Tech Talk for Wednesday January 24th 2024
U.S. equity index futures were higher this morning. S&P 500 futures were up 29 points at 8:30 AM EST.
Bank of Canada's monetary statement is scheduled for released at 9:45 AM EST. The Bank's lending rate to major Canadian banks is expected to remain unchanged at 5.0%.
Netflix gained $18.90 to $510.00 after increasing subscriptions in the fourth quarter greater than consensus. The company also offered positive first quarter guidance.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0011-5.png "clip_image001[1]")
Texas Instruments dropped $5.84 to $168.50 after offering first quarter guidance below consensus.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0021-6.png "clip_image002[1]")
Steel Dynamics dropped $0.88 to $115.26 after reporting lower fourth quarter earnings and revenues.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0031-5.png "clip_image003[1]")
Intuitive Surgical added $21.43 to $392.84 after reporting higher than consensus fourth quarter revenues and earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0041-5.png "clip_image004[1]")
Technical Notes
Colgate Palmolive $CL an S&P 100 stock moved above $81.00 to an all-time high extending an intermediate uptrend.
PACCAR $PCAR a NASDAQ 100 stock moved above $98.20 to an all-time high extending an intermediate uptrend.
Lockheed Martin $LMT an S&P 100 stock moved below $438.71 and $436.56 setting an intermediate downtrend.
Canadian Tire $CTC.A.TO a TSX 60 stock moved above Cdn$147.29 completing a double bottom pattern.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Jan.23rd 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 23rd 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Jan.23rd 2024
Green: Increase from previous day
Red: Decrease from previous day
Next Canadian Association for Technical Analysis Meeting
The next Zoom presentation is offered tomorrow (Thursday) at 8:00 PM. Presenter is Mark Kelly. Everyone is welcome. Registration is recommended. Not a member of CATA?
Links offered by Valued Providers
US Stocks Once Again Lead the World
https://www.youtube.com/watch?v=10FccrgDqiU&t=51s
Uncover the Best Small Cap Opportunities: Joe Rabil
Uncover the Best Small Cap Opportunities - YouTube
Is A Market Sell-Off Coming Soon? Guy Adami
Is A Market Sell-Off Coming Soon? - YouTube
Market Update: Futures Mixed, What’s Next? Tom Bowley
Market Update: Futures Mixed, What’s Next? - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 1.80 to 77.80. It remains Overbought
The long term Barometer slipped 0.40 to 71.40. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 4.00 to 68.44. It remains Overbought.
The long term Barometer added 2.67 to 61.78. It changed from Neutral to Overbought on a move above 60.00.
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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