Tech Talk for Friday July 31st 2020

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Morning Technical Notes for July 31st

Chevron (CVX), a Dow Jones Industrial Average stock moved below $82.50 setting an intermediate downtrend.

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Exxon Mobil (XOM), a Dow Jones Industrial Average stock moved below $41.10 setting an intermediate downtrend.

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Gilead (GILD), a NASDAQ 100 stock moved below $71.66 setting an intermediate downtrend.

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American Airlines (AAL), a NASDAQ 100 stock moved below $10.98 extending an intermediate downtrend.

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Pre-opening Comments for Friday July 31st

U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for June Personal Income was a drop of 0.7% versus a decline of $4.2% in May. Actual was a drop of 1.1%. Consensus for June Personal Spending was an increase of 5.0% versus an increase of 8.2% in May. Actual was an increase of 5.6%.

The Canadian Dollar was unchanged at US74.50 cents following release of Canada’s May GDP. Consensus was an increase of 3.5% versus a decline of 11.6% in April. Actual was an increase of 4.5%.

Gold gained $23.80 to $1990.70 per ounce. It briefly moved above $2,000.00 per ounce in overnight trade.

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Caterpillar gained $0.77 to $137.50 after reporting higher than consensus second quarter earnings.

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Chevron dropped $2.27 to $84.00 after reporting a larger than consensus second quarter loss.

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Merck added $2.26 to $81.25 after reporting higher than consensus second quarter sales and earnings. The company also raised guidance.

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ExxonMobil (XOM $41.87) is expected to open lower after reporting a larger than consensus second quarter loss.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/07/30/stock-market-outlook-for-july-31-2020/

Note seasonality chart on Initial Jobless Claims

Holiday Note

Monday is a holiday in Canada. Tech Talk will appear as usual.

 

Don Vialoux on Corus Radio 640

Join Don with Wolfe and Jack at 7:00 AM on Saturday for an update on markets at https://tunein.com/radio/Global-News-Radio-640-Toronto-s31152/

 

Technical Notes for July 30th

Dow Jones Industrial Average briefly 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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Colgate Palmolive (CL), an S&P 100 stock moved above $76.49 to an all-time high extending an intermediate uptrend

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Responses to reports released after the close

All four FAANG companies reported higher than consensus quarterly revenues and earnings.

Facebook, up $10.00 to $244.50

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Alphabet (GOOG L), up $9.92 to an all time high of $1,598.29

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Apple, up $22.00 to all time high of $406.76. The company also announced a 4 for 1 stock split

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Amazon up $166.47 to $3,200.00

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 30th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for July 30th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 30th 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 6.21 to 69.14 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer dropped 4.85 to 74.27 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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