Tech Talk for Wednesday July 3rd 2019

Daily Reports Add comments

Pre-opening Comments for Wednesday July 3rd

U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:15 AM and 8:30 AM EDT. Consensus for June ADP Private Employment was 140,000 versus 27,000 in May. Actual was 102,000 .Consensus for May U.S. Trade Deficit was $53.5 billion versus upwardly revised $51.2 billion in April. Actual was $55.5 billion . Consensus for Weekly Jobless Claims was a drop to 223,000 from 229,000 last week. Actual was 221,000.

The Canadian Dollar advanced 0.04 to U.S.76.39 cents following release of the May Canadian Trade Balance at 8:30 AM EDT. Consensus was a deficit of $1.60 billion versus a deficit of $0.97 billion in April. Actual was a surplus of $760,000

Tesla jumped $16.78 to $240.35 on news that the company set new delivery and production records in the second quarter.

clip_image001

Symantec gained $3.70 to $25.80 on rumors that the company is in takeover talks with Broadcom.

clip_image002

Merck added $0.40 to $85.91 after Mizuho Securities initiated coverage with a Buy rating and a $97 target price.

clip_image003

Starbucks improved $0.45 to $85.96 after Stifel Nicolaus raised its target price to $86 from $65.

clip_image004

 

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/07/02/stock-market-outlook-for-july-3-2019/

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00:Quiet. One breakout: $DAL. No breakdowns.

image

Rogers Communications $RCI, a TSX 60 stock moved above $54.06 U.S. extending an intermediate uptrend.

image

Rio Tinto $RIO moved above $63.27 to a 10 year high extending an intermediate high. The stock is responding to higher iron concentrate prices.

image

Imperial Oil $IMO.CA, a TSX 60 stock moved below $35.65 setting an intermediate downtrend.

image

 

Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 2nd 2019

spx july 3

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for July 2nd 2019

crb july 3

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 2nd 2019

xlk july 3

Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

image

The Barometer slipped 1.00 to 76.40 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

image

The Barometer added 1.48 to 54.04 yesterday. It remains intermediate neutral.

 

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

Sponsored By...



5 Responses to “Tech Talk for Wednesday July 3rd 2019”

  1. Kam Says:

    Hi Guys,

    SPX,

    Just about ready to sleep but I want to post this as it sounds important.

    Tea leaves on EW thinks that market is at an inflection point. We are at a point that market can run 800 points up or 800 points down. Bias is that its down but if we move 70 points up and thru 3050 we might be on a melt up.
    Main point of this post is to keep your position small and don’t be a pig. Don’t go balls to the wall short or long here.In the face of possible majors impulsive wave up versus major impulsive wave down one should always reduce risk because there will be plenty of opportunity to catch the train in which ever way that train decides to go.You don’t want to be in the house of pain or even lose your account.

    Good Night all.Later Gator.

  2. dutchcanuck Says:

    The inverted yield curve is now at -2.3bips. It’s accelerating.
    Kam my best guess here is for a meltup into yearend followed by a significant correction in 2020.
    Also looks like Symantec which I bought recently will get a takeover bid from Broadcom. I need the US$ to travel.(lol)

  3. Ron/BC Says:

    Kam

    Well the XIU.to isn’t the $SPX but with price trapped between the $24 breakout point and 25 resistance I see Mr. Arrow isn’t convinced of a potential breakout yet. I’ve overlaid the SPY to show the difference. They both trade in the same basic direction but the XIU.to does tend to lag a little. So with this XIU.to chart we need to see price clear $25 and the Long Term Modified MACD to curl back up again to suggest a trend change back to up again. The arrows seem to know where to go………….

    https://stockcharts.com/h-sc/ui?s=XIU.TO&p=D&yr=2&mn=0&dy=0&id=p47039082057&a=673066204

  4. Ana Says:

    #1. Kam,

    Thinking a high here. Took a short position.

  5. Ana Says:

    Tech Talk,

    Asking again, why does the address bar state “Not Secure” in front of your “http://www.timingthemarket.ca/techtalk/2019/07/03/tech-talk-for-wednesday-july-3rd-2019/#comment-560926”

Entries RSS Comments RSS Log in