Tech Talk for Thursday February 2nd 2023

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 higher than consensus fourth quarter results.

McKesson gained $7.02 to $378.00 after guiding higher its fiscal 2023 earnings estimate.

Allstate dropped $1.15 to $127.01 after reporting a fourth quarter loss.

EquityClock's Daily Comment

Headline reads "Home 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".

http://www.equityclock.com/2023/02/01/stock-market-outlook-for-february-2-2023/

Responses to FOMC News at 2:00 PM EST

As expected the Fed Fund Rate was increased 0.25% to 4.50%-4.75%. Responses in key market were as follow:

S&P 500 Index moved sharply higher

The NASDAQ Composite Index was stronger than the S&P 500 and DJIA

U.S. Government Bond Prices moved smartly higher

The U.S. Dollar ETN plunged

Gold bullion prices moved higher

Gold stocks and related ETFs advanced accordingly

Technical Notes

Notable sector ETFs breaking above intermediate resistance included XLK, SMH, SOXX, IYT, PHO, IHI and AIA.

S&P 100 stocks extending intermediate uptrends included Ford, FedEx, Amazon, Texas Instruments.

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.

Electronic Arts $EA a NASDAQ 100 stock moved below $119.42 and $113.90 extending an intermediate downtrend.

Moderna $MRNA moved below $171.40 completing a double top pattern.

Turkey iShares $TUR moved below $31.80 completing a double top pattern.

India ETF $PIN moved below $20.91 setting an intermediate downtrend.

Manulife Financial $MFC.TO a TSX 60 stock moved above $26.59 to an all-time high extending an intermediate uptrend.

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.

Dollarama $DOL.TO a TSX 60 stock moved below $78.75 completing a double top pattern.

Loblaw Companies L.TO a TSX 60 stock moved below $115.30 setting an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Feb.1st 2023

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for Feb.1st 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Feb.1st 2023

Green: Increase from previous day

Red: Decrease from previous day

S&P Momentum Barometers

The intermediate term Barometer added 1.80 to 75.80. It remains Overbught.

The long term Barometer added 2.00 to 74.40. It remains Overbought. Short term trend remains up.

TSX Momentum Barometers

The intermediate term Barometer slipped 3.81 to 75.42. It remains Overbought.

The long term Barometer added 0.85 to 73.73. It remains Overbought. Short term trend remains up.

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