Pre-opening Comments for Thursday January 25^th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points at 8:35 AM EST.

Index futures gained 10 points following release of economic news at 8:30 AM EST. Consensus for December Durable Goods Orders was an increase of 0.5% versus a revised gain of 5.5% in November. Actual was unchanged. Consensus for first estimate of fourth quarter annualized real GDP was an increase of 2.0% versus a gain of 4.9% in the third quarter. Actual was an increase of 3.3%.

IBM advanced $12.07 to $186.00 after reporting higher than consensus fourth quarter results. The company also noted accelerating demand for its AI products.

Crown Castle dropped $2.37 to $105.56 after reporting lower fourth quarter earnings.

Tesla dropped $7.43 to $200.40 after offering lower than consensus sales guidance for 2024

Las Vegas Sands added $0.76 to $50.40 after reporting higher than consensus fourth quarter revenues.

 

Technical Notes

News that the Chinese government is attempting to reflate its economy by lowering interest rates had an immediate positive impact on Chinese equities/ETFs. Notable was strength in energy, materials and technology ETFs

Strength in economically sensitive Chinese equities had a positive impact on North American base metals ETFs (notably copper) and North American energy ETFs (e.g. XEG.TO)

Berkshire Hathaway $BRK.B an S&P 100 stock moved above $373.34 to an all-time high extending an intermediate uptrend.

Ross Stores $ROST a NASDAQ 100 stock moved above $139.32 to an all-time high extending an intermediate uptrend.

Dupont $DD an S&P 100 stock moved below $66.22 setting an intermediate downtrend.

Exelon $EXC an S&P 100 stock moved below $34.05 extending an intermediate downtrend.

National Bank $NA.TO a TSX 60 stock moved above Cdn$101.43 to an all-time high extending an intermediate uptrend.

Fortis $FTS.To a TSX 60 stock moved below Cdn$34.05 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Jan.24^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 24^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Jan.24^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Link offered by a valued provider

S&P 500 Still SUPER Undervalued! David Keller

https://www.youtube.com/watch?v=OfHqjIPPRNM

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 5.20 to 72.60. It remains Overbought. Daily trend is down.

The long term Barometer dropped 1.60 to 69.80. It remains Overbought. Daily trend is downs.

 

TSX Momentum Barometers

The intermediate term Barometer slipped 1.33 to 67.11. It remains Overbought.

The long term Barometer dropped 1.78 to 60.00. 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

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