Pre-opening Comments for Tuesday January 31st
U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade.
The Canadian Dollar added US0.10 to 74.47 cents following release of Canada’s November GDP report at 8:30 AM EST. Consensus was an increase of 0.1% versus a gain of 0.1% in October. Actual was an increase of 0.1%. On a year-over-year basis consensus was an increase of 2.7%. Actual was an increase of 2.8%.
NXP Semiconductor dropped $7.48 to 171.50 after the company lowered guidance below consensus.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/01/clip_image0011-18.png "clip_image001[1]")
Sanmina added $3.71 to $59.25 after reporting higher than consensus quarterly results.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/01/clip_image0021-16.png "clip_image002[1]")
Whirlpool advanced $4.68 to $158.22 after reporting higher than consensus fourth quarter results.
General Motors gained $1.66 to $37.95 after reporting higher than consensus fourth quarter earnings.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/01/clip_image0041-10.png "clip_image004[1]")
EquityClock’s Daily Comment
Headline reads “If a risk-aversion move is to materialize, this is a logical point for it to happen as the ratio of the Staples (XLP) over Discretionary (XLY) ETF tests long-term rising trendline support”.
http://www.equityclock.com/2023/01/30/stock-market-outlook-for-january-31-2023/
Technical Notes
CGI Group $GIB.A.TO a TSX 60 stock moved below Cdn$112.68 extending an intermediate downtrend.
Philip Morris International $PM an S&P 100 stock moved above $104.43 extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for January 30th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for January 30th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for January 30th 2023
Green: Increase from previous day
Red: Decrease from previous day
Link offered by a valued providers
Mike Wilson from Morgan Stanley warns the stock market’s January rally could end this week.
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 5.40 to 67.00. It remains Overbought, but showing early signs of rolling over.
The long term Barometer slipped 3.20 to 65.40. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 3.39 to 75.00. It remains Overbought, but showing early signs of rolling over.
The long term Barometer slipped 1.69 to 70.78.
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 31st, 2023 at 4:42 pm
Cdn Banks – Technically pretty good with ZEB completing a reverse head and shoulders pattern. I don’t know why NA is doing so well. I would tend to gravitate to RY, TD, BMO.
January 31st, 2023 at 9:58 pm
Hey Larry,
I read somewhere that National as small as it may be has a solid dividend and for it, it’s worth investing.
Compare National to the others Cdn Banks since 2018 and 2015 and you’ll see the winner.