Pre-opening Comments for Tuesday January 23^rd

U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points at 8:30 AM EST.

United Airlines advanced $2.59 to $41.07 after reporting higher than consensus fourth quarter earnings.

Zions Bancorp dropped $0.26 to $43.05 after reporting lower than consensus fourth quarter results.

MMM dropped $5.00 to 103.02 after lowering first quarter 2024 guidance.

Procter & Gamble added $2.04 to $149.90 after reporting higher than consensus fiscal second quarter earnings.

 

Technical Notes

NASDAQ 100 stocks led the advance in U.S. equity markets yesterday. Stocks moving above resistance extending their intermediate uptrend included ASML, Micron, CrowdStrike, Take Two and Intuit.

Home Builders SPDRs $XHB moved above $96.92 to an all-time high extending an intermediate uptrend.

Gasoline ETN $UGA moved above $63.96 completing a double bottom pattern.

CGI Group $GIB.A a TSX 60 stock moved above Cdn$145.93 to an all-time high extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Jan.22^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 Jan 22^nd 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Jan.22^nd 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Link offered by a Valued Provider

Chart Check On Netflix & Tesla: Carter Worth

https://www.youtube.com/watch?v=UoIqPUN4xwg

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.60 to 76.00. It remains Overbought.

The long term Barometer added 1.00 to 71.80. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer slipped 0.89 to 64.44. It remains Overbought.

The long term Barometer added 0.89 to 59.11. It remains Neutral.

 

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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