Tech Talk for Friday July 24th 2020

Daily Reports Add comments

Morning Technical Notes for July 24th

Intel (INTC), a Dow Jones Industrial stock moved below $56.76 setting an intermediate downtrend. The stock responded to lower than consensus third quarter guidance.

clip_image001[5]

Pre-opening Comments for Friday July 24th

U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade.

Intel dropped $8.16 to $52.24 after lowering third quarter guidance. Mizuho and Susquehanna lowered their price target on the stock.

clip_image001

Disney eased $2.67 to $115.45 after announcing delays of release on new films.

clip_image002

American Express fell $1.17 to $95.50 after reporting lower than consensus second quarter revenues.

clip_image003

Mattel added $0.52 to $12.15 after reporting higher than consensus second quarter revenues and earnings.

clip_image004

 

EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/07/23/stock-market-outlook-for-july-24-2020/

Don Vialoux on Michael Campbell’s Money Talks

Listen to the radio broadcast tomorrow (Saturday) on www.cknw.com between 8:30 AM and 10:00 AM Vancouver time (11:30 AM and 1:00 PM Toronto time)

 

Technical Note for July 23rd

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

image

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

image

Copart (CPRT), a NASDAQ 100 stock moved above $92.65 extending an intermediate uptrend.

image

O’Reilly Automative (ORLY), a NASDAQ 100 stock moved above $454.31 to an all-time high extending an intermediate uptrend.

image

 

Trader’s Corner

Editor’s Note: Short term momentum indicators (daily MACD, Stochastics, RSI) moved lower

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 23rd 2020

spx july 24

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Seasonal/Technical Commodities Trends for July 23rd 2020

crb july 24

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 22nd 2020

xlk july 24

Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

image

The Barometer added 1.00 to 82.36 yesterday. It remains extremely intermediate overbought.

 

TSX Momentum Barometer

image

The Barometer dropped 6.28 to 75.36 yesterday. It changed from extremely intermediate overbought to intermediate overbought on a move below 80.00. Early signs of a short term rollover have appeared.

 

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

Sponsored By...



7 Responses to “Tech Talk for Friday July 24th 2020”

  1. Larry/ON Says:

    Drop – You are already getting some quality stocks like MSFT and AAPL pick up a bid as they get close to their 50 day MA’s. Chart on QQQ is damaged and we can go down another 3% plus before some support at the 50 day. I would not discount the possibility of money coming in. SHOP is another one bouncing back.

  2. Larry/ON Says:

    AMD – Shooting the lights out on the loss of market share by rival INTC.
    NVDA – Big bounce back – SOXX has not capitulated. There is a lot of buying on weakness.

  3. Ron/BC Says:

    Doctor $Copper at resistance. The Weekly price is once again bumping up against price resistance of 2.97. And with $GOLD approaching long term major resistance of $1923 and already overbought and showing negative divergences on momentum indicators and the Canadian dollar bumping up against major resistance at 75 odds favour a selloff of commodities unless we see price blow through these resistance levels. And that would be a lot to expect.

    https://stockcharts.com/h-sc/ui?s=%24COPPER&p=D&yr=20&mn=0&dy=0&id=p32356614025&a=673066453

    https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=20&mn=0&dy=0&id=p16525561353&a=71985239

    The month of August is one of the weakest months of the year for $COPPER as well.

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

  4. Ron/BC Says:

    The U.S.$ is testing the March low which was also the January 2019 low of 94.64. The U.S.$ trades opposite to commodities like $GOLD and others which are at price resistance points. This is more confirmation that a reversal of some magnitude should occur at these price points. A U.S.$ bounce back would trash many commodity based markets. A major breakdown of the U.S.$ would be a game changer for a wide variety of commodity based markets. I wouldn’t bet on a U.S.$ breakdown myself.

    https://stockcharts.com/h-sc/ui?s=%24USD&p=D&yr=2&mn=0&dy=0&id=p09998792020&a=673066460

  5. Ron/BC Says:

    Here is the $XEU EURO that trades opposite the U.S.$. Price of the EURO is at major resistance being the downtrendline from 2008 that has been touched 4 times in the past and is bumping up against it again.

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

  6. Larry/ON Says:

    AMZN, MSFT, AAPL – I’m very impressed with the buyers stepping in. There is a lot of strength in these names.

  7. Paula Says:

    Ron/BC
    Thanks for updating and commenting on these important charts: $XEU, $USD, $COPPER, $GOLD and $SPX. Your long term perspective filters out the noise and is helpful with both investing and trading.Much appreciated!

Entries RSS Comments RSS Log in