Pre-opening Comments for Thursday July 27^th

Equity index futures were higher this morning. S&P 500 futures added 36 points at 8:35 AM.

S&P 500 futures added 4 points following release of economic news at 8:30 AM EDT:

June Durable Goods Orders were expected to increase 1.0% versus a gain of 1.7% in May. Actual was an increase of 4.7%. Excluding Transportation, June Durable Goods Orders were expected to slip 0.1% versus a gain of 0.6% in May. Actual was a gain of 0.6%.

Second quarter real GDP was expected to increase 1.8% versus a gain of 2.0% in the first quarter. Actual was an increase of 2.4%.

Meta Platforms advanced $14.19 to $312.70 after reporting higher than consensus second quarter results.

Lam Research added $15.48 to $657.85 after reporting higher than consensus fiscal fourth quarter results.

Mattel slipped $0.40 to $20.92 despite reporting higher than consensus second quarter results.

Chipotle dropped $169.86 to $1916.00 despite reporting higher second quarter results. Results were less than consensus.

 

EquityClock’s Daily Comment

Headline reads “The Dow Jones Industrial Average just clocked in its 13th consecutive days of gains, the longest stretch since 1987”.

http://www.equityclock.com/2023/07/26/stock-market-outlook-for-july-27-2023/

 

Responses to the FOMC announcement at 2:00 PM EDT

The Fed Fund Rate was increased another 0.25% to 5.25%-5.50% as anticipated. Monetary policy remains tight.

S&P 500 initially moved higher after 2:00 PM EDT, but closed slightly higher

Yield on 10 year Treasuries plunged

The U.S. Dollar and its related ETN: UUP plunged.

Gold bullion in U.S. Dollars moved higher

U.S. Gold equity ETFs (GDX and GDXJ) recovered

The Canadian Dollar relative to the U.S. Dollar recovered.

 

Technical Notes

Boeing $BA an S&P 100 stock moved above $223.91 to an 18 month high extending an intermediate uptrend.

Union Pacific $UNP an S&P 100 stock moved above $217.40 and $236.32 extending an intermediate uptrend.

Alphabet $GOOG and $GOOGL a NASDAQ 100 stock moved above $129.55 and $129.04 respectively to a 15 month high extending an intermediate uptrend.

PDD Holdings a NASDAQ 100 stock moved above $83.40 resuming an intermediate uptrend.

Rogers Communications $RCI a TSX 60 stock moved above intermediate resistance at US$46.26 and Cdn$61.35.

CGI Group $GIB a TSX 60 stock moved below US$100.73, $US100.97 and Cdn$133.10 setting an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 26^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

 

Commodities

Daily Seasonal/Technical Commodities Trends for July 26^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 26^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

 

Sprott Update on Gold, Uranium and Battery Metals

Video – Sprott Update on Gold, Uranium and Battery Metals – CEO John Ciampaglia

 

Raw Materials On A Bullish Trajectory | Your Daily Five (07.26.23)

https://www.youtube.com/watch?v=da3gVQw8z1c

 

S&P 500 Momentum Barometers

The intermediate term momentum Barometer slipped 0.20 to 87.20. It remains Overbought.

The long term momentum Barometer added 0.20 to 76.20. It remains Overbought. Daily trend remains up.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 2.19 to 71.93. It remains Overbought.

The long term Barometer added 0.44 to 64.91. It remains Overbought. Daily trend remains up.

 

Disclaimer: Seasonality ratings 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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