Tech Talk for Tuesday July 3rd 2018

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Pre-opening Comments for Tuesday July 3rd

U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade.

U.S. equity markets are closing today at 2:00 PM EDT prior to the Independence Day holiday.

Roku added $2.11 to $45.40 after Oppenheimer upgraded the stock to Outperform from Perform. Target price is $50.

American Airlines dropped $0.33 to $38.03, Delta Airlines fell $0.19 to $49.73 and United Continental lost $0.79 to $70.13 after Deutsche Bank lowered their ratings from Buy to Hold.

Pepsico slipped $0.42 to $109.11 after Deutsche Bank lowered its rating to Hold from Buy.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/06/29/stock-market-outlook-for-july-3-2018/

Note seasonality charts on KBW Bank Index, Canadian GDP, Canadian Producer Prices, Canadian Dollar and the U.S.REIT Index

Observations

U.S. equity markets recovered strongly from a downdraft in early trading yesterday. All major equity indices recorded gains by the close. Short term momentum indicators (Daily Stochastics, RSI, MACD) turned upward from oversold levels. ‘Tis the season for U.S. equity indices to move higher until the third week in July

Strength was despite significant weakness by Far East equity markets. The Shanghai Composite Index and Hang Seng Index dropped to multi-month lows. The Nikkei Index dropped below support at 21,900. Japan iShares dropped below $57.14 to a 9 month low. The Kospi Index completed a Head & Shoulders pattern.

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In response to weakness in Far East equity markets, copper completed a double top pattern on a move below $2.94 per lb.

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Mexico ETF moved lower following election of a leftist leaning President.

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StockTwit Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bearish. No intermediate breakouts. Breakdowns:

$F $HAL $PBCT $PCAR.

Editor’s Note: After 10:00 AM EDT, no intermediate breakouts. Breakdowns: BEN, PKG, GGP and CAG

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for July 2nd 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for July 2nd 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Sector Trends for July 2nd 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

The Barometer added 0.80 to 53.40 yesterday. It remains intermediate neutral.

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Disclaimer: Seasonality 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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6 Responses to “Tech Talk for Tuesday July 3rd 2018”

  1. bruce Says:

    tnx Sherri for the Armstrong update……

  2. dutchcanuck Says:

    The spread on the Canadian yield curve is down to 23.7bp.
    A negative yield curve is often precursor to a bear market, but not always.
    All bear markets since 1900, except for one have started with a neg yield curve.
    It can take from 6mths to 18mths to kick in after the yield curve reverses.

  3. Ron/BC Says:

    Dutchcanuck
    Which 2 Etfs would you use to see this?

  4. khboker Says:

    Ron/BC good article of us yield curve. 10yr minus 2yr.

    https://www.marketwatch.com/story/why-stock-market-investors-should-stop-freaking-out-about-the-yield-curve-2018-06-28

  5. dutchcanuck Says:

    Ron/BC
    I use the World’s Bonds website.
    How’s the back?

  6. Ron/BC Says:

    Dutchcanuck/khboker

    OK thanks. I wondered if the 2yr and 10yr were what you were referring to. And my back is fine thanks. Just over did the packing,cleaning the apt I left and moving into my condo etc. Nicely settled now and golfing again. Just trying to get a handle on the single plane swing………..

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