Tech Talk for Friday February 2nd 2024
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points at 8:35 AM EST.
Index futures dropped 20 points following release of the January Employment Report at 8:30 AM EST. Consensus for January Non-farm Payrolls was 185,000 versus upwardly revised 333,000 in December. Actual was 355,000. Consensus for the January Unemployment Rate was unchanged from December at 3.7%. Actual was unchanged at 3.7%. Consensus for January Average Hourly Earnings was an increase of 0.3% versus a gain of 0.4% in December. Actual was an increase of 0.6%. On a year-over year basis, consensus was 4.1%. Actual was 4.5%.
Meta Platforms advanced $56.02 to $450.80 after reporting higher than consensus fourth quarter revenues and earnings.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0015.png "clip_image001[5]")
Apple dropped $6.59 to $180.27 after reporting lower than consensus revenues from Chinese operations.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0025.png "clip_image002[5]")
Amazon advanced $11.89 to $171.17 after reporting higher than consensus fourth quarter revenues.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0035.png "clip_image003[5]")
Sketchers dropped $7.35 to $56.25 after reporting less than consensus fourth quarter revenues.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0045.png "clip_image004[5]")
Technical Notes
Healthcare SPDRs $XLV moved above $141.56 to an all-time high extending an intermediate uptrend
Industrial SPDRs $XLI moved above $114.40 to an all-time high extending an intermediate uptrend.
Major Bank SPDRs $KBE moved below $43.32 completing a double top pattern.
Regional Banking SPDRs $KRE moved below $48.43 completing a double top pattern.
MetLife $MET an S&P 100 stock moved below $67.21 and $64.97 setting an intermediate downtrend.
Honeywell $HON an S&P 100 stock moved below $196.00 completing a double top pattern
Uranium ETF $URA moved above US$32.00 to an all-time high extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Feb.1st 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 Feb.1st 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Feb.1st 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Betting Against the Fed is RISKY! : David Keller and Tony Dwyer
Betting Against the Fed is RISKY! - YouTube
What Happens If META, AMZN and AAPL Disappoint? Tom Bowley
What Happens If META, AMZN and AAPL Disappoint? - YouTube
Charts Say Make or Break Moment for Big Tech: Carter Worth
Charts Say Make or Break Moment for Big Tech - YouTube
Prepare For The Market’s Downward Shift: John Kosar
Prepare For The Market’s Downward Shift - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer recovered 7.00 to 73.00. It remains Overbought.
The long term Barometer added 5.00 to 76.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 4.11 to 67.56. It remains Overbought.
The long term Barometer added 4.00 to 64.89. 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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