Tech Talk for Wednesday July 8th 2020

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Morning Technical Notes

Occidental Petroleum (OXY), an S&P 100 stock moved below $17.10 setting an intermediate downtrend.

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Silver stocks continue to attract buying on strength in silver prices. Pan American Silver (PAAS) moved above $30.59 to an all-time high extending an intermediate uptrend.

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Another base metals equity breakout! Hudbay Minerals (HBM) moved above $4.34 extending an intermediate uptrend.

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Rogers Communications (RCI.B), a TSX 60 stock moved below $53.64 extending an intermediate downtrend.

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Pre-opening Comments for Wednesday July 8th

U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade.

Apple ( AAPL $372.69) is expected to open higher after Deutsche Bank raised its target price to $400.

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Air Products and Chemicals advanced $3.20 to $268.33 after Deutsche Bank raised its target price from $250 to $300.

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Walgreen Boots gained $1.48 to $43.70 after announcing plans to open 700 primary care practices in its stores.

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Alcoa added $0.62 to $11.85 after the company released a preliminary earnings report that beat consensus estimates.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/07/07/stock-market-outlook-for-july-8-2020/

Technical Notes

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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Silver Miners ETF (SIL) moved above $37.53 to a 30 month high extending an intermediate uptrend.

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Take Two Interactive Software (TTWO), a NASDAQ 100 stock moved above $149.28 to an all-time high extending an intermediate uptrend.

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Allstate (ALL), an S&P 100 stock moved below $92.70 setting an intermediate downtrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 7th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for July 7th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 7th 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 dropped 9.62 to 65.33 yesterday. It remains intermediate overbought and has resumed rolling over.

 

TSX Momentum Barometer

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The Barometer slipped 3.10 to 70.95 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 Wednesday July 8th 2020”

  1. Larry/ON Says:

    QQQ Is Quite Elevated. SPX May Be Boxed In With 3200-3000 Trading Range
    I think we need to revisit the mid-Bollinger Band on QQQ which has been happening every two to three weeks on this run since March. If you draw a channel we around the top end. I think it would require a drop of the 4% range. Not a bad time to take some profits and later buy on weakness.

  2. Larry/ON Says:

    SP was asking about nat gas, SU and CNQ yesterday. Anyone putting money to work has to start from the top down. What sectors are working and which are not. Invest in the sectors that have been making new highs and stay away from sectors that have had poor performance. Stay away from the bargain bin.

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