Tech Talk for Thursday July 2nd 2020

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Pre-opening Comments for Thursday July 2nd

U.S. equity index futures were higher this morning. S&P 500 futures were up 39 points in pre-opening trade.

Equity index futures moved higher following economic news released at 8:30 AM EDT. Consensus for Weekly Initial Jobless Claims was 1,355,000 versus 1,480,000 million last week. Actual was1,427,000 million. Consensus for June Non-farm Payrolls was an increase to 3.000 million from 2.509 million in May. Actual was an increase to 4.8 million. Consensus for the June Unemployment Rate was a slip to 12.3% from 13.3% in May. Actual was a drop to 11.1%. Consensus for June Average Hourly Earnings was a drop of 0.7% versus a decline of 1.0% in May. Actual was a drop of 1.2%. Consensus for the May U.S. Trade Deficit was an increase to $53.0 billion from $49.40 billion in May. Actual was an increase to $54.60 billion

The Canadian Dollar improved 0.10 to US73.69 cents following release of the May Canadian Trade report at 8:30 AM EDT. Consensus was a deficit of $3.00 billion versus a revised deficit of $4.27 billion in April. Actual was a deficit of $0.68 billion.

McDonalds slipped $1.36 to $183.30 after the company paused the additional reopening of drive in services at its U.S. restaurants.

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PayPal added $2.33 to $179.76 after Wedbush raised its target price from $176 to $200.

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Tesla gained $76.82 to $1197.00 after reporting higher than consensus second quarter deliveries. Wedbush raised its target price from $1000 to $1250.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/06/30/stock-market-outlook-for-july-2-2020/

Note seasonality charts on the S&P 500 Index, Case/Shiller 20 City Home Price Index and Canadian GDP.

Technical Notes

Amgen (AMGN), a NASDAQ 100 stock moved above $244.39 to an all-time high extending an intermediate uptrend.

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FedEx (FDX), an S&P 100 stock moved above $149.27 extending an intermediate uptrend.

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AbbVie (ABBV), an S&P 100 stock moved above $99.35 extending an intermediate uptrend.

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Corn ETN (CORN) moved above $12.45 completing a double bottom pattern.

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Soybeans ETN (SOYB) moved above $14.15 completing a reverse Head & Shoulders pattern.

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Solar ETF (TAN) moved above $36.40 extending an intermediate uptrend.

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Greg Schnell’s “Market Buzz”

Released yesterday. Headline reads, “Gold Miners Get Set To Surge”. Following is a link:

https://www.youtube.com/watch?v=_c30XfjpHAY&feature=youtu.be

 

Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 1st 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Seasonal/Technical Commodities Trends for July 1st 2020

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 1st 2020

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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 2.40 to 69.34 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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2 Responses to “Tech Talk for Thursday July 2nd 2020”

  1. bruce Says:

    the AAII survey for the week ending july 1st still shows their members refuse to believe in the rally…..the bulls are 22.2% down 2.0% the historical average is 38%…….the bears were down 3% to 45.9% historical average is 30.5%….

  2. Larry/ON Says:

    IMO you stick with this market for the time being. SPX is nowhere near overbought. Resistance further up at 3233 and a chartist on Jim Cramer’s show called 3280 as the “make or break” resistance level. Only buy the best quality growth stocks. Stay away from the bargain bin which is next to the trash container.

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