Tech Talk for Wednesday February 7th 2024
U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points at 8:35 AM EST
Index futures were unchanged following release of the December U.S. Trade Report at 8:30 AM EST. Consensus was a deficit of $62.20 billion versus a downwardly revised deficit of $61.9 in November. Actual was a deficit of $62.20 billion
Ford gained $0.93 to $13.00 after reporting higher than consensus fourth quarter revenues and earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0011-1.png "clip_image001[1]")
Snap dropped $3.45 to $14.00 after reporting less than consensus fourth quarter revenues.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0021-1.png "clip_image002[1]")
Chipotle gained $37.26 to $2,525.000 after reporting higher than consensus fourth quarter revenues.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0031-1.png "clip_image003[1]")
VF Corp dropped $0.75 to $16.20 after reporting less than consensus fourth quarter revenues and earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0041-1.png "clip_image004[1]")
Technical Notes
Transportation iShares $IYT moved above $265.89 extending an intermediate uptrend.
Canadian National Railway $CNR.TO a TSX 60 stock moved above Cdn$171.88 extending an intermediate uptrend.
China Large Cap ETF $FXI moved above $23.09 completing a double bottom pattern.
Trip.com $TCOM a NASDAQ 100 stock moved above $39.11 extending an intermediate uptrend.
DocuSign $DOCU a NASDAQ 100 stock moved below $54.24 completing a double top pattern.
Concerns about regional U.S. banks continue to escalate: $NYCB
Bank of Montreal $BMO.TO a TSX 60 stock moved below Cdn$124.04 completing a double top pattern.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Feb.6th 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.6th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Feb.6th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Market Breadth Divergence Says NO BULL! David Keller
https://www.youtube.com/watch?v=FKnYbc-P2iQ
Top Stocks Poised For Selloff? | On The Tape Investing Podcast: Guy Adami
https://www.youtube.com/watch?v=d5dB9hoz6ws
Markets Spooked Despite Strength In Economy: Tom Bowley
Markets Spooked Despite Strength in Economy - YouTube
S&P 500 Momentum Barometers
The Barometer added 4.40 to 63.60. It returned to Overbought on a recovery above 60.00.
The long term Barometer added 2.20 to 71.40. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 3.56 to 56.44. It remains Neutral.
The long term Barometer added 2.67 to 59.56. It remains Neutral.
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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