Tech Talk for Wednesday July 29th 2020

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Morning Technical Notes for July 29th

Seagate Technologies (STX), a NASDAQ 100 stock moved below $45.93 and $45.50 setting an intermediate downtrend.

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Costar (CSGP), a NASDAQ 100 stock moved above $747.11 extending an intermediate uptrend.

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Pre-opening comments for Wednesday July 29th

U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points in pre-opening trade.

Investors are waiting for news on interest rates to be released by the FOMC meeting at 2:00 PM EDT. Consensus is that the Federal Reserve will maintain its current rate at 0.00%-0.25%.

Shopify advanced $80.00 to $1,065.00 after reporting higher than consensus quarterly revenues and earnings.

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Boeing gained $2.16 to $173.00 despite reporting a larger than consensus second quarter loss.

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General Motors added $1.21 to 27.54 despite reporting less than consensus second quarter earnings.

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Cameco (CCO Cdn$16.03) is expected to open higher after reporting higher than consensus second quarter revenues.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/07/28/stock-market-outlook-for-july-29-2020/

Note seasonality chart on the Case/Shiller 20 City Home Price Index.

 

Responses to Reports Released after the Close Yesterday

Starbucks gained $1.78 to$76.42 after reporting higher than consensus fiscal third quarter revenues and earnings.

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Advanced Micro Devices soared $7.02 to an all-time high of $74.64 after reporting higher than consensus quarterly revenues and earnings. The company also raised guidance.

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eBay dropped $2.19 to $54.16 despite reporting higher than consensus third quarter revenues and earnings.

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Amgen dropped $2.90 to $252.37 after reporting lower than consensus second quarter earnings.

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Visa fell $4.49 to $192.25 after announcing a less than consensus revenue recovery in its travel sector.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 28th 2020

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Green: Increase from previous day

Red: Decrease from previous day


Commodities

Seasonal/Technical Commodities Trends for July 28th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 28th 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 another 5.61 to 67.13 yesterday. It remains intermediate overbought and trending down.

 

TSX Momentum Barometer

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The Barometer added 2.29 to 73.79 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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One Response to “Tech Talk for Wednesday July 29th 2020”

  1. Larry/ON Says:

    INTC – There is a painful lesson for those who held it to stay away from the bargain bin. It now trades close to its’ March pandemic lows. It looks like deep-value now but when will they get earnings growth again. 2021 estimates are not good. Lawsuits have been filed for non-disclosure of problems to investors and the Chief Engineering Officer has left. Abandon ship! This is a classic falling knife.

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