Tech Talk for Thursday July 30th 2020

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Morning Technical Notes for July 30th

Dow Jones Industrial Average moved below its 20 and 50 day moving averages

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QUALCOMM (QCOM), a NASDAQ 100 stock moved above $94.68 to an all-time high extending an intermediate uptrend.

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ConocoPhillips (COP), an S&P 100 stock moved below $37.08 extending an intermediate downtrend.

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Suncor (SU), a TSX 60 stock moved below $21.26 setting an intermediate downtrend.

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Raytheon Technologies (RTX), a Dow Jones Industrial Average stock moved below $58.06 setting an intermediate downtrend

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General Electric (GE), an S&P 100 stock moved below $58.06 setting an intermediate downtrend.

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Pre-opening Comments for Thursday July 30th

U.S. equity index futures were lower this morning. S&P 500 futures were down 25 points in pre-opening trade. Futures responded partially to weakness in European equity markets. The DAX Index was down 2.8% in overnight trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for first estimate of second quarter U.S. annualized GDP was a drop of 34.7% versus a decline of 5.0% in the first quarter. Actual was a drop of 32.9%. Consensus for Initial Jobless Claims was 1.450 million versus 1.416 million last week. Actual was 1.434 million.

Johnson & Johnson added $3.30 to $149.84 after announcing the start of trials for its COVID 19 vaccine.

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Molson Coors advanced $2.27 to $39.00 after reporting higher than consensus second quarter sales and earnings.

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Procter & Gamble gained $2.39 to $130.70 after reporting higher than consensus fiscal fourth quarter sales and earnings. The company also raised guidance.

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Yum Brands improved $0.21 to $95.04 after reporting higher than consensus second quarter earnings.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/07/29/stock-market-outlook-for-july-30-2020/

Note seasonality chart on Crude Oil Days of Supply.

 

Responses to FOMC meeting comments released at 2:00 PM EDT Yesterday

U.S. equity indices moved slightly higher

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The U.S. Dollar Index ETN initially moved higher, but closed near its 2:00 PM price.

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U.S. long term bond prices moved higher.

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Commodity prices moved higher

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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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Agriculture ETFs on both sides of the border extended intermediate uptrends. COW moved above Cdn$38.98 and MOO moved above US$64.00.

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Boeing (BA), a Dow Jones Industrial Average stock moved below $167.60 setting an intermediate downtrend.

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Healthcare Providers iShares (IHF) moved above 206.37 to an all-time high extending an intermediate uptrend.

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Liberty Global (LBTYK), a NASDAQ 100 stock moved above $23.41 extending an intermediate uptrend.

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PayPal (PYPL), a NASDAQ 100 stock moved above $183.99 to an all-time high extending an intermediate uptrend.

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CGI Group (GIB GIB.A), a TSX 60 company moved above $US 69.54 and $Cdn92.96 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 29th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for July 29th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 29th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Greg Schnell’s “Market Buzz”

Greg discusses “A Restart For This Fast Moving Industry”. Greg looks at interesting charts in the marijuana industry. Following is a link:

https://www.youtube.com/watch?v=LLel3CSg9DM&feature=youtu.be

 

S&P 500 Momentum Barometer

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The Barometer advanced 8.22 to 75.35 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer added 5.34 to 79.13 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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3 Responses to “Tech Talk for Thursday July 30th 2020”

  1. bruce Says:

    the AAII survey for the week ended july 29/ still shows non-believers in the rally…..bulls were down 5.8% to just 20.2% and the bears are up 1.6 to 48.5%…….hmmmmm….can the public be right?…

  2. Larry/ON Says:

    GLD and Gold stocks – Traders are ringing in the cash register have they got massively overbought. Due to give back some gains.
    SOXX – New all-time high and semis look good with positive reports eg AMD and LRCX

  3. Larry/ON Says:

    Tech Blow Out Numbers By Everyone – AAPL, AMZN, GOOGL even FB. Yesterday it was SHOP. This secular bull market in tech stocks is not ending for a long time. The acceleration of tech development and the adoption of new tech products by businesses and consumers will continue. To not invest in tech is like eating ham sandwiches when you can eat filet mignon instead.

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