Tech Talk for Tuesday January 7th 2025

U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points at 8:35 AM EST.

S&P 500 Index futures were unchanged following release of the November U.S. Trade Deficit Report at 8:30 AM EST. Consensus called for a $78.40 billion deficit versus a $73.80 billion deficit in October. Actual was a $78.2 billion deficit.

NVidia advanced $3.71 to an all-time high at $153.00 following a presentation by the company last night at the Consumer Electronics Show offering guidance.

Carvana gained $7.64 to $196.49 after Royal Bank upgraded the stock from Sector Perform to Outperform

Tesla dropped $7.75 to $403.30 after Bank of America downgraded the stock from Buy to Hold.

EquityClock's Stock Market Outlook for January 7th

Continue to scrutinize positions against 20-week moving averages; those deriving resistance at the hurdle warrant mitigating, while those holding it as support warrant a positive bias. See:

https://equityclock.com/2025/01/06/stock-market-outlook-for-january-7-2025/

Technical Notes

Semiconductor ETF $SMH moved above $261.10 extending an intermediate uptrend.

Citigroup $C an S&P 100 stock moved above $73.38 to a 16 year high extending an intermediate uptrend.

Thermo Fisher Scientific $TMO an S&P 100 stock moved above $542.00 completing a double bottom pattern.

KLA Corp $KLAC a NASDAQ 100 stock moved above $670.50 completing a double bottom pattern.

S&P 100 and NASDAQ 100 stocks moving below support setting intermediate downtrends included Palo Alto Networks on move below $178.00, Roper Technologies on moves below $513.25 and $506.02, Honeywell on a move below $223.16, Raytheon Technologies on a move below $114.22, Nike on a move below $72.34 and Coca Cola on a move below $60.93

Canadian Pacific $CP.TO a TSX 60 stock moved above $109.40 completing a double bottom pattern

ARC Resources $ARX.TO a major Canadian "gassy" stock moved above $27.20 to an all-time high extending an intermediate uptrend. Natural gas futures were up almost 10% yesterday.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for January 6th 024

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 6th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for January 6th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Q1 earnings and guidance will be key to market outlooks, says Dan Niles

Q1 earnings and guidance will be key to market outlooks, says Dan Niles - YouTube

Earnings expected to be up 12-13% but markets will be choppy, says Strategas’ Jason Trennert

Earnings expected to be up 12-13% but markets will be choppy, says Strategas’ Jason Trennert - YouTube

Natural gas production under pressure from cold weather, says Energy Aspect’s Amrita Sen

Natural gas production under pressure from cold weather, says Energy Aspect’s Amrita Sen - YouTube

The stage is set for a broadening equity market performance, says Neuberger Berman’s Knutzen

The stage is set for a broadening equity market performance, says Neuberger Berman’s Knutzen - YouTube

New Year, Same Rally: Nvidia Leads Stocks Higher: Guy Adami, Dan Nathan

New Year, Same Rally: Nvidia Leads Stocks Higher - YouTube

An oil bull market is on the horizon, says Goldman Sachs’ Neil Mehta

An oil bull market is on the horizon, says Goldman Sachs’ Neil Mehta - YouTube

Chart of the Day: NASDAQ Composite Index

Technical score increased from 2 to 6 when the Index moved above its 20 day moving average and strength relative to S&P 500 returned to positive. The Index is responding to favourable news on new technologies announced this week at the Consumer Electronics Show in Las Vegas.

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 0.40 to 24.40. It remains Oversold.

The long term Barometer dropped 1.40 to 54.60. It remains Neutral.

TSX Momentum Barometers

The intermediate term Barometer dropped 4.48 to 41.70. It remains Neutral.

The long term Barometer dropped 1.79 to 65.92. 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