{"id":163357,"date":"2023-02-02T02:22:00","date_gmt":"2023-02-02T07:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=163357"},"modified":"2023-02-02T07:47:13","modified_gmt":"2023-02-02T12:47:13","slug":"tech-talk-for-thursday-february-2nd-2023","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2023\/02\/02\/tech-talk-for-thursday-february-2nd-2023\/","title":{"rendered":"Tech Talk for Thursday February 2nd 2023"},"content":{"rendered":"

Pre-opening Comments for Thursday February 2nd<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning<\/b>. S&P 500 futures were up 13 points at 7:30 AM EST<\/em><\/p>\n

Meta Platform advanced $30.87 to $183.99<\/b> after announcing higher than consensus fourth quarter results. The company also offered positive guidance for 2023.<\/em><\/p>\n

\"clip_image001[1]\"<\/a><\/p>\n

Align Technology jumped $42.46 to $324.99<\/b> after reporting higher than consensus fourth quarter results. <\/em><\/p>\n

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McKesson gained $7.02 to $378.00<\/b> after guiding higher its fiscal 2023 earnings estimate. <\/em><\/p>\n

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Allstate dropped $1.15 to $127.01<\/b> after reporting a fourth quarter loss. <\/em><\/p>\n

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 <\/p>\n

EquityClock\u2019s Daily Comment<\/strong><\/font><\/em><\/p>\n

Headline reads \u201cHome building stocks have soared during their period of seasonal strength that started in November and now we are looking for the exit following a very profitable trade<\/strong>\u201d.<\/em><\/p>\n

http:\/\/www.equityclock.com\/2023\/02\/01\/stock-market-outlook-for-february-2-2023\/<\/em><\/a><\/p>\n

<\/em><\/p>\n

Responses to FOMC News at 2:00 PM EST<\/strong><\/font><\/p>\n

As expected the Fed Fund Rate was increased 0.25% to 4.50%-4.75%. Responses in key market were as follow:<\/p>\n

S&P 500 Index moved sharply higher<\/p>\n

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The NASDAQ Composite Index was stronger than the S&P 500 and DJIA<\/p>\n

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U.S. Government Bond Prices moved smartly higher<\/p>\n

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The U.S. Dollar ETN plunged<\/p>\n

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Gold bullion prices moved higher<\/p>\n

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Gold stocks and related ETFs advanced accordingly<\/p>\n

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 <\/p>\n

Technical Notes<\/strong><\/font><\/p>\n

Notable sector ETFs breaking above intermediate resistance included XLK, SMH, SOXX, IYT, PHO, IHI and AIA.<\/p>\n

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S&P 100 stocks extending intermediate uptrends included Ford, FedEx, Amazon, Texas Instruments.<\/p>\n

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NASDAQ 100 stocks extending intermediate uptrends included Peloton, Splunk, NXP Semiconductor, Lam Research, Advanced Micro Devices, Copart, Workday, Applied Materials, Cognizant Technology, eBay, DocuSign, Microchip Technology and Skyworks Solutions.<\/p>\n

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Electronic Arts $EA a NASDAQ 100 stock moved below $119.42 and $113.90 extending an intermediate downtrend. <\/p>\n

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Moderna $MRNA moved below $171.40 completing a double top pattern.<\/p>\n

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Turkey iShares $TUR moved below $31.80 completing a double top pattern.<\/p>\n

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India ETF $PIN moved below $20.91 setting an intermediate downtrend.<\/p>\n

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Manulife Financial $MFC.TO a TSX 60 stock moved above $26.59 to an all-time high extending an intermediate uptrend. <\/p>\n

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CGI Group $GIB $GIB.ATO a TSX 60 stock moved above US$89.11 and Cdn$120.82 extending an intermediate uptrend. The Canadian price reached an all-time high.<\/p>\n

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Dollarama $DOL.TO a TSX 60 stock moved below $78.75 completing a double top pattern. <\/p>\n

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Loblaw Companies L.TO a TSX 60 stock moved below $115.30 setting an intermediate downtrend.<\/p>\n

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 <\/p>\n

Trader\u2019s Corner<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Equity Indices and Related ETFs<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Equity Trends for Feb.1st<\/sup> 2023<\/p>\n

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Green: Increase from previous day<\/p>\n

Red: Decrease from previous day<\/p>\n

 <\/p>\n

Commodities<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Commodities Trends for Feb.1st<\/sup> 2023<\/p>\n

\"clip_image027\"<\/a><\/b><\/p>\n

Green: Increase from previous day<\/p>\n

Red: Decrease from previous day<\/p>\n

 <\/p>\n

Sectors<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Sector Trends for Feb.1st<\/sup> 2023 <\/p>\n

\"clip_image029\"<\/a><\/p>\n

Green: Increase from previous day<\/p>\n

Red: Decrease from previous day<\/p>\n

 <\/p>\n

S&P Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image030\"<\/a><\/p>\n

The intermediate term Barometer added 1.80 to 75.80. It remains Overbught.<\/p>\n

\"clip_image031\"<\/a><\/p>\n

The long term Barometer added 2.00 to 74.40. It remains Overbought. Short term trend remains up.<\/p>\n

 <\/p>\n

TSX Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image032\"<\/a><\/p>\n

The intermediate term Barometer slipped 3.81 to 75.42. It remains Overbought. <\/p>\n

\"clip_image033\"<\/a><\/p>\n

The long term Barometer added 0.85 to 73.73. It remains Overbought. Short term trend remains up.<\/p>\n

 <\/p>\n

Disclaimer:<\/b> Seasonality ratings and technical ratings offered in this report and at<\/em><\/p>\n

www.equityclock.com<\/em><\/a> 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<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-opening Comments for Thursday February 2nd U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points at 7:30 AM EST Meta Platform advanced $30.87 to $183.99 after announcing higher than consensus fourth quarter results. The company also offered positive guidance for 2023. Align Technology jumped $42.46 to $324.99 after reporting […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-163357","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/163357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/comments?post=163357"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/163357\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=163357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=163357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=163357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}