Editor’s Note: After the close yesterday, a wide variety of major companies reported less than consensus quarterly results including Apple, Amazon, Alphabet, Starbucks, Ford and Atlassian.
Pre-opening Comments for Friday February 3rd
U.S. futures were lower this morning. S&P 500 futures were down 44 points at 8:35 AM EST.
January Non-farm Payrolls released at 8:30 AM EST was expected to increase 185,000 versus a gain of 223,000 in December. Actual was a gain of 517,000. January Unemployment Rate was expected to increase to 3.6% from 3.5% in December. Actual was a drop to 3.4%. January Average Hourly Earnings were expected to increase 0.3% versus a gain of 0.3% in December. Actual was a gain of 0.3%. On a year-over-year basis, January Average Hourly Earnings were expected to increase 4.3% versus a gain of 4.6% in December. Actual was an increase of 4.4%.
Apple initially dropped $5.02 after reporting lower than consensus fiscal first quarter revenues and earnings. However, the stock recovered after the company offered favourable guidance, closing down $2.62 to $148.20.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/02/clip_image0011-2.png "clip_image001[1]")
Amazon dropped $4.91to $108.00 after the company lowered guidance.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/02/clip_image0021-2.png "clip_image002[1]")
Alphabet dropped $3.66 to $104.08 after reporting less than consensus quarterly results.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/02/clip_image0031-2.png "clip_image003[1]")
Starbucks fell $3.65 to $105.50 after reporting less than consensus quarterly results.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/02/clip_image0041-2.png "clip_image004[1]")
Ford plunged $0.91 to $13.41 after reporting less than consensus fourth quarter results.
![clip_image005[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/02/clip_image0051.png "clip_image005[1]")
.
Gilead added $1.97 to $88.36 after reporting higher than consensus fourth quarter revenues and earnings.
![clip_image006[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/02/clip_image0061.png "clip_image006[1]")
EquityClock’s Daily Comment
Headline reads “Bearish sentiment that provided an excellent contrarian buy signal for stocks at the end of December has rapidly neutralized”.
http://www.equityclock.com/2023/02/02/stock-market-outlook-for-february-3-2023/
Technical Notes
Retail SPDRs $XRT moved above $74.70 extending an intermediate uptrend.
Lowes $LOW an S&P 100 stock moved above $220.29 extending an intermediate uptrend.
United Parcel Services $UPS an S&P 100 stock moved above $191.60 extending an intermediate uptrend.
Alphabet $GOOG $GOOGL a NASDAQ 100 stock moved above $102.59 and $102.25 respectively after reporting higher than consensus quarterly results.
Align Technology $ALGN a NASDAQ 100 stock moved above $302.97 extending an intermediate uptrend.
Intuit $INTU a NASDAQ 100 stock moved above $441.09 resuming an intermediate uptrend.
Marvell Technology $MRVL a NASDAQ 100 stock moved above $47.26 resuming an intermediate uptrend.
Fastenal $FAST a NASDAQ 100 stock moved above $43.12 extending an intermediate uptrend.
Chevron $CVX a Dow Jones Industrial Average stock moved below $167.10 completing a double top pattern
Sirius $SIRI a NASDAQ 100 stock moved below $5.68 extending an intermediate downtrend.
Bristol-Myers Squibb $BMY an S&P 100 stock moved below $70.31 extending an intermediate downtrend.
Gilead $GILD a NASDAQ 100 stock moved below $81.81 completing a double top pattern.
Note that the company reported higher than consensus fourth quarter results after the close. The stock gained $1.97 to $88.36.
Honeywell $HON a Dow Jones Industrial Average stock moved below $198.81 extending an intermediate downtrend.
Travelers $TRV a Dow Jones Industrial Average stock moved below $181.36 completing a modified Head & Shoulders pattern.
Thomson Reuters $TRI.TO a TSX 60 stock moved above $159.82 to an all-time high extending an intermediate uptrend.
Algonquin Power $AQN.TO a TSX 60 stock moved above $9.99 completing a double bottom pattern.
Constellation Software $CSU.TO a TSX 60 stock moved above $2,381.28 to an all-time high extending an intermediate uptrend.
George Weston $WN.TO a TSX 60 stock moved below $165.42 completing a double top pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Feb.2nd 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for Feb.2nd 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Feb.2nd 2023
Green: Increase from previous day
Red: Decrease from previous day
Link offered by valued provider
Mark Leibovit comment
Interest Rates, Gold, US Dollar, Lithium, Cryptos – HoweStreet
S&P 500 Momentum Barometers
The intermediate term Barometer slipped 1.60 to 74.20. It remains Overbought.
The long term Barometer added 3.60 to 78.00. It remains Overbought. Trend is up.
TSX Momentum Barometers
The intermediate term Barometer dropped 4.66 to 70.76. It remains Overbought. Short term trend has turned down.
The long term Barometer slipped 1.27 to 72.46. It remains Overbought.
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
|
|
February 3rd, 2023 at 9:53 am
Equity clock says
“Alphabet $GOOG $GOOGL a NASDAQ 100 stock moved above $102.59 and $102.25 respectively after reporting higher than consensus quarterly results.”
Than says
“Alphabet dropped $3.66 to $104.08 after reporting less than consensus quarterly results.”
February 3rd, 2023 at 12:38 pm
Hi David,
Don’t know what to say, Jon probably saw the afterhour pop (as it moved to 112) and assumed the results were good. but read more news and saw the drop and the actual earnings but forgot to scap the first part.