Next Tech Talk report is scheduled to be released on Tuesday January 21st. U.S. equity markets are closed on Monday and trading activity on Canadian exchanges is expected to be lower than average.
Pre-opening Comments for Friday January 17th
U.S. equity index futures were higher this morning. S&P 500 futures were up 43 points at 8:30 AM EST.
S&P 500 futures added 6 points following release of December U.S. Housing Starts at 8:30 AM EST. Consensus was 1.330 million units versus 1.289 million units in November. Actual was 1.500 million units.
SLB added $0.80 to $41.89 after reporting higher than consensus fourth quarter revenue and earnings. The company also launched a $2.3 billion share buyback program.
Fastenal dropped $3.78 to $70.99 after reporting less than consensus fourth quarter earnings.
Qorvo advanced $4.55 to $78.14 after an activist investor has built a stake in the stock.
JB Hunt dropped $16.71 to $169.49 after reporting less than consensus fourth quarter revenues.
EquityClock’s Stock Market Outlook for January 17th
The weakest calendar year performance for Food Services and Drinking Place sales in a non-recessionary period highlights a consumer that has tightened their grip on their finances. See:
https://equityclock.com/2025/01/16/stock-market-outlook-for-january-17-2025/
Technical Notes
Brrrr, it’s cold out there! Natural Gas ETN HNU.TO moved above Cdn$50.28 to a seven month high. Natural Gas ETN UNG moved above US$19.48.
Italy iShares $EWI moved above $37.33 setting an intermediate uptrend.
U.S. Medical Devices iShares $IHI moved above $61.17 extending an intermediate uptrend.
JP Morgan Chase $JPM a Dow Jones Industrial Average stock moved above $253.00 to an all-time high. Reported higher than consensus fourth quarter results!
Goldman Sachs $GS a Dow Jones Industrial Average stock moved above $611.91 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for January 16th 2025
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 2025
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
Links offered by valued providers
Stocks Ignite as Inflation Fears FADE Away! Tom Bowley
Stocks Ignite as Inflation Fears FADE Away! – YouTube
See oil price risks skew to the upside in the near-term, says Goldman Sachs’ Samantha Dart
See oil price risks skew to the upside in the near-term, says Goldman Sachs’ Samantha Dart – YouTube
Top stock picks from Michele Schneider
Top stock picks from Michele Schneider – YouTube
Market Update – Balancing Caution and Optimism Navigating 2025’s Market Dynamics
Market Update – Balancing Caution and Optimism Navigating 2025’s Market Dynamics – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer advanced another 5.60 to 38.20. It remains Oversold. Daily trend is up.
The long term Barometer added another 2.40 to 60.40. It changed from Neutral to Overbought on a move above 60.00.
P.S. Short term (20 day) Barometer vaulted another 11.40 to 67.40. It changed from Neutral to Overbought. Low was set on December 19th at 7.80.
TSX Momentum Barometers
The intermediate term Barometer added 1.06 to 36.94. It remains Oversold.
The long term Barometer added 0.28 to 63.06. 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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January 16th, 2025 at 9:53 pm
Is anyone else seeing the S&P 500 falling wedge pattern?
January 17th, 2025 at 12:23 pm
Bman/Van – I don’t know if I would describe the decline since early Dec as a falling wedge but what I see today is a break of the downtrend line. I think we need to clear 6021 to confirm that the short-term downturn is over. My guess is odds are that we continue higher. Inflation data and reported earnings have been good so you need a new reason to sell. The only uncertainty is Trump’s tariff threats causing economic dislocation.