Tech Talk for Tuesday July 7th 2020

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Morning Technical Note

Gold Miners ETF (GDX) moved above $37.49 to an 8 year high extending an intermediate uptrend.

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CheckPoint Software (CHKP), a NASDAQ 100 stock moved above $112.96 extending an intermediate uptrend.

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Pre-opening Comments for Tuesday July 7th

U.S. equity index futures were lower this morning. S&P 500 futures were down 23 points in pre-opening trade.

Apple (AAPL $373.85) is expected to open higher after Raymond James raised its target price from $340 to $400.

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Regeneron added $12.75 to $640.00 after receiving $450 million from the U.S. government for development of a COVID 19 antiviral cocktail.

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NVIDIA added $0.90 to $394.44 after Bank of America/Merrill raised its target price from $420 to $460.

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Novavax jumped $24.06 to $102.75 after receiving $1.6 billion from the U.S. government to speed development and delivery of a COVID 19 vaccine.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/07/06/stock-market-outlook-for-july-7-2020/

Technical Notes

Chinese based equities with U.S. listings were notably stronger at the opening yesterday following overnight strength in Chinese equity indices (e.g. JD Inc. and Baidu included in the NASDAQ100 Index)

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Silver ETN (SLV) moved above $17.10 extending an intermediate uptrend.

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Junior Gold ETF (GDXJ) moved above $50.37 to a seven year high extending an intermediate uptrend.

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Semiconductor ETFs (SMH SOXX) moved to all-time highs in early trading yesterday.

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Medical Devices iShares (IHI) moved above $272.05 extending an intermediate uptrend.

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Lithium ETN moved above $32.57 and $34.00 extending an intermediate uptrend.

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Base Metal stocks moved higher. Nice breakout by Lundin Mining (LUN) above $7.53 Cdn., Southern Copper above $40.31 and Global Base Metals iShares (XBM) above $8.98 extending an intermediate uptrend. Strength was triggered following favourable comments by Freeport McMoran on higher than consensus second quarter copper sales.

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Eli Lilly (LLY) an S&P 100 stock moved above $167.43 to an all-time high extending an intermediate uptrend.

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Ilumina (ILMN), a NASDAQ 100 stock moved above $377.80 extending an intermediate uptrend. Testing its all-time high at $380.76.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 6th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Seasonal/Technical Commodities Trends for July 6th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 6th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

Thank you to David Chapman and www.EnrichedInvesting.com for the link. Headline reads, …

Unique half, millions unemployed, streets riot, election backdrop, narrow high, Godzilla debt, golden limit

http://enrichedinvesting.com/wp-content/uploads/2020/07/Unique-half-millions-unemployed-streets-riot-election-backdrop-narrow-high-Godzilla-debt-golden-limit.pdf

 

S&P 500 Momentum Barometer

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The Barometer added 5.01 to 74.95 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer slipped 0.47 to $74.06 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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4 Responses to “Tech Talk for Tuesday July 7th 2020”

  1. sp Says:

    Natural Gas, any thought or timing to invest in gas? Warren Buffet had investing in gap? But the stock is down and n.gas price is up? R u watching and n.gas companies? i had compared CNQ vs. SU.to. CNQ.to looks better in my study. No idea American investors invest in Canadian company. I don’t invest for Dividend, because I don’t trust when companies can cut dividend. Read all your daily report and like questions

    Happy & successful trading
    sp

  2. Larry/ON Says:

    SP500 – Positive MACD crossover now and 50/200 day Golden Cross 7 points away. Buying continues to be strong in tech – QQQ vs SPY. AMZN taking a breather after overbought.

  3. Larry/ON Says:

    SHOP – A lot of people got shook out by the move yesterday and this morning.

  4. Bman/Vancouver Says:

    The rule of 3

    3 days minimum required to confirm a breakout. While S&P 500 busted above 3130 Monday, the next few days will confirm if the move higher is for real. Tech and medical still richly valued, my other indicators running sideways to down so don’t think this is over we are due to a lower leg.

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