Pre-opening Comments for Wednesday January 18th
U.S. equity index futures were higher this morning. S&P 500 futures were up 16 points in pre-opening trade.
Index futures moved higher following release of economic news at 8:30 AM EST
December Retail Sales were expected to drop 0.8% versus a decline of 0.6% in November. Actual was a decline of 1.1%. Excluding auto sales, December Retail Sales were expected to decline 0.4% versus a decline of 0.2% in November. Actual was a decline of 1.1%.
December Producer Price Index was expected to decrease 0.1% versus a gain of 0.3% in November. Actual was a decrease of 0.5%. On a year-over-year basis, December Producer Price Index was expected to increase 6.8% versus a gain of 7.3% in November. Actual was an increase of 6.2%. Excluding food and energy, December Producer Price Index was expected to increase 0.1% versus a gain of 0.4% in November. Actual was an increase of 0.1%.
United Airlines gained $1.01 to $52.19 after fourth quarter earnings recovered to a profit.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/01/clip_image0011-10.png "clip_image001[1]")
Progress Software dropped $1.00 to $52.50 after fourth quarter revenues were less than consensus.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/01/clip_image0021-8.png "clip_image002[1]")
First Solar gained $1.11 to $178.71 after Susquehanna raised its target price from $175 to $225.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/01/clip_image0031-10.png "clip_image003[1]")
EquityClock’s Daily Comment
Headline reads “Despite the rise in equity prices to start the year, investors are still expressing their skepticism”.
http://www.equityclock.com/2023/01/17/stock-market-outlook-for-january-18-2023/
Technical Notes
Walt Disney $DIS a Dow Jones Industrial Average stock moved above intermediate resistance at $100.89
Morgan Stanley $MS an S&P 100 stock moved above $95.16 extending an intermediate uptrend.
U.S. Crude Oil ETN $USO moved above $70.54 completing a double bottom pattern.
CDW Corp. $CDW a NASDAQ 100 stock moved above $197.00 extending an intermediate uptrend.
Thomson Reuters $TRI.TO a TSX 60 stock moved above Cdn$159.82 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for January 17th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for January 17th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for January 17th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Sprott Monthly Report
Sprott Monthly Report: 2023 Top 10 Watch List
S&P 500 Rallies Ahead of Key Inflation Data | Tom Bowley | Trading Places
https://www.youtube.com/watch?v=3eEF3rEEcp0
S&P Momentum Barometers
The intermediate term Barometer slipped 1.20 to 75.80. It remains Overbought.
The long term Barometer slipped 1.00 to 65.20. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 1.69 to 77.84. It remains Overbought. Short term trend remains up.
The long term Barometer added 0.42 to 69.49. It remains Overbought. Short term trend remains up.
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 18th, 2023 at 10:16 am
SPY back above the 200 day MA and again at up against the downtrend line. 50/200 day crossover coming. The equal weighted index RSP is quite a bit farther ahead in this recovery breaking its’ downtrend but approaching overbought. I am keeping an eye on XLF as a positive indicator which is close to completing a reverse head and shoulders pattern. Tech Talk mentions MS.
XLE has been doing quite well but XOP really lags. Cdn energy stocks as well have had relative underperformance and they all trade at large relative PE discounts. The rising tide lifts all boats but I wouldn’t count on this underperformance changing soon.