Tech Talk for Tuesday July 2nd 2019

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Pre-opening Comments for Tuesday July 2nd

U.S. equity index futures were lower this morning. S&P 500 futures were down 2 points in pre-opening trade.

As expected, OPEC agreed to extend production cuts by 9 months. Crude oil slipped $0.14 to $58.95 per barrel following a $0.62 gain yesterday.

Electronic Arts (EA $100.89) is expected to open higher after BMO Capital raised its target price to $130 from $114.

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Western Digital dropped $1.53 to $49.65 after Benchmark downgraded the stock to Sell from Hold.

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Comerica slipped $0.85 to $72.16 after Goldman Sach downgraded the stock to Sell from Neutral. Target was reduced to $70 from $86.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/07/01/stock-market-outlook-for-july-2-2019/

Observations

S&P 500 Index closed at an all-time high despite exceptional strength in the U.S. Dollar Index and its related ETN

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Consumer Discretionary and Technology Indices and related ETFs led the S&P 500 advance by by breaking to all-time highs.

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Japanese iShares moved above $55.48 completing a reverse Head & Shoulders pattern.

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Equity indices outside the U.S. also moved strongly higher. Turkey iShares soared 6%.

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StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:30: Bullish. Intermediate breakouts: $TSCO $BKNG $MGM $WYND $C $MMC $PHC $UNM $BDX $WAG $MAS $XYL $AMAT $AVGO $FFIV $FLIR $IBM $TEL $XLNX $AVY $WRK $PPG $PKG No breakdowns

Editor’s Note: After 10:00 AM EDT, breakouts included AJG, VRSK, KEYS, CTAS, IR and MET. Breakdowns: RTN,CNC,COTY

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MSCI Canada iShares $EWC moved above $28.79 to a 16 month high extending an intermediate uptrend.

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Editor’s Note: Look for the TSX Composite to open nicely higher today.

Consumer Discretionary SPDRs $XLY moved above $120.48 to an all-time high extending an intermediate uptrend.

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Equal weight S&P 500 ETF $RSP moved above $107.99 to an all-time high extending an intermediate uptrend.

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Eurozone iShares $EZU moved above $39.67 extending an intermediate uptrend.

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Germany iShares $EWG moved above $28.18 extending an intermediate uptrend.

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Brookfield Infrastructure $BIP moved above $41.98 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 1st 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for July 1st 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 1st 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Biotech Sector

A favourable technical comment on the sector was mentioned on CNBC yesterday. Following is a link:

https://www.cnbc.com/2019/07/01/top-market-technician-says-biotech-breakout-is-just-getting-started.html

Tis the season for the sector to move higher to mid-September’!

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S&P 500 Momentum Barometer

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The Barometer advanced another 3.60 to 77.40 yesterday. It remains intermediate overbought.

 

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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One Response to “Tech Talk for Tuesday July 2nd 2019”

  1. Paula Says:

    Keep an eye on MFC.TO. It seems to be making a move higher:

    http://schrts.co/VCkiTbrF

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