Pre-opening Comments for Wednesday July 31st
U.S. equity index futures were higher this morning. S&P 500 futures were up 65 points at 8:35 AM EDT.
The Canadian Dollar added 0.04 to US72.38 cents following release of Canada’s May GDP report at 8:30 AM EDT. Consensus was an increase of 0.1% versus a gain of 0.3% in April. Actual was an increase of 0.2%
Microsoft dropped $27.00 to $395.92 after reporting a slowdown in Cloud growth.
![clip_image001[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0015-4.png "clip_image001[5]")
Advanced Micro Devices gained $8.52 to $146.58 after raising guidance on AI chip production.
![clip_image002[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0025-7.png "clip_image002[5]")
Starbucks added $1.88 to $77.82 after issuing a favourable earnings outlook.
![clip_image003[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0035-4.png "clip_image003[5]")
Pinterest dropped $4.02 to $33.33 after projecting a less than consensus revenue outlook.
![clip_image004[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0045-6.png "clip_image004[5]")
EquityClock’s Stock Market Outlook for July 31st
Volatility hedges are in demand, outperforming the broader market. See:
https://equityclock.com/2024/07/30/stock-market-outlook-for-july-31-2024/
Technical Notes
Merck $MRK a Dow Jones Industrial Average stock moved below $120.87 and $118.52 completing a double top pattern.
Procter & Gamble $PG a Dow Jones Industrial Average stock moved below $160.74 and $160.46 setting an intermediate downtrend.
American Tower $AMT an S&P 100 stock moved above $215.36 extending an intermediate uptrend.
Electronic Arts $EA an S&P 100 stock moved above $147.39 to an all-time high extending an intermediate uptrend.
ANSYS $ANSS a NASDAQ 100 stock moved below $308.03 extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 30th 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 30th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 29th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Seven Earnings Plays to Start the Week! David Keller
Seven Earnings Plays to Start the Week! – YouTube
Gold could reach $3,000 per ounce: Rosenberg
Gold could reach $3,000 per ounce: Rosenberg – YouTube
BoC needs to keep cutting rates: Rosenberg
BoC needs to keep cutting rates: Rosenberg – YouTube
Tactical US Equity View as Earnings Ramp Up: J P Morgan
Tactical US Equity View as Earnings Ramp Up – YouTube
Crowded Trades Unravel: Guy Adami and Dan Nathan
https://www.youtube.com/watch?v=eGR9KXEhA0Q
Why it feels like we’re in a recession (when we’re not) | About That; CBC
Why it feels like we’re in a recession (when we’re not) | About That – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 0.40 to 70.40. It remains Overbought.
The long term Barometer added 1.20 to 78.40. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer was unchanged at 73.46. It remains Overbought.
The long term Barometer slipped 0.44 to 80.97. 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
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July 31st, 2024 at 10:36 am
NVDA – It was AMD that reported yesterday but it’s NVDA that is up by a much greater percentage. It’s amazing how yesterday we met major support on NVDA and at the exact same time we got the report from AMD. You really have to be able to take the volatility on these stocks and more importantly have a solid understanding and faith in the reality of AI. We should see 120 on NVDA very quickly and I’m guessing new highs will only come post earnings.
July 31st, 2024 at 11:39 am
Larry
NVDA has fallen $38 in the last month so does have to prove it can overcome such a pullback. Price right now is at a price downtrendline as well as strong price resistance at 116. So price must now clear and hold above this level to suggest a continuation of a rally,.
https://schrts.co/wEfteArp
July 31st, 2024 at 2:20 pm
RON/BC – Thanks for the nice chart. I have to stop being a cheap-skate and pay Stockcharts.com. You have drawn a short-term resistance line that I am willing to suggest odds are that NVDA will break through. The correction on all of the semis was quite substantial and I think considering
AMD’s report investors now want to hold NVDA going into their report on Aug 28th which is four weeks away. My perception is that selling has been exhausted. The weak hands were flushed out.
July 31st, 2024 at 3:33 pm
Larry
You would know about the fundamentals as I don’t follow them.
July 31st, 2024 at 3:33 pm
SharonBC,
Sorry I missed your post from a couple of days ago but I see that Muntazir was able to help. I do like Ciovacco for his long term, big picture look, using many charts, especially relative performance charts.
July 31st, 2024 at 3:50 pm
I’m posting a lot so it means I am a little excited here. DELL looks like a steal here. I’ve been buying MAGS and SMH.