Pre-opening Comments for Wednesday January 18^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 16 points in pre-opening trade.

Index futures moved higher following release of economic news at 8:30 AM EST

December Retail Sales were expected to drop 0.8% versus a decline of 0.6% in November. Actual was a decline of 1.1%. Excluding auto sales, December Retail Sales were expected to decline 0.4% versus a decline of 0.2% in November. Actual was a decline of 1.1%.

December Producer Price Index was expected to decrease 0.1% versus a gain of 0.3% in November. Actual was a decrease of 0.5%. On a year-over-year basis, December Producer Price Index was expected to increase 6.8% versus a gain of 7.3% in November. Actual was an increase of 6.2%. Excluding food and energy, December Producer Price Index was expected to increase 0.1% versus a gain of 0.4% in November. Actual was an increase of 0.1%.

United Airlines gained $1.01 to $52.19 after fourth quarter earnings recovered to a profit.

Progress Software dropped $1.00 to $52.50 after fourth quarter revenues were less than consensus.

First Solar gained $1.11 to $178.71 after Susquehanna raised its target price from $175 to $225.

 

EquityClock’s Daily Comment

Headline reads “Despite the rise in equity prices to start the year, investors are still expressing their skepticism”.

http://www.equityclock.com/2023/01/17/stock-market-outlook-for-january-18-2023/

 

Technical Notes

Walt Disney $DIS a Dow Jones Industrial Average stock moved above intermediate resistance at $100.89

Morgan Stanley $MS an S&P 100 stock moved above $95.16 extending an intermediate uptrend.

U.S. Crude Oil ETN $USO moved above $70.54 completing a double bottom pattern.

CDW Corp. $CDW a NASDAQ 100 stock moved above $197.00 extending an intermediate uptrend.

Thomson Reuters $TRI.TO a TSX 60 stock moved above Cdn$159.82 to an all-time high extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for January 17^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for January 17^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for January 17^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Sprott Monthly Report

Sprott Monthly Report: 2023 Top 10 Watch List

S&P 500 Rallies Ahead of Key Inflation Data | Tom Bowley | Trading Places

https://www.youtube.com/watch?v=3eEF3rEEcp0

 

S&P Momentum Barometers

The intermediate term Barometer slipped 1.20 to 75.80. It remains Overbought.

The long term Barometer slipped 1.00 to 65.20. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer added 1.69 to 77.84. It remains Overbought. Short term trend remains up.

The long term Barometer added 0.42 to 69.49. 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

More from the network: Stock Market Outlook for December 4, 2023 Stock Market Outlook for December 1, 2023 Stock Market Outlook for November 30, 2023 Stock Market Outlook for November 29, 2023 Stock Market Outlook for November 28, 2023