Tech Talk for Friday February 2nd 2024

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Pre-opening Comments for Friday February 2nd

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

Index futures dropped 20 points following release of the January Employment Report at 8:30 AM EST. Consensus for January Non-farm Payrolls was 185,000 versus upwardly revised 333,000 in December. Actual was 355,000. Consensus for the January Unemployment Rate was unchanged from December at 3.7%. Actual was unchanged at 3.7%. Consensus for January Average Hourly Earnings was an increase of 0.3% versus a gain of 0.4% in December. Actual was an increase of 0.6%. On a year-over year basis, consensus was 4.1%. Actual was 4.5%.

Meta Platforms advanced $56.02 to $450.80 after reporting higher than consensus fourth quarter revenues and earnings.

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Apple dropped $6.59 to $180.27 after reporting lower than consensus revenues from Chinese operations.

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Amazon advanced $11.89 to $171.17 after reporting higher than consensus fourth quarter revenues.

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Sketchers dropped $7.35 to $56.25 after reporting less than consensus fourth quarter revenues.

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Technical Notes

Healthcare SPDRs $XLV moved above $141.56 to an all-time high extending an intermediate uptrend

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Industrial SPDRs $XLI moved above $114.40 to an all-time high extending an intermediate uptrend.

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Major Bank SPDRs $KBE moved below $43.32 completing a double top pattern.

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Regional Banking SPDRs $KRE moved below $48.43 completing a double top pattern.

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MetLife $MET an S&P 100 stock moved below $67.21 and $64.97 setting an intermediate downtrend.

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Honeywell $HON an S&P 100 stock moved below $196.00 completing a double top pattern

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Uranium ETF $URA moved above US$32.00 to an all-time high extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Feb.1st 2024

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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 Feb.1st 2024

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Feb.1st 2024

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Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Betting Against the Fed is RISKY! : David Keller and Tony Dwyer

Betting Against the Fed is RISKY! – YouTube

 

What Happens If META, AMZN and AAPL Disappoint? Tom Bowley

What Happens If META, AMZN and AAPL Disappoint? – YouTube

 

Charts Say Make or Break Moment for Big Tech: Carter Worth

Charts Say Make or Break Moment for Big Tech – YouTube

 

Prepare For The Market’s Downward Shift: John Kosar

Prepare For The Market’s Downward Shift – YouTube

 

S&P 500 Momentum Barometers

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The intermediate term Barometer recovered 7.00 to 73.00. It remains Overbought.

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The long term Barometer added 5.00 to 76.60. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer added 4.11 to 67.56. It remains Overbought.

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The long term Barometer added 4.00 to 64.89. 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




5 Responses to “Tech Talk for Friday February 2nd 2024”

  1. Larry/ON Says:

    META – I shied away from that one because I hate Facebook and regard it as a malicious influence on the world. At the same time it looked cheap and was doing well. If you look at social media those people putting out the most outlandish ideas make money off it and they keep on doing it because it pays. That’s the world META leads us into and only two days before this 20% pop in the stock Zuckerberg was in front of Congress apologizing for his company causing harm to children including suicide and facilitating child predators. Is META going to change this business model making gobs of money by enabling disinformation, chaos and a lot of harm? Nope.

  2. Paula Says:

    Larry/ON,
    I agree with your assessment of META and refuse to participate in any way with their social media platforms or invest in their stock even if they do make so much money. I consider it blood money. There should be protests in the streets and everyone should boycott their products but I am afraid that will never happen since so many are addicted to them. What a world we live in!

  3. Ron/BC Says:

    Paula

    I feel the same way about Trump…………..

  4. Paula Says:

    Ron/BC
    I can’t stand to hear that name and now the word also raises up the same awful feeling. I can’t believe the ignorance of the people who voted/will vote for him.

  5. Ron/BC Says:

    Paula
    I’ve known men like
    him in the past and they are all B.S. No guts, just talk. He attracts others just like himself. I know what he needs!!!

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