Tech Talk for Thursday July 29th 2021

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Pre-opening Comments for Thursday July 29th

U.S. equity index futures were mixed this morning. S&P 500 futures were up 3 points in pre-opening trade.

U.S. equity index futures were quiet prior to release of U.S. economic reports at 8:30 AM EDT. Consensus for second quarter annualized real GDP is an increase of 8.6% versus a gain of 6.4% in the first quarter. Consensus for June Personal Income is a drop of 0.3% versus a decline of 2.0% in May. Consensus for June Personal Spending is an increase of 0.7% versus a gain of 0.9% in May.

Facebook dropped $15.44 to $357.84 despite reporting higher than consensus second quarter revenues and earnings. Guidance offered by the company was less than consensus.

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Qualcomm advanced $4.46 to $146.90 after reporting higher than consensus second quarter revenues and earnings.

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Ford gained $0.39 to $14.25 after reporting higher than consensus second quarter revenues and earnings. The company also raised guidance.

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PayPal dropped $16.98 to $285.00 after the company reported lower than consensus second quarter revenues. The company also lowered guidance.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/07/27/stock-market-outlook-for-july-28-2021/

 

Responses to the FOMC announcement at 2:00 PM EDT

Yesterday, the Federal Reserve chose to maintain the Fed Fund Rate at 0.00%-0.25% and to continue an accommodative monetary policy. Impacts on markets were as follows:

 

S&P 500 Index recovered initially, but closed virtually unchanged.

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The U.S. Dollar Index ETN initially moved higher, but moved lower to the close.

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Yield on 10 year bonds was up slightly.

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Industrial commodity prices moved slightly lower.

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Gold ETN moved higher

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Bitcoin initially moved higher, but closed near unchanged

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Technical Notes released yesterday at

StockTwits.com@EquityClock

The year-to-date change of home prices in the US remains record setting, which bodes well for the economy longer-term. equityclock.com/2021/07/27/… $SPX $SPY $STUDY #Housing #Economy

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Israel iShares $EIS moved above $70.59 to an all-time high extending an intermediate uptrend.

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Pharmaceutical ETF $PPH moved above $74.71 to an all-time high extending an intermediate uptrend.

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General Dynamics $GD an S&P 100 stock moved above $196.26 extending an intermediate uptrend.

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Advanced Micro Devices $AMD a NASDAQ 100 stock moved above $95.44 extending an intermediate uptrend.

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Another copper stock responding to rising copper prices! Southern Copper $SCCO, one of the world’s largest copper producer stocks moved above $65.50 setting an intermediate uptrend

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 28th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for July 28th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 28th 2021

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Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index

 

Notes and video from uncommon Sense Investor

Thank you to Mark Bunting and www.uncommonsenseinvestor.com for a link to the following comments and video. Topic is “Three things you need to know about investing in ETFs”.

 

https://uncommonsenseinvestor.com/three-things-you-need-to-know-about-investing-in-etfs/

 

Market Buzz

Greg Schnell discusses commodities. Following is a link:

https://www.youtube.com/watch?v=OBlPr3daPKU

 

The Pitch

Outlook comments by three technical analysts from www.stockcharts.com including Greg Schnell (with a favourable comment on Southern Copper).

https://www.youtube.com/watch?v=dMRVHpacUZc

 

Seasonality Chart of the Day

Ratings on a real and relative basis for the TSX Info Tech sector change from Negative to Neutral at the end of July. The sector usually performs well in the month of August followed by weakness into September and October. An important seasonal low is reached at the end of October.

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S&P 500 Momentum Barometers

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The intermediate term Barometer slipped 1.80 to 54.31 yesterday. It remains Neutral.

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The long term Barometer was unchanged at 89.78 yesterday. It remains Extremely Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer slipped 0.23 to 51.94 yesterday. It remains Neutral.

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The long term Barometer added 1.33 to 75.24 yesterday. It remains 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




3 Responses to “Tech Talk for Thursday July 29th 2021”

  1. bruce Says:

    the AAII survey this week has the bulls back up to 36.2% from 30.6 last week and the bears dropping to 24.1% from 30.6 last week…….

  2. Larry/ON Says:

    Cdn Banks – ZEB now sticking above the 50day MA. Clearing 36.30 would improve the picture technically. The gap down on July 19th was damaging and stocks like TD and BNS are still trading below the 50. BMO trying to crack the 50 day MA right now. If those three really improve I would be more positive overall. I’d like to see new highs from CM and RY.

  3. Larry/ON Says:

    New SP500 High Today- The market continues to surprise to the upside.
    CAD seems to have reversed off the 200 day MA from its’ short downtrend. It’s in-line with a resumption of risk-on and oil firming.
    TSLA – Wow. Back up to the downtrend line trying to breakout from the tight coil it’s in.
    GM and F also gapped higher. It’s all bullish.

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