Tech Talk for Wednesday July 17th 2019

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Pre-opening Comments for Wednesday July 17th

U.S. equity index futures were mixed this morning. The S&P 500 futures were up one point in pre-opening trade.

Index futures were virtually unchanged following release of June Housing Starts at 8:30 AM EDT. Consensus was a slip to 1.262 million units from 1.269 million units in May. Actual was 1.253 million units

The Canadian Dollar was virtually unchanged at U.S. 76.50 cents following release of the June Canadian Consumer Price Index at 8:30 AM EDT. Consensus was a year-over-year increase of 2.0% versus a gain of 2.4% in May. Actual was 2.0%.

Bank of America slipped $0.04 to $28.95 after releasing higher than consensus second quarter earnings, but lower than consensus revenues.

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CSX dropped $5.90 to $73.65 after reporting lower than consensus second quarter earnings.

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Merck (MRK $81.59) is expected to open higher after the FDA approved new indications for Rebarbrio injections.

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Apple (AAPL $204.50) is expected to open higher after Goldman Sachs raised its target price to $187 from $171.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/07/16/stock-market-outlook-for-july-17-2019/

Note seasonality chart on Retail Trade

 

Observations

Energy and related equities/indices on both sides of the border recorded significant technical weakness yesterday. See changes in technical score below

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On average on July 17th during the past 20 years, U.S equity markets have a history of entering into a period of greater volatility and lower prices:

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StockTwits released yesterday @EquityClock

Silver ETN $SLV moved above $14.54 extending an intermediate uptrend.

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Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $MAT $MSCI $FDX $JBHT $UNP $JNPR. Breakdown: $FRC

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Editor’s Note: After 10:00 AM EDT, intermediate breakouts included GPS, NSC, LKQ, IBM, HSY, CLX and TDG. Breakdowns included EA, APA, MUR and PXD.

Nickel ETN $JJNTF moved above $16.50 setting an intermediate uptrend.

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Electronic Arts $EA, a NASDAQ 100 stock moved below $89.91 setting an intermediate downtrend

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Industrial SPDRs $XLI moved above $78.73 to an all-time high extending an intermediate uptrend.

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IBM $IBM, a Dow Jones Industrial stock moved above $143.68 extending an intermediate uptrend.

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Silver stocks are responding to the breakout by silver. Pan American Silver $PAAS moved above $13.62 setting an intermediate uptrend.

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Another precious metals producer breakout! New Gold $NGD.CA moved above $1.75 extending an intermediate uptrend.

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Aecon Group $ARE.CA moved above $19.77 extending an intermediate uptrend

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Canadian Pacific CP.CA, a TSX 60 stock moved above $317.89 to an all-time extending an intermediate uptrend

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Base metal stocks moving higher on higher base metal prices. Nice breakouts by $VALE $FM.CA. Others: $TECK.B.CA $LUN.CA

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Oil and Gas producers on both sides of the border that broke intermediate support today: $APA $MUR $ECA.CA

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More "gassy" energy stocks/ETF breakdowns: $PXD $ECA $FCG

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 16th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for July 16th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 16th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

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The Barometer slipped 1.00 to 82.60 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer dropped 1.56 to 59.48 yesterday. It changed to intermediate neutral on a move below 60.00 and showing 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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4 Responses to “Tech Talk for Wednesday July 17th 2019”

  1. Ron/BC Says:

    Here are a couple of precious metal markets trying to breakout. Most of them are and there’s too many to list.

    https://stockcharts.com/h-sc/ui?s=SIL&p=D&yr=1&mn=6&dy=0&id=p56663288685&a=673066112

    https://stockcharts.com/h-sc/ui?s=JNUG&p=D&yr=2&mn=6&dy=0&id=p80248877565&a=673274058

  2. Larry/ON Says:

    Top? – For myself I largely cashed out today except for limited amounts of some core holdings.

  3. Larry/ON Says:

    IBM beat on earnings and much higher in after market. The software and cloud providers like MSFT and ADBE may hold up. MSFT reports after the close tomorrow. Semis were up but if they turn negative that would be very negative for this market. NFLX got crushed. AMZN looks like it mrolled over.

  4. Ron/BC Says:

    The $SPX poked its nose above 3000 and sold off. Not that big a deal and no surprise. The big test is the pullback to the double top breakout area at 2940. This needs to be proven to be price support on a pullback or price could easily fall back to previous support at 2815 which just happens to be its 200ema as well.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p34267797275&a=673066103

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