Tech Talk for Tuesday July 9th 2019

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Pre-opening Comments for Tuesday July 9th 2019

U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points in pre-opening trade.

Pepsico added $1.14 to $133.70 after reporting higher than consensus second quarter revenues and earnings.

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Apple (AAPL $200.02) is expected to open higher after J P Morgan raised its target price from $233 to $239.

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Acacia Communications jumped $17.69 to $65.75 after Cisco offered to acquire the company at $70 cash per share. Value of the offer is $2.6 billion.

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3M dropped $2.99 to $166.20 after RBC Capital Markets downgraded the stock to Sector Perform from Outperform.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/07/08/stock-market-outlook-for-july-9-2019/

Note seasonality charts on the Technology sector, NASDAQ Index, Non-farm Payrolls and Canada Employment.

 

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quiet. No intermediate breakout. Breakdown: $JNPR.

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Russel Metals $RUS.CA moved below $20.90 extending an intermediate downtrend.

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Canadian Natural Resources $CNQ.CA, a TSX 60 stock moved below $34.24 extending an intermediate downtrend.

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 8th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for July 8th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 8th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Notable change in technical score

Score on SSEC dropped to 0 from 4

. Dropped below its 20 and 50 day moving averages

. Stochastics, RSI and MACD rolled over from overbought levels.

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Score on XLI dropped to -4 from 0

. Strength relative to the S&P 500 Index turned negative

. Stochastics, RSI and MACD rolled over from overbought levels.

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Technical Scoop

Thank you to David Chapman and www.EnrichedInvesting.com for a link to the following weekly report

http://enrichedinvesting.com/wp-content/uploads/2019/07/Record-highs-slowing-economy-rosy-jobs-golden-breather-mixed-indicators-higher-yields-approaching-top.pdf

 

Keith Richards’ Blog

Keith takes a look at sentiment indicators. Following is a link:

https://www.valuetrend.ca/sentiment-speaks-looking-for-buy-sell-clues/

 

Momentum Barometers

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The Barometer for S&P 500 stocks dipped 3.60 to 78.60 yesterday. It remains intermediate overbought.

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The Barometer for TSX stocks dropped 6.41 to 59.83 yesterday. It changed from intermediate overbought to intermediate neutral on a move below 60 and shows early signs of rolling over.

 

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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3 Responses to “Tech Talk for Tuesday July 9th 2019”

  1. Larry/ON Says:

    AMZN and NFLX making bids to clear resistance which imply major moves higher if successful

  2. Larry/ON Says:

    SOXX may be bouncing off bottom of what looks to be the upward trading channel. Early signs of the market trying to turn direction back to up.

  3. rocketdave Says:

    Anyone else impressed with the Baltic Dry Index??
    Wow! I can’t see the market tanking anytime soon. It looks
    great. I can see a minor correction, is all. Because of the overbought
    condition. Anyone else see anything different??

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