Tech Talk for Thursday February 1st 2024

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