Pre-opening Comments for Thursday January 12^th

U.S. equity index futures were higher this morning. S&P 500 futures at 7:30 AM EST were up 3 points.

Focus this morning is on the U.S. December Consumer Price Index to be released at 8:30 AM EST. Consensus is a decline 0.1% versus a gain of 0.1% in November. On a year-over-year basis, December CPI is expected to increase 6.5% versus a gain of 7.1% in November. Excluding food and energy, December Consumer Price Index is expected to increase 0.3% versus a gain of 0.2% in November. On a year-over-year basis, core December CPI is expected to increase 5.7% versus a gain of 6.0% in November.

KB Homes dropped $1.64 to 434.30 after reporting lower than consensus fiscal fourth quarter earnings. The company also lowered guidance.

Aritzia added $0.92 to $51.22 after reporting higher than consensus fiscal third quarter revenues. The company also raised fourth quarter revenue guidance.

Taiwan Semiconductor added $1.51 to $83.20 after reporting higher than consensus fiscsl fourth quarter revenues and earnings.

 

EquityClock’s Daily Comment

Headline reads “Major benchmarks are showing a mirror image of last year’s topping patterns as price reaches back up to their bear-market breakdown points”.

http://www.equityclock.com/2023/01/11/stock-market-outlook-for-january-12-2023/

 

Technical Notes

Oil Services ETF $OIH moved above $319.53 extending an intermediate uptrend.

Base Metals ETN $DBB (one third each in copper, zinc and aluminum) moved above $20.70 completing a reverse Head & Shoulders pattern.

U.S. Telecommunications iShares $IYZ moved above $23.87 extending an intermediate uptrend.

Home Builders SPDRs $XHB moved above $65.37 extending an intermediate uptrend.

Chile iShares $ECH moved above $27.17 extending an intermediate uptrend. Benefiting from higher base metal prices!

Mexico iShares $EWW moved above $53.66 extending an intermediate uptrend.

Johnson & Johnson $JNJ a Dow Jones Industrial Average stock moved below $174.87 completing a double top pattern.

Intuitive Surgical $ISRG a NASDAQ 100 stock moved below $257.76 completing a short term Head & Shoulders pattern.

ASML Holding $ASML a NASDAQ 100 stock moved above $643.36 extending an intermediate uptrend.

American Tower $AMT an S&P 100 stock moved above $226.30 extending an intermediate uptrend.

TSX REIT iShares $XRE.TO moved above $17.15 completing a reverse Head & Shoulders pattern.

SNC Lavalin $SNC.TO a TSX 60 stock moved above $27.11 completing a double bottom pattern.

 

Trader’s Corner

 

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for January 11^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for January 11^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for January 11^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Link offered by a valued provider

Greg Schnell discusses “Ringing up retail”.

Ringing Up Retail | Greg Schnell, CMT | Market Buzz (01.11.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 9.00 to 76.80. It remains Overbought. Short term trend remains up.

The long term Barometer added 4.20 to 65.00. It remains Overbought. Short term trend remains up.

 

TSX Momentum Barometers

The intermediate term Barometer added 1.27 to 70.76. It remains Overbought. Short term trend remains up.

The long term Barometer added 4.66 to 60.59. It changed from Neutral to Overbought on a move above 60.00. 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

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