Pre-opening Comments for July 26th
U.S. equity index futures were higher this morning. S&P 500 futures were up 40 points at 8:35 AM EDT.
S&P 500 futures slipped 4 points following release of economic reports released at 8:30 AM EDT. Consensus for June PCE Price Index was a gain of 0.1% versus unchanged in May. Actual was a gain of 0.1%. On a year-over-year basis, consensus for June PCE Price Index was a gain of 2.4% versus a gain of 2.6%. Actual was a gain of 2.4%. Ex food and energy, consensus for June PCE Price Index was a gain of 0.2% versus a gain of 0.1% in May. Actual was a gain of 0.2%. On a year-over-year basis, consensus for Core PCE Price Index was a gain of 2.5% versus a gain of 2.6% in May. Actual was a gain of 2.6%. Consensus for June Personal Income was a gain of 0.4% versus an advance of 0.5% in May. Actual was a gain of 0.2%. Consensus for June Personal Spending was a gain of 0.3% versus a gain of 0.2% in May. Actual was a gain of 0.3%.
Norfolk Southern gained $15.26 to $238.16 after reporting higher than consensus second quarter earnings.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0011-10.png "clip_image001[1]")
Skechers added $0.34 to $65.37 after announcing a $1 billion share buyback program. The company also offered positive guidance.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0021-10.png "clip_image002[1]")
Olin dropped $4.05 to $43.99 after reporting less than consensus second quarter revenues and earnings.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0031-9.png "clip_image003[1]")
EquityClock’s Stock Market Outlook for July 26th
The fundamentals to natural gas are starting to look interesting following weeks of minor injections to inventories and as the period of seasonal strength for the commodity nears.
https://equityclock.com/2024/07/25/stock-market-outlook-for-july-26-2024/
Technical Notes
Biotech ETF $FBT moved above $166.00 to a 31 month high extending an intermediate uptrend
Silver bullion ETN $SLV moved below $26.17 completing a double top pattern.
Global X Uranium ETF $URA moved belowUS$26.75 to an 18 month low extending an intermediate downtrend. Responded to weakness by Cameco on a move below intermediate support at US$45.10 and Cdn$62.03
S&P 100 and NASDAQ 100 stocks moving above resistance extending an intermediate uptrend included Raytheon Technologies on a move above $108.65, AbbVie on a move above $179.55, Zoom on a move above $59.86, Abbott Labs on a move above $108.40, O’Reilly Automotive on a move above $1091.22, Thermo Fisher Scientific on a move above $603.01 and Incyte on a move above $67.36
S&P 100 and NASDAQ 100 stocks moving below support extending an intermediate downtrend included Airbnb on a move below $140.82, Ford on a move below $11.48, AMD on a move below141.15, Lulu Lemon on a move below $251.51, DexCom on a move below $108.71 and Consolidated Energy on a move below $93.78.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 25th 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 25th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 25th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by a valued provider
Massive Mega Cap Reversal: Guy Adami, Dan Nathan and Carter Worth
https://www.youtube.com/watch?v=BB5eF2c1hrw
Economy is Teetering: Will We Bounce or Plunge? Tom Bowley
Economy is Teetering: Will We Bounce or Plunge? – YouTube
Are you getting the most out of your tax-free savings account?
Are you getting the most out of your tax-free savings account? – YouTube
S&P 500 Technical Analysis 7-25-24 (Elliott Wave Theory)
SP500 Technical Analysis 7-25-24 (Elliott Wave Theory) – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 3.60 to 62.80. It returned to Overbought on a move above 60.00.
The long term Barometer added 0.80 to 73.40. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 0.88 to 69.03. It remains Overbought.
The long term Barometer slipped 0.44 to 80.53. It remains Overbought.
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
|
|
July 26th, 2024 at 4:24 pm
GDP numbers that came out yesterday were quite positive which throws out the negativity of my earlier post. Financials seem to be the safest spot for me though KBE and KRE are quite overbought with a lot of small banks caught up in the small cap rally. Tech still needs to work off some more of its’ overextended run but IMO it will reemerge as an outperforming sector given a little time. If semis went beyond correction to entering a bear market it would be a red flag for the end of the whole bull market. If growth stays intact semis should resume positive direction but again they need to correct a bit more. It’s going to present a good opportunity.
July 29th, 2024 at 8:10 pm
Question for Paula, I lost the website link for the person you introduced me to – (I am going to butcher the spelling) “Coceveccio??.
Would you please share with me again the proper spelling.
Thank you