Tech Talk for Thursday January 18th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 21 points at 8:35 AM EST.

Index futures were unchanged following release of the January Philly Fed Index at 8:30 AM EST. Consensus was -7.0 versus -10.5 in December. Actual was -10.6

Charles Schwab dropped $0.86 to $63.45 after reporting less than consensus fourth quarter revenues.

Discover Financial Services dropped $9.14 to $99.60 after reporting lower than consensus fourth quarter earnings.

Kinder Morgan slipped $0.23 to $17.33 after reporting less than consensus fourth quarter revenues.

Apple added $3.19 to $185.87 after Bank of America upgraded the stock from Neutral to Buy. Target was raised to $225.

Technical Notes

S&P 500 Index and NASDAQ Composite Index dropped below their 20 day moving average. The Dow Jones Industrial Average moved below its 20 day moving average on Tuesday.

S&P Equal Weight ETF $RSP moved below $154.83 and $154.51 completing a short term Head & Shoulders pattern.

Hong Kong iShares $EWH moved below $15.86 extending an intermediate downtrend.

Lithium ETN $LIT moved below $45.48 extending an intermediate downtrend.

Precious metals ETNs and related equity ETFs moved below intermediate support. Palladium ETN moved below $85.25 extending an intermediate downtrend. U.S. Junior Gold ETF moved below $34.68. TSX Gold iShare moved below Cdn$16.54.

Energy SPDRs $XLE moved below $79.97 extending an intermediate downtrend.

Exxon Mobil $XOM a Dow Jones Industrial Average stock moved below $97.48 extending an intermediate downtrend.

Utility SPDRs $XLU moved below $61.97 completing a double top pattern.

NextEra $NEE an S&P 100 stock moved below $59.06 completing a double top pattern.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for Jan.17th 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 17th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for Jan.17th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by Valued Providers

Finding the Bottom: Navigating Market Ebb & Flow

Finding the Bottom: Navigating Market Ebb & Flow - YouTube

The Case for a Tactical Stock Selloff: David Keller

The Case for a Tactical Stock Selloff - YouTube

Your Guide to Key Price Levels For Smart Investing: Leslie Jouflas

Your Guide to Key Price Levels For Smart Investing - YouTube

Jamie Dimon's Warning + Chart Check on Market Breadth: Guy Adami and Liz Young

Jamie Dimon's Warning + Chart Check on Market Breadth - YouTube

Double Top on the S&P 500?

Double Top on the S&P 500? - YouTube

BNN Bloomberg's Market Call

Today at 12:00 Noon, guest analyst is Hap Sneddon from CastleMoore.

S&P 500 Momentum Barometers

The intermediate term Barometer plunged 7.00 to 72.60. It remains Overbought. Daily downtrend was confirmed.

The long term Barometer dropped 3.20 to 70.00. It remains Overbought. Daily downtrend has been established.

TSX Momentum Barometers

The intermediate term Barometer plunged 7.11 to 64.89. It remains Overbought. Daily trend has turned down.

The long term Barometer plunged 5.78 to 55.56. It changed from Overbought to Neutral on a 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