Pre-opening Comments for
Tuesday July 9th
U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points at 8:30 AM EDT.
Federal Reserve Chairman Jerome Powell is slated to testify before a Congressional Committee at 11:00 AM EDT on state of the economy.
Helen of Troy dropped $25.01 to $64.00 after reporting less than consensus fiscal first quarter revenues and earnings. The company also lowered guidance.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0011-3.png "clip_image001[1]")
Nvidia added $2.11 to $130.31 leading semiconductor stocks to new highs.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0021-2.png "clip_image002[1]")
BP dropped $1.10 to $35.45 after warning of up to $2 billion impairment and weak refining margins.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0031-2.png "clip_image003[1]")
EquityClock’s Stock Market Outlook for July 9th 2024
The upside target of one of the most influential market constituents has been reached, opening the door to consolidation and/or rotation.
See: https://equityclock.com/2024/07/08/stock-market-outlook-for-july-2024/
Technical Notes
Advanced Micro Devices $AMD an S&P 100 stock moved above $174.55 setting an intermediate uptrend.
Intel $INTC a Dow Jones Industrial Average stock moved above $32.42 completing a double bottom pattern.
Morgan Stanley’s China A Fund $CAF moved below $11.52 to an eight year low extending an intermediate downtrend .
Loblaw Companies $L.TO a TSX 60 stock moved above Cdn$164.40 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 8th 2024
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 8th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 8th 2024
Green: Increase from previous day
Red: Decrease from previous day
Comments offered by valued providers
Morgan Stanley’s Slimmon Expects Strong Earnings Season
Morgan Stanley’s Slimmon Expects Strong Earnings Season – YouTube
Earnings Expectations vs. Reality: Guy Adami and Dan Nathan
Earnings Expectations vs. Reality – YouTube
Market Extremes: What Investors Should Watch Next: Liz Young
Market Extremes: What Investors Should Watch Next – YouTube
Comments about Larry Williams’ prediction about U.S. Presidential Election Year
S&P 500 Momentum Barometers
The intermediate term Barometer added 1.20 to 46.80. It remains Neutral.
The long term Barometer added 0.40 to 65.80. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 3.10 to 57.96. It remains Neutral.
The long term Barometer added 5.31 to 73.01. It remains Overbought. Daily uptrend was extended.
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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July 9th, 2024 at 9:01 am
NVDA – There were two attempts by sellers to push the stock to lower levels on June 24th and July 1st that met support and it looks like anyone who wanted to sell has sold and what you have left is a gradual bid higher. I prefer more consolidation but we could see a test of the 140.75 high soon. Maybe that test fails and we get more sideways trading to bring us closer to the late August earnings date where investors can revalue the stock based on the report.
July 9th, 2024 at 9:10 am
I should add that third party evidence such as from Corning GLW indicates that widespread procurement of chips for AI is very real and on-going and that is driving NVDA, AVGO, AMD and others higher.
GLW – Wendell Weeks, chairman and chief executive officer, said, “We expect second-quarter core sales to exceed our previous guidance and mark a return to year-over-year growth. The outperformance was primarily driven by the strong adoption of our new optical connectivity products for Generative AI.
July 9th, 2024 at 4:23 pm
Did anyone watch Market Call Today with Ross Healy?
https://www.bnnbloomberg.ca/video/shows/market-call/
He had BCE has a top pick. Of course he is a value stock picker. He also liked BMO and some gold stocks, including AGI with a mention of AEM. I tend to sit up and listen to Ross Healy – he’s been around the block a few times LOL.
July 9th, 2024 at 5:41 pm
BCE – Paula in a ripping bull market why pick the worst performing stock? Every technical analyst will tell you that you want a chart that is “going up to the right.” BCE keeps making new lows. I saw Healy and he said it might go lower first. You really have to have a complete handle on the fundamentals of why you want to buy this stock. I will throw out the big bogeyman on this stock which is the possibility of a div cut when the payout ratio is over 200% of trailing earnings. Healy has made some bad picks along with good ones. Too often you can fall into a value trap waiting for a stock to turn around while you wonder why you didn’t put your money in the ones that are going up.
July 9th, 2024 at 5:48 pm
Paula
I think the BCE, BMO and gold picks will be a good buy later this fall once the market digests the upcoming unknowns (next US president, interest rate cuts CAD/US, labour market balance, etc…). Until then, as I mentioned yesterday, probably time to sit on your hands and watch for a signal. With BMO, I got the feeling from Ross he is thinking there is potential to go down to 103 which is where he would like to buy in for a long term hold to 175.
July 9th, 2024 at 8:29 pm
Larry and Bman,thanks for your comments.
It will be interesting to see what happens.