Pre-opening Comments for Tuesday July 12^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 18 points in pre-opening trade.

Gap Stores dropped $0.30 to $8.46 after the company’s Chief Executive Officer stepped down. The company also lowered second quarter guidance. Wells Fargo lowered its target price from $16 to $10.

Pepsico added $1.32 to $171.79 after reporting higher than consensus second quarter revenues and earnings.

Deere dropped $2.71 to $295.70 after JP Morgan lowered its target price from $370 to $325.

Caterpillar fell $2.33 to $172.69 after JP Morgan lowered its target price from $250 to $205.

 

EquityClock’s Daily Comment

Headline says “The strongest time of the year for Wheat is upon us and the recent correction back to long-term rising trendline support has presented another opportunity to take a bite”. Following is a link:

http://www.equityclock.com/2022/07/11/stock-market-outlook-for-july-12-2022/

Cramer on U.S. equity markets

Based on comments on COT chart trends by Larry Williams

https://www.cnbc.com/2022/07/11/jim-cramer-charts-suggest-the-market-is-poised-for-an-august-rebound.html

Technical Notes for yesterday

Twitter $TWTR a NASDAQ 100 stock moved below $35.50 extending an intermediate downtrend. Musk terminated his offer for the company.

Cognizant $CTSH a NASDAQ 100 stock moved below $65.24 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 11^th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for July 11^th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 11^th 2021

Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX)

 

Next CATA Meeting

Next meeting of the Canadian Association for Technical Analysis is scheduled this evening at 8:00 PM EDT. Speaker is Andrew Aziz from Bear Bull Traders. Interested in membership? Link is CATA Meeting July 12 with Andrew Aziz – Events – Canadian Association for Technical Analysis (clubexpress.com)

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 2.00 to 26.40 yesterday. It remains Oversold.

The long term Barometer slipped 1.00 to 22.40 yesterday. It remains Oversold.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 3.36 to 20.59 yesterday. It remains Oversold.

The long term Barometer slipped 2.52 to 23.95 yesterday. It remains Oversold.

Disclaimer: Seasonality 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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