Tech Talk for Friday January 12th 2024
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:35 AM EST.
S&P 500 futures recovered 13 points following release of the U.S. December Producer Price Index at 8:30 AM EST. Consensus was an increase of 0.1% versus no change in November. Actual was down 0.1%. On a year-over-year basis, consensus was an increase of 1.3% versus a gain of 0.9% in November. Actual was an increase of 1.0%. Excluding food and energy, consensus for December PPI was an increase of 0.2% versus a gain of 0.2% in November. Actual was an increase of 0.2%. On a year-over-year, consensus for core PPI was an increase of 1.9% versus a gain of 2.0% in November. Actual was an increase of 2.5%.
Crude Oil advanced $2.31 per barrel to $74.33 on growing Middle East tensions.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0015-3.png "clip_image001[5]")
Delta Airlines dropped $2.04 to $40.22 after the company lowered profit guidance.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0025-4.png "clip_image002[5]")
Bank of America dropped $0.53 to $32.62 after reporting less than consensus fourth quarter earnings.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0035-3.png "clip_image003[5]")
Wells Fargo dropped $0.62 to $48.50 after increasing its loan loss provisions
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0045-3.png "clip_image004[5]")
Technical Notes
All of the U.S. equity breakouts occurred just after the opening yesterday.
Amazon $AMZN a NASDAQ 100 stock moved above $155.63 to an all-time high extending an intermediate uptrend.
Netflix $NFLX a NASDAQ 100 stock moved above $500.89 extending an intermediate uptrend.
Salesforce.com $CRM a Dow Jones Industrial Average stock moved above 268.36 extending an intermediate uptrend.
Microsoft $MSFT a Dow Jones Industrial Average stock moved above $384.30 to an all-time high extending an intermediate uptrend.
Alphabet $GOOGL a NASDAQ 100 stock moved above $142.68 extending an intermediate uptrend.
George Weston $WN.TO a TSX 60 stock moved above Cdn$168.01 extending an intermediate uptrend. Responded to share price strength in Loblaw Companies following an upgrade by TD Bank. Loblaw broke to an all-time high.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Jan.11th 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 11th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Jan.11th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by Valued Providers
CPI Report Sends Shock Waves Through Markets: Tom Bowley
https://www.youtube.com/watch?v=RssqCzylWPo
2 STOCK PICKS: Putting My Money Where My Mouth is! Dave Landry
2 STOCK PICKS: Putting My Money Where My Mouth is! - YouTube
U.S. inflation comes in higher than expected in December: instant reaction: BNNBloomberg
U.S. inflation comes in higher than expected in December: instant reaction - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 1.20 to 84.60. It remains Overbought. Daily data has turned down.
The long term Barometer dropped 1.40 to 75.80. It remains Overbought. Daily data has turned down.
TSX Momentum Barometers
The intermediate term Barometer dropped 1.78 to 71.56. It remains Overbought.
The long term Barometer was unchanged at 59.56. 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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