Tech Talk for Wednesday July 22nd 2020

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Morning Technical Notes for July 22nd

Advanced Micro Devices (AMD), a NASDAQ 100 stock moved above $59.00 and $59.27 to an all-time high extending an intermediate uptrend.

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Pre-opening Comments for Wednesday July 22nd

U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade.

The Canadian Dollar was virtually unchanged at US74.50 cents following release of Canada’s June Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.4% versus a gain of 0.3% in May. Actual was an increase of 0.8%.

Texas Instruments gained $3.92 to $139.40 after reporting higher than consensus second quarter earnings.

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Best Buy advanced $4.07 to an all-time high at $94.35 after reporting higher than consensus second quarter sales. Wedbush raised its target price from $75 to $95

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Snap dropped $1.56 to $23.18 after reporting a higher than consensus quarterly loss.

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Canadian National Railway (CNR $128.69) is expected to open lower after reporting lower than consensus second quarter revenues.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/07/21/stock-market-outlook-for-july-22-2020/

Note seasonality charts on the NASDAQ Composite Index and Canadian Retail Trade.

 

Technical Notes for Tuesday July 21st

Mondelez (MDLZ), an S&P 100 stock moved above $54.30 resuming an intermediate uptrend.

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Lululemon (LULU), a NASDAQ 100 stock moved above $324.76 to an all-time high extending an intermediate uptrend.

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Paccar (PCAR), a NASDAQ 100 stock moved above $79.38 and $80.00 extending an intermediate uptrend.

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Skyworks Solutions (SWKS), a NASDAQ 100 stock moved above $138.22 to an all-time high extending an intermediate uptrend.

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Willis Towers Watson (WLTW), a NASDAQ 100 stock moved above 209.20 extending an intermediate uptrend.

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The U.S. Dollar Index and its related ETN virtually collapsed yesterday. Weakness triggered strength in commodities price in U.S. Dollars and related commodity equity prices. Weakness also added strength to ETFs that track equity indices of other countries (e.g. Korea, Brazil, Australia, Russia).

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Korea iShares (EWY) moved above $60.32 extending an intermediate uptrend.

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Brazil iShares (EWZ) moved above $32.95 extending an intermediate uptrend.

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Australia iShares (EWA) moved above $20.35 extending an intermediate uptrend.

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Russia ETF (RSX) moved above $21.88 extending an intermediate uptrend.

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The CRB Index and its related ETN soared to a five month high triggered by U.S. Dollar weakness. It completing a modified reverse head & shoulders pattern.

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Platinum also soared with U.S. Dollar weakness. Platinum ETN (PPLT) moved above $81.61 extending an intermediate uptrend.

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Agnico-Eagle (AEM AEM.TO), a TSX 60 stock moved above $US69.44 to an all-time high extending an intermediate uptrend.

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Sun Life (SLF), a TSX 60 stock moved above $53.32 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 21st 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Seasonal/Technical Commodities Trends for July 21st 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 21st 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 added 6.61 to 79.96 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer added 4.73 to 83.57 yesterday. It changed from intermediate overbought to extremely intermediate overbought on a move above 80.00.

 

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 22nd 2020”

  1. Larry/ON Says:

    CNN Market Sentiment Index at 66 Greed. Not at extreme but it should tell you it’s not a great time to be buying equities. A lot of people are into the seasonal gold trade. What a great two year chart GLD has. It’s a little overbought on RSI but overbought can go even more overbought. I just want to keep raising cash going forward.

  2. Ron/BC Says:

    The U.S.$ continues to pull back which makes commodities bullish. But the XEU Euro is still below its 12 year downtrendline so the major trend has not changed.

    https://stockcharts.com/h-sc/ui?s=%24XEU&p=D&yr=20&mn=0&dy=0&id=p68849060287&a=673066390

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