Pre-opening Comments for Thursday February 1st
U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points at 8:30 AM EST.
C H Robinson dropped $5.09 to $79.00 after reporting lower than consensus fourth quarter earnings.
QUAL COMM dropped $1.51 to $147.00 despite reporting higher than consensus fourth quarter revenues.
MetLife dropped $2.72 to $67.00 after reporting lower than consensus fourth quarter earnings.
Royal Caribbean added $3.34 to $130.84 after reporting higher than consensus fourth quarter earnings. The company also offered positive 2024 guidance.
Responses to FOMC announcement at 2:00 PM EST yesterday
The FOMC unanimously decided to maintain the Fed Fund Rate at 5.25%-5.50%. Consensus was that the Fed Fund Rates will remain higher for longer. Market responses following the announcement were volatile, but closed as follows:
S&P 500 Index and S&P 500 SPDRs (SPY) moved lower.
NASDAQ 100 Index and related NASDAQ 100 Trust (QQQ) moved lower
U.S. Dollar Index Note: UUP moved higher
Long term government bond prices were virtually unchanged.
Gold and gold stocks moved lower
The Canadian Dollar moved lower
Technical Notes
EAFE iShares $EFA moved above $140.11 extending an intermediate uptrend.
Comcast $CMCSA an S&P 100 stock moved above $46.83 extending an intermediate uptrend.
S&P 500 and NASDAQ 100 stocks breaking intermediate support included Electronic Arts $EA on a move below $135.05 completing a double top pattern, Simon Properties $SPG on a move below $138.76 completing a double top pattern, Zoom $ZM on a move below $66.40 and Dupont $DD on a move below $61.86.
Restaurant Brands International $QSR.TO a TSX 60 stock moved above Cdn$106.31 to an all-time high extending an intermediate uptrend.
Canadian Pacific $CP.TO a TSX 60 stock moved above Cdn$106.72 extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Jan.31st 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 31st 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Jan.31st 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Market Wisdom from the Godfather of Technical Analysis: David Keller
Market Wisdom from the Godfather of Technical Analysis – YouTube
Warning: Stock Market Crash Landing Ahead! Jeff Huge
Warning: Stock Market Crash Landing Ahead! – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer plunged 10.40 to 66.00. It remains Overbought. Daily downtrend was confirmed.
The long term Barometer dropped 2.80 to 71.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer plunged 8.22 to 64.89. It remains Overbought.
The long term Barometer dropped 1.33 to 60.89. 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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February 1st, 2024 at 2:10 pm
Still_Learning
I looked at Vector Vest long ago and while it was interesting and much to think about I found it too complex. There was too much to just count on from their perspective and I prefer to look at charts and let the charts tell me what’s going on. But give it a try as we can all learn something new even if we decide not to use the info. Perhaps someone else here has used the program.
February 2nd, 2024 at 1:10 am
Thanks Ron, I’m on a 99c for a month trial offer. I also am finding it quite complex. I can do my own technical analysis but vv does provide some fundamentals I don’t have easy access to.
It’s not cheap, $69/mo, and I assume that’s USD.
cheers, Bernie
February 2nd, 2024 at 1:33 am
Lots of information on the Fear and Greed Index site.
https://www.cnn.com/markets/fear-and-greed
https://abovethegreenline.com/faq/
This is also a good site to browse.