Tech Talk for Thursday July 18th 2019

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Pre-opening Comments for Thursday July 18th

U.S. equity index futures were mixed this morning. S&P 500 futures were down unchanged in pre-opening trade.

Index futures were virtually unchanged following release of economic news released at 8:30 AM EDT. Consensus for Weekly Jobless Claims was an increase to 215,000 from downwardly revised 208,000 last week. Actual was 216,000. Consensus for the July Philly Fed Index was an increase to 5.0 from 0.3 in June. Actual was an increase to 21.8.

Apple added $0.73 to $204.08 after Raymond James upgraded the stock to Outperform from Market Perform.

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UnitedHealth Group added $1.90 to $268.55 after reporting higher than consensus second quarter earnings. The company also raised guidance.

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Netflix plunged $37.44 to $362.44 after announcing a drop in U.S. subscriptions.

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eBay (EBAY $39.03) is expected to open higher after reporting higher than consensus second quarter earnings.

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EquityClock’s Daily Market Comment

Following is a link:
http://www.equityclock.com/2019/07/17/stock-market-outlook-for-july-18-2019/

Note seasonality charts on Silver futures, Canadian Consumer Price Index, Housing Starts and Crude Oil Days of Supply.

 

StockTwits released yesterday @EquityClock

US #Housing Starts trending 12.0% above average through the first half of the year, the best pace since 2012. $MACRO #Economy

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Canada #Manufacturing Sales up 10.2% (NSA) in May, much stronger than the 6.4% average increase for this spring month. $MACRO #CAD #CDNecon

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Canada #CPI down 0.2% (NSA) in June, negatively diverging from an average increase of 0.1% for the sixth month of the year. $MACRO #CAD #CDNecon

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Technical action by S&P 500 stocks to 10:00: Quiet. No intermediate breakouts. Breakdowns: $CMA $CSX

Editor’s Note: After 10:00 AM EDT, breakouts included ULTA. Breakdowns included BBBY, IVZ, LEN, COG and EBAY

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Thomson Reuters $TRI.CA, a TSX 60 stock moved above $88.82 to an all-time high extending an intermediate uptrend.

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Wheaton Precious Metals $WPM $WPM.CA, a TSX 60 stock moved above $25.22 U.S. and $33.20 Cdn. extending an intermediate uptrend

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Silver Equity ETF $SIL moved above $26.69, $27.45 and $28.09 extending an intermediate uptrend.

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Kirkland Lake Gold $KL.CA moved above $57.94 to an all-time high extending an intermediate uptrend.

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More precious metals equity breakouts: $AEM $HL $FNV

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Breakouts by gold equity ETFs: $XGD.CA $GDX $GDXJ

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 17th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for July 17th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 17th 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 dropped 5.40 to 77.20 yesterday. It remains intermediate overbought and rolling over.

 

TSX Momentum Barometer

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The Barometer slipped another 0.43 to 59.05 yesterday. It remains intermediate neutral and has started to trend down.

 

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 Thursday July 18th 2019”

  1. Larry/ON Says:

    Direction – There was some buy on the dip this morning but it is turning negative. IMO today will be important. If we end the day substantially down the downward momentum will likely accelerate going forward. We are close to the 20day MA on SPX which support. I’m thinking about the 50day around 2900 as the place where buyers will step in. We may need to go all the way back to RSI 30. If the market rebounds now it will be an amazing sign of strength. Kudos to TechTalk calling Jul 15 as the seasonal peak.

  2. Larry/ON Says:

    MSFT – Fabulous beat on both rev and earnings.That should be a true core holding for anyone. SPX nice market finish showing strength. Semis very strong. It was a bit nerve racking today. Everyone’s waiting for the bottom to fall out but it doesn’t look like it is going to happen at this point. The 20dayMA was solid support.

  3. Kam Says:

    SPX,

    One other reason or excuse for SPX move later today could also be credited to Market makers.Tons of monthly SPX options at 3000 strike expiring tomorrow morning at market open. It was a magnet for lots of hedging.

  4. Mary Says:

    Larry/ON
    Thanks for your updates on the market. Stocks turned around nicely. Another up day tomorrow based on Futures.

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