
https://equityclock.com/2025/01/22/stock-market-outlook-for-january-23-2025/
Technical Notes
S&P 500 Index $SPX moved above 6,099.97 and S&P 500 SPDRs moved above $607.03 to all-time highs extending intermediate uptrends.
Technology SPDRs $XLK moved above $241.57 to an all-time high extending an intermediate uptrend.
Germany iShares $EWG moved above $34.12 to an all-time high extending an intermediate uptrend.
Netflix $NFLX an S&P 100 stock moved above $941.75 to an all-time high extending an intermediate uptrend.
Capital One $COF an S&P 100 stock moved above $197.66 to an all-time high extending an intermediate uptrend.
MMM $MMM a Dow Jones Industrial Average stock moved above $149.26 to a six year high extending an intermediate uptrend.
Agnico-Eagle Mines $AEM a TSX 60 stock moved above US$88.57 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for January 22nd 2025
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 22nd 2025
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for January 22nd 2025
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Trump Enthusiasm Pushes Stocks to Record Highs: Guy Adami, Dan Nathan, Liz Young
Trump Enthusiasm Pushes Stocks to Record Highs – YouTube
Sam Stovall on Why Year 3 of a Bull Market Could Be a Challenging One (Ep. 20)
Sam Stovall on Why Year 3 of a Bull Market Could Be a Challenging One (Ep. 20) – YouTube
Portfolio strategies for market uncertainties: Andrew Pyle
Portfolio strategies for market uncertainties – YouTube
U.S. Dollar & Big Tech Outlook Under Trump 2.0: Schabb Network
U.S. Dollar & Big Tech Outlook Under Trump 2.0 – YouTube
Discover the BEST Way to Spot TREND CHANGES: Joe Rabil
Discover the BEST Way to Spot TREND CHANGES – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 3.80 to 49.40. It remains Neutral.
The long term Barometer dropped 0.80 to 62.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer slipped 0.45 to 47.75. It remains Neutral.
The long term Barometer added 2.25 to 66.67. It remains Overbought.
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 23rd, 2025 at 9:18 am
I went back to Paula’s comment from Friday that we may surpass the old high “And Then What”? I’m feeling like this is the late 90s and we are playing a game of chicken as prices spiral higher beyond normal valuations. I can’t afford to take risk but others may wish to do so. You have the AI revolution driving optimism. Trump can be a double edged sword but he promises deregulation and lower taxes for businesses.
January 23rd, 2025 at 11:56 am
Morning Larry
Agree it feels like we are in a ticking time bomb, when we are waiting for things to blow up. The 10yr US treasury starting to climb again (back to 4.65%) towards 5% and the threat of tariffs is a good cocktail short term for markets to pull back. Today looks like another day where the S&P is again trying to go through the ceiling and will fail. Not sure how many times the fail needs to happen before we reverse, but if memory serves usually you need 3 days above a ceiling to prove a breakout. Below the surface the market is super overbought. EA Sports may provide a clue as it is getting killed on a negative update. Given the limited quarterly’s this week, action in either direction looks to be delayed into next week or the week after.