Tech Talk for Friday July 30th 2021

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Pre-opening Comments for Friday July 30th

U.S. equity index futures were lower this morning. S&P 500 futures were down 31 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 0.2% versus a decline of 2.0% in May. Actual was an increase of 0.1%. Consensus for June Personal Spending was an increase of 0.7% versus a gain of 0.9% in May. Actual was an increase of 1.0%.

The Canadian Dollar was virtually unchanged at US80.43 cents following release of Canada’s May GDP at 8:30 AM EDT. Consensus was a drop of 0.3% versus a gain of 0.3% in April. Actual was a drop of 0.3%.

Amazon plunged $245.92 to $3,354.00 after reporting less than consensus second quarter revenues.

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T Mobile added $0.57 to $145.20 after reporting higher than consensus second quarter revenues and earnings.

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Pinterest plunged $10.12 to $61.92 after reporting lower than consensus quarterly revenues and earnings.

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KLA Tencor added $8.67 to $328.10 after reporting higher than consensus second quarter revenues and earnings. The company also announced a $2 billion share buyback and a 1&% increase in its dividend.

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Restaurant Brands International added $1.30 to US$66.20 after reporting higher than consensus second quarter revenues and earnings.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/07/29/stock-market-outlook-for-july-30-2021/

Technical Notes released yesterday at

StockTwits.com@EquityClock

US Dollar Index turning lower from resistance, which bodes well for the seasonal trade in Gold at this time of year. equityclock.com/2021/07/28/… $6C_F $USDCAD $USDX $UUP

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Equal Weight S&P 500 ETF $RSP moved above $152.54 to an all-time high extending an intermediate uptrend.

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U.S. Brokers iShares $IAI moved above $103.39 to an all-time high extending an intermediate uptrend.

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Strength in industrial commodity and precious metal stocks today is related to a sharp drop in the U.S. Dollar Index and its related ETF $UUP

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Weakness in the U.S. Dollar has triggered interest in gold and gold stocks/ETFs. Nice breakout by TSX Gold iShares $XGD.TO above $19.28 setting an intermediate uptrend!

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Franco.Nevada $FNV a TSX 60 stock moved above US$155.89 extending an intermediate uptrend.

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Kinross Gold $KGC a TSX 60 stock moved above intermediate resistance at US$6.58.

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Materials SPDRs XLB moved above intermediate resistance at $83.50

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Base Metals iShares $XBM.CA moved above intermediate resistance at Cdn$18.55. Ditto for equal weight base metals ETF $ZMT.CA!

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Metals and Mining iShares $XME moved above intermediate resistance at $44.42

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Global Base Metals iShares $PICK moved above intermediate resistance at $48.33

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Eurozone iShares $EZU moved above $50.02 extending an intermediate uptrend.

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Mexico iShares $EWW moved above $49.82 extending an intermediate uptrend.

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Home Builders SPDRs $XHB moved above intermediate resistance at $74.51

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Cognizant $CTSH a NASDAQ 100 stock moved above $71.13 and $72.47 setting an intermediate uptrend. Responded to higher than consensus quarterly results.

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Advanced Micro Devices $AMD a NASDAQ 100 stock moved above $99.23 to an all-time high extending an intermediate uptrend.

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Comcast $CMCSA a NASDAQ 100 stock moved above $58.86 to an all-time high extending an intermediate uptrend.

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Xilinx $XLNX a NASDAQ 100 stock moved above $145.55 extending an intermediate uptrend

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Open Text $OTEX a TSX 60 stock moved above US$52.04 to an all-time high extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 29th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for July 29th 2021

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for July 29th 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

 

Seasonality Chart of the Day

Favourable seasonal influences on a real and relative basis for gold and gold stocks/ETFs have appeared on schedule near the end of July for an upside move to the third week in September.

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S&P 500 Momentum Barometer

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The intermediate term Barometer gained 5.01 to 59.32 yesterday. It remains Neutral

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The long term Barometer slipped 0.20 to 89.58 yesterday. It remains Extremely Overbought.

 

TSX Momentum Barometer

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The intermediate term Barometer added 2.96 to 54.90 yesterday. It remains Neutral.

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The long term Barometer added 2.21 to 77.45 yesterday. It remains Overbought.

 

Editor’s Note

Although Monday August 2nd is a partial holiday in Canada, Tech Talk will appear as usual.  #alwaysthereforyou

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




One Response to “Tech Talk for Friday July 30th 2021”

  1. Larry/ON Says:

    RSP – Techtalk provides the chart above. The SP500 equal-weight index making a new all-time high is a healthy indicator indicating broadening of the bull market albeit now going into a weak period of the market calendar. If you compare AAPL for example even after the fabulous earnings report it had it still has underperformed both SPY and RSP YTD. GOOGL and MSFT have been better relative performers and did well coming out of earnings.
    AMZN – disappointing after the breakout from the long period of consolidation. Market open will be not far off the 200 day. It will probably be a two day sell off. Likely not much downside left after the gap down at the open.

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