Pre-opening Comments for Tuesday February 6^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points at 8:30 AM EST.

Palantir added $2.66 to $19.38 after reporting higher than consensus fourth quarter revenues.

Spotify gained $14.24 to $237.43 after the company reported a narrower than consensus fourth quarter loss.

Eli Lilly advanced $30.00 to $736.00 after reporting higher than consensus fourth quarter earnings.

Symbotic dropped $9.23 to $40.37 after reporting a fiscal first quarter loss.

 

Technical Notes

NASDAQ Biotech ETF $IBB moved below $133.43 completing a double top pattern.

Biotech ETF $BBH moved below $164.14 completing a double top pattern.

Bristol-Myers Squibb $BMY an S&P 100 stock moved below $47.70 extending an intermediate downtrend.

Solar ETF $TAN moved below $40.51 extending an intermediate downtrend.

McDonald’s $MCD a Dow Jones Industrial Average stock moved below $287.20 and $285.72 setting an intermediate downtrend.

BHP $BHP one of the world’s largest base metals producers moved below $59.58 completing a Head & Shoulders pattern.

Canadian Pacific $CP.TO a TSX 60 stock moved above Cdn$112.54 to an all-time high extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Feb.5^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 Feb.5^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for Feb.5^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Link offered by a valued provider

The stock market often suffers in February. It’s worse in election years.

https://www.marketwatch.com/story/the-dow-jones-tends-to-fall-in-february-in-election-years-its-even-worse-ea83741d

 

S&P 500 Momentum Barometers

The intermediate term Barometer continued to collapse. It dropped another 7.20 to 59.20. The Index changed from Overbought to Neutral on a drop below 60.00. Daily trend is down.

The long term Barometer dropped 3.00 to 69.20. It remains Overbought. Daily downtrend resumed.

 

TSX Momentum Barometers

The intermediate term Barometer plunged 9.78 to 52.89. It changed from Overbought to Neutral on a drop below 60.00. Daily downtrend resumed.

The long term Barometer dropped 6.22 to 56.89. It changed from Overbought to Neutral on drop below 60.00. Daily trend has turned down.

 

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 May 21, 2024 Stock Market Outlook for May 17, 2024 Stock Market Outlook for April 16, 2024 Stock Market Outlook for May 15, 2024 Stock Market Outlook for May 14, 2024