Tech Talk for Tuesday July 16th 2019

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Pre-opening Comments for Tuesday July 16th

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.

Index futures were virtually unchanged following release of June Retail Sales at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 0.5% in May. Actual was an increase of 0.4%. Excluding auto sales, consensus for June Retail Sales was an increase of 0.2% versus a gain of 0.5% in May. Actual was an increase of 0.4%

Johnson & Johnson (JNJ $134.71) is expected to open higher after reporting higher than consensus second quarter revenues and earnings.

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Goldman Sachs added $2.38 to $213.96 after reporting higher than consensus second quarter results. The company also raised its dividend.

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JP Morgan dropped $1.90 to $112.00 after reporting higher than consensus second quarter results, but also lowering guidance.

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Domino’s Pizza dropped $21.40 to $248.52 after reporting lower than consensus second quarter revenues.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/07/15/stock-market-outlook-for-july-16-2019/

Note:  seasonality charts on Silver Futures and the Empire State Manufacturing Survey

 

StockTwits released yesterday @EquityClock

Cameco $CCO.CA $CCJ moved below $13.40 Cdn. extending an intermediate downtrend.

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Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $UA $F $FOX $LUV $KMB. Breakdown: $TAP

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Editor’s Note: After 10:00 AM EDT, intermediate breakouts included CVX, UAA, NKE, AMD, BBY, BR, CF, TWTR. Breakdown: XEC.

Chevron $CVX, a Dow Jones Industrial stock moved above $126.10 extending an intermediate uptrend.

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Nike $NKE, a Dow Jones Industrial stock moved above $89.75 to an all-time high extending an intermediate uptrend.

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Advanced Micro Devices $AMD, a NASDAQ 100 stock moved above $34.30 to an all-time high extending an intermediate uptrend.

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Touramline $TOU.CA moved above $17.65 Cdn. completing a double bottom pattern.

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Husky Energy, $HSE.CA, a TSX 60 stock moved below $12.14 extending an intermediate downtrend.

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 15th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for July 15th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 15th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Technical Scoop

Thank you to David Chapman and www.enrichedinvesting.com for the following comment:

http://enrichedinvesting.com/wp-content/uploads/2019/07/Spotlight-feud-bank-bleed-backdrop-divergence-channel-top-wide-spread-gold-rose-expect-cut-oil-tension.pdf

 

S&P 500 Momentum Barometer

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The Barometer slipped 1.60 to 83.60 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer added 0.78 to 61.04 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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9 Responses to “Tech Talk for Tuesday July 16th 2019”

  1. Larry/ON Says:

    Dow Transports – Huge Move Higher – Neckline break on FDX, positive earnings report from trucking firm JB Hunt, very positive US consumer spending news. All market POSITIVE.

  2. Larry/ON Says:

    GOOGL – Sharply down in pre-market on Peter Theil’s “traitor” and “unpatriotic company” comments about Chinese communist infiltrators which Trump responded to with a tweet about checking it out. Stock ended up breaking higher from yesterdays close implying a shakeout of weak hands followed by money that wants to enter the stock. Jim Cramer compared Theil to Senator McCarthy and Roy Cohn. Theil being on FB board has some conflict of interest making the allegations. Theil better put up or shut his yap.

  3. Roy Says:

    Hello Ron/BC
    Are there any gold or gold stocks you are watching?
    When is the optimal time to enter the trade?

  4. bruce Says:

    gary

    i see Armstrong has posted a private blog on the dow moving above 27,000…….would you share that with us please?…..tnx……

  5. Ron/BC Says:

    Roy
    I would avoid any individual Gold stock as anything can happen to any one of them. Too many variables to quantify. The Gold stock ETF:XGD.to on the $TSX or GDX on the NYSE is a group of high quality Gold stocks so any one of them wont trash the group. Both have broken out over price resistance and should do well ahead. Doesn’t mean they cant pullback in this July/August time frame but they are likely to hold above their breakout points. GDX has just recently cleared its resistance above its 2017 high. This late summer/early fall period typically sees a low in precious metals.

    https://stockcharts.com/h-sc/ui?s=XGD.TO&p=D&yr=4&mn=0&dy=0&id=p97741620323&a=673066400

    https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=13&mn=0&dy=0&id=p54834868422&a=673066134

  6. Roy Says:

    Thanks Ron/BC – will monitor the stocks mentioned above

  7. Ron/BC Says:

    The Energy ETF:XEG.to has not done well relative to $WTIC. Not all that far from major support either.

    https://stockcharts.com/h-sc/ui?s=XEG.TO&p=D&yr=5&mn=0&dy=0&id=p61473420825&a=673066454

  8. GARY Says:

    #4 Bruce
    Armstrong

    Dow Breaks 27,000
    July remains a key target and if August fails to make a new high above July, there remains the risk of the decline into the fall. Resistance stands technically at 27466 right now. Because of the importance of this trend, we will begin a special one-year subscription to the Dow for $1500 which will include video ongoing updates as needed for the next year.

  9. bruce Says:

    tnx Gary
    good to know…….

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