Tech Talk for Wednesday July 1st 2020

Daily Reports Add comments

Pre-opening Comments for Wednesday July 1st  

CANADA DAY

U.S. equity index futures were lower this morning. S&P 500 futures were down 8 points in pre-opening trade.

Index futures recovered following release of the June ADP Private Employment report released at 8:15 AM EDT. Consensus was an increase of 3.000 million versus an upwardly revised gain of 3.065 million in May. Previous May report indicated a drop of 2.760 million. Actual in June was an increase of 2.369 million.

FedEx gained $15.56 to $155.78 after reporting higher than consensus fiscal fourth quarter earnings. Cowen raised its target price from $156 to $167.

clip_image001[1]

UnitedHealth Group slipped $2.54 to $292.41 despite initial coverage by Leerink with an Outperform rating and a target of $360.

clip_image002[1]

General Motors slipped $0.21 to $25.09 despite a target price increase by Benchmark from $29.00 to $41.00.

clip_image003

General Mills eased $1.45 to $60.20 despite reporting higher than consensus fiscal fourth quarter revenues and earnings.

clip_image004

 

Tech Talk for (CANADA DAY) Wednesday July 1st 2020

 

Technical Notes

eBay, (EBAY) a NASDAQ 100 stock moved above $51.88 extending an intermediate uptrend.

Xilinx (XLNX), a NASDAQ 100 stock moved above $98.17 extending an intermediate uptrend.

Base Metals ETF (DBB) consisting one third weight each in copper, zinc and aluminum moved above $13.73 extending an intermediate uptrend.

Morgan Stanley A Shares (CAF), a closed end fund with a portfolio of Chinese A shares moved above $19.50 extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 30th 2020

clip_image002

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for June 30th 2020

clip_image002[4]

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 29th 2020

clip_image002[6]

Green: Increase from previous day

Red: Decrease from previous day

 

Consensus Second Quarter Earnings Estimates for TSX 60 Companies

Earnings estimates for Canada’s top listed companies generally are expected to move lower in the second quarter primarily due to impact of COVID 19: According to Zack’s, 16 companies are expected to report higher year-over-year earnings, 42 companies are expected to report lower earnings. Data was not available on two companies. Top gainers were gold stocks. Top decliners were energy companies. Average (median) decline is 20.5%. Following is the data provided by www.Globeinvestors.com

 

consensus earnings

 

 

S&P 500 Momentum Barometer

clip_image001

The Barometer added another 8.22 to 71.74 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

clip_image002[8]

The Barometer added another 4.59 to 73.71 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

Sponsored By...



2 Responses to “Tech Talk for Wednesday July 1st 2020”

  1. Larry/ON Says:

    Market is a freight train now with momentum. Jim Cramer talked about historically the market outperforming the two days before the July 4th holiday. US markets are closed Fri Jul 3rd. CNN market sentiment indicator up a little to 52 neutral. You have to stick with what works which is tech with the acceleration of the digital economy with the pandemic. MSFT and AMZN making new highs today. SHOP is incredible (also quite overbought) and I won’t repeat what Cramer said about it yesterday. AAPL again slowing its’ momentum. Semis stalling at resistance

  2. Vivek Says:

    Happy Canada Day! Looks like a Nasdaq blow off top – TSLA, AMZN & APPL. This whole market looks like March all over again: Tech changing our lives, Covid is contained, everything is great!

Entries RSS Comments RSS Log in