Tech Talk for Monday January 12th 2026

Focuses this week are on fourth quarter reports released by major U.S. banks. The sector moved higher last week in anticipation of strong fourth quarter earnings gains triggered by widening interest rate spreads.

Earnings and Revenues Consensus for S&P 500 companies

Source: www.factset.com

Analyst earnings and revenue estimates recorded slight changes last week

• Consensus for fourth quarter 2025 earnings gains remained at 8.3%. Consensus for revenue growth increased to 7.7% from7.6%. For all of 2025, consensus for earnings gains increased to 12.4% from 12.3%. Consensus for revenue gains remained at7.0%.
• Consensus for first quarter 2026 calls for a 12.6% earnings increase, down from a 13.1% increase last week. Revenue gains increased to 8.3% from a previous 8.2% gain.
• Consensus for second quarter 2026 earnings gains remained at 14.6%. Consensus for revenue gains increased to 7.4% from 7.3%.
• Consensus for third quarter 2026 earnings calls for a 14.9% gain, up from 14.7% last week. Consensus for revenue gains increased to 6.6% from 6.5%
• Consensus for fourth quarter 2026 earnings calls for an 18.3% gain, up from18.1% last week. Revenue gains increased to 7.4%, up from 7.2% last week.
• For all of 2026, consensus for earnings growth slipped to 14.9% from 15.0%. Consensus for revenue gains increased to 7.3% from 7.2%.

Economic News This Week

December U.S. Consumer Price Index released at 8:30 AM EST on Tuesday is expected to increase 0.2% versus 0.3% in November. On a year-over-year basis, December CPI is expected to increase 2.7% versus 2.7% in November. Excluding food and energy, December CPI is expected to increase 0.3% versus 0.2% in November. On a year-over-year basis, core CPI is expected to increase 2.7% versus 2.6% in November.

October U.S. New Home Sales released at 10:00 AM EST on Tuesday are expected to drop to 715,000 from 800,000 in September

November U.S. Retail Sales released at 8:30 AM EST on Wednesday are expected to increase 0.4% versus no change in October. Excluding auto sales, November Sales are expected to increase 0.4% versus a 0.4% increase in October.

November U.S. Producer Price Index released at 8:30 AM EST on Wednesday is expected to increase 0.3% versus a 0.3% increase in October.

December Existing Home Sales released at 10:00 AM EST on Wednesday are expected to increase to 4.25 million units from 4.13 million units in November.

Beige Book is released at 2:00 PM EST on Wednesday.

January Empire State Manufacturing Survey released at 8:30 AM EST on Thursday is expected to improve to 1.0 from -3.9 in December.

January Philly Fed Survey released at 8:30 AM EST on Thursday is expected to improve to

-4.0 from -8.8 in December.

December U.S. Industrial Production released at 9:15 AM EST on Friday is expected to increase 0.2% versus a 0.2% increase in November.

December U.S. Capacity Utilization released at 9:15 AM EST on Friday is expected to be unchanged from November at 76.0.

Selected Earnings News This Week

Changes last week

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for January 9th 2026

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 January 9th 2026

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for January 9th 2025

Green: Increase from previous day

Red: Decrease from previous day

Technical Notes for Friday

Materials SPDRs (XLB) moved above $43.73 to an all-time high extending an intermediate uptrend.

Homebuilders SPDRs (XHB) moved above $110.11 resuming an intermediate uptrend. Seasonal influences are favourable until January 28th. See seasonality chart at www.equityclock.com

Consumer Discretionary SPDRs (XLY) moved above $123.39 to an all-time high extending an intermediate uptrend.

Cdn.CapREIT iShares (XRE.TO) moved above Cdn$16.24 resuming an intermediate uptrend. Seasonal influences are favourable until March 7th. See seasonality chart at www.equityclock.com

S&P 100 and NASDAQ 100 stock moving above resistance extending intermediate uptrends included Intel (INTC) on a move above $44.02, Dow (DOW) on a move above $22.67, Alphabet (GOOGL) on a move above $328.62 to an all-time high, Home Depot (HD) on a move above $366.30, Honeywell (HON) on a move above $208.37, ADP (ADP) on a move above $267.85 and Colgate (CL) on a move above $81.35. Seasonal influences are favourable for Home Depot until January 31st, for Honeywell until March 10th and for Colgate until (March 31st See seasonality charts at www.equityclock.com

TSX 60 stocks moving above resistance to all-time highs extending intermediate uptrends included Suncor (SU.TO) on a move above Cdn$63.51 to an all-time high, Franco-Nevada (FNV.TO) on a move above Cdn$314.11 and US$225.21 and Agnico-Eagle (AEM.TO) on a move to an all-time high on above Cdn$262.80 and US $187.07. Seasonal influences are favourable for Franco-Nevada until May 24th and for Agnico-Eagle until May 6th. See seasonality charts at www.equityclock.com

Links offered by valued providers

Michael Campbell's Money Talks for January 10th (Includes an interview with Mark Leibovit).

https://mikesmoneytalks.ca/category/mikes-content/complete-show/

Black Swan Events in 2026: Mark Leibovit

https://www.howestreet.com/2026/01/what-black-swan-events-to-worry-about-in-2026-mark-leibovit/

Will the Fed Continue to Cut Rates? Tim Wood

https://www.howestreet.com/2026/01/will-the-fed-continue-to-cut-rates-tim-wood/

Mike Wilson: The Bullish Signals Worth Watching: Guy Adami, Dan Nathan and Mike Wilson

Mike Wilson: The Bullish Signals Worth Watching - YouTube

Emerging Markets Could Keep Surging: Goldman Sachs

Emerging Markets Could Keep Surging - YouTube

CHART THIS with Dave Keller | Jan 8, 2026: Cathie Wood's Bull Case and the Technical Reality

CHART THIS with Dave Keller | Jan 8, 2026: Cathie Wood's Bull Case and the Technical Reality - YouTube

Did the Venezuela Raid Screw Canada? | In the Money with Amber Kanwar

Did the Venezuela Raid Screw Canada? | In the Money with Amber Kanwar - YouTube

Panic in Canadian Oil Stocks & Why We're Buying: Ninepoint Partners

Panic in Canadian Oil Stocks & Why We're Buying - YouTube

Major Trade Alerts As The S&P 500 Wedge is Snapping: Are You Prepared? Verified Investing

Major Trade Alerts As The S&P 500 Wedge is Snapping: Are You Prepared? - YouTube

Tom Lee: Why a Midyear Market Pullback Is Likely

Tom Lee: Why a Midyear Market Pullback Is Likely - YouTube

Chart of the Day: Alphabet

Chart of the Day: Alphabet - YouTube

2026 will see a potential 15-20% pullback in stocks, before a rebound: Fundstrat analyst

2026 will see a potential 15-20% pullback in stocks, before a rebound: Fundstrat analyst - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.40 on Friday and gained 13.00 last week to 72.20. It changed from Neutral to Overbought on a move above 60.00. Daily uptrend was extended.

The long term Barometer added 1.60 on Friday and gained 7.00 last week to 67.60. It remains Overbought. Daily uptrend was extended.

TSX Momentum Barometers

The intermediate term Barometer added 3.21 on Friday and gained 5.43 last week to 79.36. It remains Overbought. Daily uptrend was extended.

The long term Barometer added 0.46 on Friday and gained 1.46 last week to 84.40. 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.