Tech Talk for Wednesday July 3rd 2024

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Pre-opening Comments for Wednesday July 3rd

Next Tech Talk report is released on Friday. U.S. equity markets are closed tomorrow. Trading activity in Canadian equity markets are expected to be low.

U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points at 8:30 AM EDT

U.S. equity markets close today at 1:00 PM EDT.

Gold gained $30.10 to US$2,363.40 per ounce in overnight trade.

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Eli Lilly gained $3.29 to $910.00 after receiving FDA approval for its Alzheimer drug.

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Paramount added $1.28 to $12.00 after a bid to buy the company by Skydance has been revived.

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Tesla advanced $2.65 to $233.91after Wedbush raised its target price to $300.

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EquityClock’s Stock Market Outlook for July 3rd

 

The trend of job openings in the US is reminiscent of the past couple of economic recessions in the US. See:

https://equityclock.com/2024/07/02/stock-market-outlook-for-july-3-2024/

U.S. equity markets

Note that trading closes today at 1:00 PM EDT.

Technical Notes

Consumer Discretionary SPDRs $XLY moved above $184.82 to a 27 month high extending an intermediate uptrend.

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Solar ETF $TAN moved below $38.83 to a four year low extending an intermediate downtrend.

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Lowe’s $LOW an S&P 100 stock moved below $212.78 extending an intermediate downtrend.

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McDonald’s $MCD a Dow Jones Industrial Average stock moved below $247.55 extending an intermediate downtrend.

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George Weston $WN.TO a TSX 60 stock moved above $197.83 to an all-time high extending an intermediate uptrend.

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BCE $BCE.TO a TSX 60 stock moved below $43.02 to a 32 month low extending an intermediate downtrend.

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Telus $T.T0 a TSX 60 stock moved below Cdn$20.17 to a four year low extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 2nd 2024

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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 2nd 2024

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 2nd 2024

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Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Market Breadth is Narrowing – Should You Be Worried? Julius de Kempenaer

Market Breadth is Narrowing – Should You Be Worried? – YouTube

 

AAPL and TSLA Kick Off Q2 With BREAKOUTS! David Keller

AAPL and TSLA Kick Off Q2 With BREAKOUTS! – YouTube

 

Market is assigning a higher probability of a Trump election win, says Societe Generale’s Rajappa

Market is assigning a higher probability of a Trump election win, says Societe Generale’s Rajappa – YouTube

 

Stocks could rise another 10% after a strong first half history shows: Market Watch

https://www.marketwatch.com/story/u-s-stocks-could-rise-another-10-by-the-end-of-2024-after-a-strong-first-half-history-shows-26d53fee?mod=mw_pushly&send_date=20240702

 

Citi says the S&P 500 has more upside in H2 and spotlights sectors it prefers

Citi says the S&P 500 has more upside in H2 | Seeking Alpha

 

Chart Check on S&P, Tesla, Homebuilders & Consumer Discretionary: Dan Nathan, Danny Moses and Carter Worth

Chart Check on S&P, Tesla, Homebuilders & Consumer Discretionary – YouTube

 

S&P 500 Momentum Barometers

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The intermediate term Barometer added 5.00 to 46.80. It remains Neutral.

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The long term Barometer slipped 0.40 to 66.60. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer advanced 5.75 to 51.77. It remains Neutral. Daily trend is up.

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The long term Barometer added 2.21 to 68.58. It remains Overbought. Daily trend is 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




5 Responses to “Tech Talk for Wednesday July 3rd 2024”

  1. Ron/BC Says:

    Bman/Van

    Re:BMO.TO
    Yes, the support line at $118 broke down and all the major moving averages are negative. My thought is price action looks like it will bounce back to $188 resistance. Especially with the positive divergence on the RSI 8 showing price is stronger than it looks. Price is very oversold and I suspect some short covering will occur. Not the best set up in the world but worth a consideration. I’ve often see a chart like this where everyone has thrown in the towel and gotten short and right where they feel good price bounces back. I would think this “should” happen in the next few days. Not the best set up but something to think about………….Seasonally July is the strongest month of the year for BMO.to.

    https://stockcharts.com/h-sc/ui?s=BMO.TO&p=D&yr=2&mn=0&dy=0&id=p42292977150&a=673066221

    https://stockcharts.com/h-sc/ui?s=BMO.TO&p=D&yr=1&mn=0&dy=0&id=p86973334234&a=1716114899

    https://stockcharts.com/freecharts/seasonality.php?symbol=BMO.TO

  2. Ron/BC Says:

    Bman/Van
    Re:#1 should read Bounce back to $118. (not $188)

  3. Bman/Van Says:

    Thanks for the insight Ron

  4. Ron/BC Says:

    Bman/Van

    Many years ago the average person didn’t have a computer to put trades on. I’d just go down to Richardson Securities in Victoria and see my stock broker. He’d communicate with brokers all over North America. I learned a lot from him and his broker friends. I’d be interested in something in the news that was soaring and he’d talk to his broker friends and they’d tell him to forget the stock as all his clients were short the stock and they had deep pockets so could hang in there as prices soared plus they were short and getting shorter each day. Sure enough some “event” would occur and the stock would sell off sharply shaking out many glassy eyed buyers. Worked like a charm. I learned to think like that and it saved me a lot of money over the years. I didn’t have deep pockets so I didn’t like to short stocks making big moves. But I did like shorting regular stocks at key overbought levels as long as the charts showed weakness. So I consulted with him on stocks and he’d call me about what the charts were saying. I miss those days at times.

  5. Larry/ON Says:

    MAG 7. AAPL,MSFT, GOOGL new highs. Biggest gainers of the 7 were TSLA and NVDA. I expected or I guess still expect a longer consolidation period for NVDA allowing the 50dayMA to catch up by early August. Quite strong on a light trading day today. For anyone unaware you can hold the MAG 7 in a single ETF – MAGS. US money centre banks doing well. AVGO is the other AI semi play that is rebounding after a correction doing a partial gap fill. MU looks like it hit a reasonable buy point the last couple of days. A

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