Tech Talk for Tuesday January 9th 2024
U.S. equity index futures were lower this morning. S&P 500 futures were down 23 points at 8:35 AM EST.
S&P 500 futures slipped 2 points following release of the November U.S. Trade Deficit report at 8:30 AM EST. Consensus was $64.50 billion versus $64.30 billion in October. Actual was $63.2 billion
Microchip Technology dropped $3.64 to $82.00 after the company lowered expectations for fiscal third quarter revenues.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0011.png "clip_image001[1]")
Zumiez dropped $0.38 to $18.39 after disclosing that fiscal fourth quarter earnings will be at the lower end of estimates.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0021-1.png "clip_image002[1]")
Urban Outfitters advanced $2.02 to $37.92 after revealing a 10% increase in chain store sales through the holiday season.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0031.png "clip_image003[1]")
Juniper Network jumped $6.74 to $42.64 on news that the company is considering a takeover by Hewlett Packard Enterprises. Value of the deal is estimated at $13 billion.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0041-1.png "clip_image004[1]")
Technical Notes
China Large Cap iShares $FXI moved below $22.79 extending an intermediate downtrend.
Nvidia $NVDA a NASDAQ 100 stock moved above $505.44 to an all-time high extending an intermediate uptrend.
DexCom $DXCM a NASDAQ 100 stock moved above $126.33 extending their intermediate uptrend.
Verisk Analytics $VRSK a NASDAQ 100 stock moved below intermediate support at $229.86.
Constellation Software $CSU.TO a TSX 60 stock moved above $3,357.73 to an all-time high extending an intermediate uptrend'
BMO Equal Weight Canadian Banks iShares $ZEB.TO moved above $35.62 extending an intermediate uptrend
.
National Bank $NA.TO a TSX 60 stock moved above Cdn$101.43 to an all-time high extending an intermediate uptrend.
Scotia Bank moved above $63.49 extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Jan.8th 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 8th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Jan.8th 2024
Green: Increase from previous day
Red: Decrease from previous day
Canadian Association for Technical Analysis Event
Next event is offered tonight at 8:00 PM EST. Speaker by ZOOM is Dwight Galusha. Everyone is welcome. Not a member of CATA? Contact CATA Meeting – Jan 09 – Dwight Galusha – Events – Canadian Association for Technical Analysis (clubexpress.com)
Links offered by valued providers
Jobs Growth Reveals NEW Opportunities in These AREAS: Mary Ellen McGonagle
Jobs Growth Reveals NEW Opportunities in These AREAS - YouTube
Unlocking Growth: The Importance of Market Pullbacks: TG Watkins
Unlocking Growth: The Importance of Market Pullbacks - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 3.00 to 91.20. It remains Overbought.
The long term Barometer added 0.60 to 78.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer gained 2.67 to 72.89. It remains Overbought.
The long term Barometer added 1.78 to 59.56. It remains Neutral.
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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