Tech Talk for Wednesday January 31st 2024
U.S. equity index futures were lower this morning. S&P 500 futures were down 25 points at 8:35 AM EST.
The Canadian Dollar added 0.08 to US74.56 cents following release of Canada's November GDP report at 8:30 AM EST. Consensus was an increase of 0.1% versus no change in October. Actual was an increase of 0.2%.
Microsoft dropped $5.59 to $403.00 despite reporting higher than consensus fiscal second quarter revenues and earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0011-7.png "clip_image001[1]")
Alphabet (GOOGL) dropped $8.38 to $144.31 despite reporting higher than consensus fourth quarter revenues and earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0021-8.png "clip_image002[1]")
Advanced Micro Devices dropped $7.71 to $164.35 despite reporting higher than consensus fourth quarter revenues and earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0031-7.png "clip_image003[1]")
Meta Platforms dropped $10.56 to $389.50 in response to share price weakness after the close by Microsoft, Alphabet and Advanced Micro Devices following release of their quarterly reports.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/01/clip_image0041-7.png "clip_image004[1]")
Technical Notes
Agriculture ETN $DBA moved above $21.51 to a 21 month high extending an intermediate uptrend.
General Motors $GM an S&P 100 stock moved above $36.85 extending an intermediate uptrend.
Money center banks including Citigroup, Wells Fargo and JP Morgan broke to new highs.
Citigroup $Can S&P 100 stock moved above $36.85 extending an intermediate uptrend.
Wells Fargo $WFC an S&P 100 stock moved above $50.77 extending an intermediate uptrend.
Danaher $DHR an S&P 100 stock moved above $242.55 extending an intermediate uptrend.
S&P/TSE Financials iShares $XFN.TO moved above Cdn$48.11 extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Jan.30th 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 30th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Jan.30th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Catalysts Pushing Markets HIGHER or Dragging Them LOWER? David Keller
Catalysts Pushing Markets HIGHER or Dragging Them LOWER? - YouTube
Breaking Records: S&P 500 Soars in Yesterday’s Afternoon Rally: Tom Bowley
https://www.youtube.com/watch?v=iRgyZsTRVxQ
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 2.00 to 75.40. It remains Overbought.
The long term Barometer slipped 1.20 to 74.40. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 1.33 to 71.11. It remains Overbought.
The long term Barometer slipped 1.33 to 62.22. 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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