Tech Talk for Thursday July 23rd 2020

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Morning Technical Note for July 23rd

MasterCard (MS), an S&P 100 stock moved above $315.64 extending an intermediate uptrend.

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Cintas (CTAS), a NASDAQ 100 stock moved above $292.11 and $304.81 to an all-time high extending an intermediate uptrend.

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Pre-opening Comments for Thursday July 23rd

U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade.

Index futures were virtually unchanged following release of the Weekly Jobless Claims report at 8:30 AM EDT. Consensus was 1.300 million versus 1.307 million last week. Actual was 1.416 million

Tesla jumped $47.67 to $1640.00 after reporting higher than consensus revenues and free cash flow.

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Microsoft dropped $3.20 to $208.50 despite reporting higher than consensus fiscal fourth quarter revenues and earnings.

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Whirlpool advanced $5.11 to $152.00 after reporting higher than consensus second quarter earnings. The company also raised guidance.

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CSX (CSX $73.26) is expected to open lower after reporting lower than consensus second quarter revenues and earnings. The company also lowered guidance.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/07/22/stock-market-outlook-for-july-23-2020/

Note seasonality charts on Gold Shares SPDRs, Silver iShares, Crude Oil Days of Supply and Canada’s Consumer Price Index

 

Technical Notes

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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Xcel Energy (XEL), a NASDAQ 100 stock moved above $67.09 extending an intermediate uptrend.

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Pfizer (PFE), a Dow Jones Industrial Average stock moved above $38.49 setting an intermediate uptrend. Responded to encouraging news on its vaccine research.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 22nd 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Seasonal/Technical Commodities Trends for July 22nd 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 22nd 2020

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Green: Increase from previous day

Red: Decrease from previous day

Greg Schnell’s “Market Buzz”

Greg talks about “The Stampede Trade”. Following is a link:

https://www.youtube.com/watch?v=CMFES5cXHOk&feature=youtu.be

 

Arthur Hill’s Seasonal Patterns report for second half of 2020

Arthur Hill reviews, “Seasonal Patterns and Timing Tools to Watch” .Note seasonal strength in U.S. bond prices. Following is a link:

https://www.youtube.com/watch?v=5hiyJXlaJTk&feature=youtu.be

 

S&P 500 Momentum Barometer

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The Barometer added 1.40 to 81.36 yesterday. It changed from intermediate overbought to extremely intermediate overbought on a move above 80.00.

 

TSX Momentum Barometer

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The Barometer slipped 1.93 to 81.54 yesterday. It remains extremely 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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9 Responses to “Tech Talk for Thursday July 23rd 2020”

  1. bruce Says:

    The AAII survey for the week ended July 22nd. still shows their members skeptical of this market rally (me too)…….the bulls were down 4.8 to 26.1% historical average is 38%…..the bears up 1.5 to 46.8% historical average us 30.5%….hard to see this market dropping too much while the public remain spooked…….

  2. Larry/ON Says:

    The market is having some trouble at this point. Risk/Reward is not good. The
    CNN Fear/Greed index went higher into greed yesterday at 70.

  3. Larry/ON Says:

    GLD – At the moment an inverted hammer is forming with RSI at 78. If the market tanks it can take gold down with it which is what happened in March.

  4. Ron/BC Says:

    The Canadian dollar $CDW is bumping up against major price resistance at 75. The CD$ is known as a commodity currency so it’s price action is relevant to commodity prices as well. Price needs to clear and hold above 75 at some point to expect commodities to follow. Looking at a bunch of Oil Stocks most have sold off steadily but are now stabilizing with some potentially bullish charts.

    Meanwhile the CD$ Seasonality chart below is extremely negative for the month of August. So perhaps a selloff in the CD$ and commodities is at hand. Watch the 75 cent level on the CD$ for direction. And as always draw your own conclusions………………

    https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=2&mn=0&dy=0&id=p35946430526&a=673066213

    https://stockcharts.com/freecharts/seasonality.php?symbol=%24CDW

  5. Ron/BC Says:

    Speaking of commodities $GOLD is also approaching a long term double top. (today’s data not on the chart yet). This needs to be cleared and tested to suggest more strength. And August is not as bullish as July. Perhaps it’s time to go on a holiday…..for some it would be under the bed with the dust bunnies. I prefer the Golf Course………

    https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=20&mn=0&dy=0&id=p73500683117&a=719852390

    https://stockcharts.com/freecharts/seasonality.php?symbol=%24GOLD

  6. Larry/ON Says:

    $CAD – RON/BC – The CAD chart is looking like a cup and handle formation requiring a break above 75.11 to make a major move higher. I don’t think it is too much of a stretch to go to 0.77.

    QQQ – Touched mid-Bollinger Band today and is trying to stay above. We need a drop to the 50day MA to take the froth out of this market. It hasn’t touched the 50 day since April and at the moment you are looking at a double top with the market unable to make a new high on Tuesday.

  7. Mary Says:

    Ron/BC and Larry

    Thanks for your continuous updates on the market. Indeed today was the day to trade DUST/JDST atleast for now. Printing press working 24/7 so wouldn’t overstay.

  8. Ron/BC Says:

    #6
    A cup and handle pattern needs a handle to build and then break out above the handle. So far the CD$ price is simply at resistance with the seasonal trend for August VERY weak.

  9. Larry/ON Says:

    Re 8. RON/BC – I defer to your take on it for now. I’m thinking if commodity prices keep rising it will pull up $CAD.

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