Pre-opening Comments for Tuesday January 20th
U.S. equity index futures moved sharply lower this morning. S&P 500 futures were down 99 points at 8:30 AM EST. Index futures responded to President Trump’s vow to buy or takeover Greenland.
Gold advanced $137.60 to $4733.00 per ounce in response to President Trump’s comments.
MMM dropped $8.20 to $159.60 despite reporting higher than consensus fourth quarter results.
EquityClock’s Market Outlook for January 20th
Tailoring portfolios towards the strength in the industrial economy. We’ll tell you what to focus on. See: https://equityclock.com/2026/01/17/stock-market-outlook-for-january-20-2026/
Technical Scoop from David Chapman and www.EnrichedInvesting.com
https://enrichedinvesting.com/library/
The Bottom Line
Focuses this week are on fourth quarter reports released by Netflix and MMM on Tuesday, Johnson & Johnson on Wednesday and Visa on Thursday.
Earnings and Revenues Consensus for S&P 500 companies
Source: www.factset.com
Analyst earnings and revenue estimates recorded small changes last week: 7% of companies have reported quarterly results to date. Another 35 companies (including four Dow Jones Industrial Average companies) are scheduled to report this week.
- Consensus for fourth quarter 2025 earnings gains slipped to 8.2% from 8.3%. Consensus for revenue growth increased to 7.8% from7.7%. For all of 2025, consensus for earnings gains was unchanged at 12.4%. Consensus for revenue gains increase to 7.2% from7.0%.
- Consensus for first quarter 2026 calls for a 12.2% earnings increase, down from a 12.6% increase last week. Revenue gains remained at 8.3%.
- Consensus for second quarter 2026 earnings gains remained at 14.6%. Consensus for revenue gains increased to 7.5% from 7.4%.
- Consensus for third quarter 2026 earnings calls for a 14.8% gain, down from 14.9% last week. Consensus for revenue gains increased to 6.7% from 6.6%
- Consensus for fourth quarter 2026 earnings calls for an 18.4% gain, up from18.3% last week. Revenue gains slipped to 7.3%, down from 7.4% last week.
- For all of 2026, consensus for earnings gains remained at 14.9%. Consensus for revenue gains remained at 7.3%.
Economic News This Week
October U.S. Construction Spending released at 10:00 AM EST on Wednesday is expected to increase 0.1% versus a 0.2% gain in September.
First Revision for Third Quarter U.S. GDP released at 8:30 AM EST on Thursday is expected to be unchanged at 4.3% annual rate.
November U.S. Personal Spending released at 8:30 AM EST on Thursday is expected to increase 0.4% versus a 0.4% increase in October. November U.S. Personal Income is expected to increase 0.5% versus a 0.4% increase in October.
November Core PCE Index released at 8:30 AM EST on Thursday is expected to increase 0.2% versus a 0.2% increase in October.
January Michigan Consumer Sentiment released at 10:00 AM EST on Friday is expected to remain unchanged from December at 54.0
Selected Earnings News This Week
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for January 16th 2026
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 16th 2026
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for January 16th 2025
Green: Increase from previous day
Red: Decrease from previous day
Changes last week
Links offered by valued providers
Mike’s Money Talks for January 17th
https://mikesmoneytalks.ca/category/mikes-content/complete-show/
Energy Markets at an Inflection Point: Oil Supply Tightens, Gas Opportunities Emerge
NinePoint Partners
Energy Markets at an Inflection Point: Oil Supply Tightens, Gas Opportunities Emerge – YouTube
Ark Invest CEO Cathie Wood on 2026 outlook: Expect strong deflationary pressures
Ark Invest CEO Cathie Wood on 2026 outlook: Expect strong deflationary pressures – YouTube
Yields Signal Bond Market Trouble, Stocks Nearing Major Break, Institutions Keep Selling
Yields Signal Bond Market Trouble, Stocks Nearing Major Break, Institutions Keep Selling – YouTube
Technology’s Sideways Market Is Hiding a Big Shift: Mary Ellen McGonagle
Technology’s Sideways Market Is Hiding a Big Shift (stockcharts.com)
Market Leadership Is Narrowing — What’s Still Working? Mary Ellen McGonagle
Market Leadership Is Narrowing — What’s Still Working? (stockcharts.com)
Overbought Stocks to Avoid: Mark Leibovit
https://www.howestreet.com/2026/01/overbought-stocks-to-avoid-mark-leibovit/
What Will Cause Copper Demand to Double?: Bob Hoye
https://www.howestreet.com/2026/01/what-will-cause-copper-demand-to-double-bob-hoye/
Trading Desk Notes for January 17, 2026: Victor Adair
https://www.howestreet.com/2026/01/trading-desk-notes-for-january-17-2026/
Technical Notes from Friday
U.S. Real Estate iShares (IYR) moved above $97.84 extending an intermediate uptrend.
Charter Communications (CHTR) an S&P 100 stock moved below $193.00 extending an intermediate downtrend.
Rogers Communications (RCI.B.TO) a TSX 60 stock moved below Cdn$49.32 extending an intermediate downtrend.
Trimble (TRMB) a NASDAQ 100 stock moved below $74.50 extending an intermediate downtrend.
S&P 500 Momentum Barometers
The intermediate term Barometer slipped 1.20 on Friday and eased 0.20 last week to 72.00. It remains Overbought.
The long term Barometer slipped 1.40 on Friday and added 1.40 last week to 69.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 2.75 on Friday and gained 6.42 last week to 85.78. It remains Overbought. Daily uptrend was extended.
The long term Barometer slipped 0.92 on Friday and gained 0.92 last week. 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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Equity Clock Publications