Pre-opening Comments for Tuesday July 19^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 24 points in pre-opening trade.

Index futures were virtually unchanged following release of the June U.S. housing starts report at 8:30 AM EDT. Consensus was an increase to 1.585 million units from 1.549 million units in May. Actual was an increase of 1.559 million units.

IBM dropped $5.97 to $132.16 despite reporting higher than consensus second quarter revenues and earnings. The company also trimmed its forecast for the remainder of 2022.

BHP Inc added $0.15 to $50.82 after reporting higher than consensus fiscal fourth quarter output. The company also offered positive guidance.

Intel gained $0.07 to 38.78 pending passage of a bill by Congress to encourage computer chip development and production. The stock completed a reverse Head & Shoulders pattern yesterday on a move above $39.06.

Johnson & Johnson added $1.12 to $175.35 after the company reported higher than consensus second quarter revenues and earnings.

 

EquityClock’s Daily Comment

Headline reads “Ethereum breaking out of its recent consolidation range, while Bitcoin remains stuck.  Until each break back above levels of previous weekly support, now resistance, we remain Neutral on both”. Following is a link:

http://www.equityclock.com/2022/07/18/stock-market-outlook-for-july-19-2022/

Technical Notes for yesterday

Editor’s Note: All of the technical action indicated below occurred before 10:00 AM. Weakness occurred thereafter.

 

Consumer Discretionary SPDRs $XLY moved above $148.47 completing a double bottom pattern.

Semiconductor ETF $SMH moved above intermediate resistance at $218.81

Goldman Sachs $GS a Dow Jones Industrial stock moved above $308.97 completing a double bottom pattern.

Target Stores $TGT an S&P 100 stock moved above $151.93 completing a double bottom pattern.

Starbucks $SBUX a Dow Jones Industrial Average stock moved above $81.30 completing a reverse Head & Shoulders pattern.

Marriott $MAR a NASDAQ 100 stock moved above $146.06 completing a double bottom pattern.

Walmart $WMT a Dow Jones Industrial stock moved above $129.90 completing a double bottom pattern.

Lowes $LOW an S&P 100 stock moved above $185.61 completing a double bottom pattern.

Marvel Technology $MRVL a NASDAQ 100 stock moved above intermediate resistance at $49.10

Microchip Technologies $MCHP a NASDAQ 100 stock moved above intermediate resistance at $62.92

Copart $CPRT a NASDAQ 100 stock moved above intermediate resistance at $117.37

Intel $INTC a Dow Jones Industrial stock moved above $39.06 completing a short term reversal pattern.

Intuitive Surgical $ISRG a NASDAQ 100 stock moved above $211.47 completing a double bottom pattern.

Lockheed Martin $LMT an S&P 100 stock moved below $394.66 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 18^th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for July 18^th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 18^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)

 

Links offered by valued providers

Sprott Gold Report for July 15^th

Sprott Gold Report: Inflation, No Quick Fix

 

Bruce Fraser says “Keep your stops tight”.

https://www.youtube.com/watch?v=JvlyQNhxRPw

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 6.20 to 22.40 yesterday. It remain Oversold.

The long term Barometer fell 1.80 to 18.00 yesterday. It remains Oversold.

 

TSX Momentum Barometers

The intermediate term Barometer added 4.20 to 24.79 yesterday. It remains Oversold. Upward trend has been extended.

The long term Barometer gained 1.88 to 23.53 yesterday. It remains Oversold. Upward trend has resumed.

 

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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