Pre-opening Comments for Wednesday January 17^th 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 24 points at 8:35 AM EST

Index futures slipped 2 points following release of December U.S. Retail Sales at 8:30 AM EST. Consensus was an increase of 0.4% versus a gain of 0.3% in November. Actual was an increase of 0.6%.

Progress Software advanced $2.54 to $56.15 after reporting higher than consensus fourth quarter revenues.

Plexus dropped $4.78 to $96.74 after lowering first quarter revenue and earnings guidance.

Interactive Brokers dropped $3.19 to $83.99 after reporting less than consensus fourth quarter revenues.

Ford dropped $0.19 to $11.27 after UBS downgraded the stock from Buy to Neutral.

 

Technical Notes

Chinese technology related ETFs and prominent Chinese equities list on U.S. exchanges were notably weaker:

KraneShares China Internet ETF $KWEB moved below $24.86 extending an intermediate downtrend.

China Technology ETF $CQQQ moved lower to a 14 month low.

JD.com $JD moved below $24.01 extending an intermediate downtrend.

Baidu $BIDU moved below $103.32 extending an intermediate downtrend.

Taiwan iShares $EWT moved below $43.40 completing a double top pattern.

ConocoPhillips $COP an S&P 100 stock moved below $109.98 completing a Head & Shoulders pattern.

US Bancorp $USB an S&P 100 stock moved below $41.66 completing a double top pattern.

FedEx $FDX an S&P 100 stock moved below $244.63 setting an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Jan.16^th 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 16^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Jan.16^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by Valued Providers

Should You Be Worried About a Recession? Tom Bowley

Note comment on the Technology sector.

https://www.youtube.com/watch?v=51HwQbHNSm8

 

The Most Important Chart in the Market | MRKT Call Stock Trading Live Stream

China in focus.

https://www.youtube.com/watch?v=6tkda_-9Fqg

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 4.40 to 79.60. It remains Overbought. Daily downtrend has been established.

The long term Barometer dropped 2.40 to 73.20. It remains Overbought. Daily downtrend has been established.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 5.33 to 72.00. It remains Overbought. Daily data shows early signs of a peak.

The long term Barometer dropped 3.56 to 61.33. It remains Overbought. Daily data shows early signs of a peak.

 

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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