To our American readers:  Enjoy a safe and happy Fourth of July weekend!

Pre-opening Comments for Friday July 3^rd

The Canadian equity market is expected to be quiet today, typical when U.S. equity markets are closed. U.S. markets are closed for the Independence Day holiday. U.S. equity index futures were down 0.30% in overnight trade.

Other equity markets around the world were mixed overnight. European equity markets were lower by almost 1.0%. Far East equity markets were higher. Focus on Far East equity markets was on the Chinese equity market. The Shanghai Composite Index moved above 3,127.10 by adding another 62.24 to a 3,152.81, a 15 month high. Strength was triggered by strength in the Caixin Purchasing Managers Index from 55.0 in May to a 10 year high at 58.4.

 

Technical Notes

Shanghai Composite Index moved above 3,074.17 to a six month high at 3,091. Testing 3,127.10.

China Large Cap iShares (FXI) moved above $41.30 extending an intermediate uptrend.

Emerging Markets iShares (EEM), heavily weighted with Chinese stocks, moved above $41.07 extending an intermediate uptrend.

Hong Kong iShares (EWH) moved above $21.97 to extending an intermediate uptrend.

Biotech ETF (BBH) moved above $164.69 to an all-time high extending an intermediate uptrend.

Fastenal (FAST), a NASDAQ 100 stock moved above $43.20 to an all-time high extending an intermediate uptrend.

ANSYS (ANSS), a NASDAQ 100 stock moved above $299.06 to an all-time high extending an intermediate uptrend.

QUALCOMM, (QCOM), a NASDAQ 100 stock moved above $92.14 extending an intermediate uptrend.

Verisk (VRSK), a NASDAQ 100 stock moved above $173.48 to an all-time high extending an intermediate uptrend.

Intuit (INTU), a NASDAQ 100 stock moved above $306.23 to an all-time high extending an intermediate uptrend.

Global Copper Miners ETF (COPX) moved above $17.75 extending an intermediate uptrend.

TSX Technology iShares (XIT) moved above $39.92 to an all-time high extending an intermediate uptrend.

More forest product equity breakout! West Fraser moved above $48.63 extending an intermediate uptrend. Canfor moved above $12.23 extending an intermediate uptrend. Norbord moved above $31.25 extending an intermediate uptrend.

Grain ETN:((JJGTF) (one third each in corn, wheat and soybeans) moved below $16.90 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 2^nd 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for July 2^nd 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 2^nd 2020

Green: Increase from previous day

Red: Decrease from previous day

 

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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