Pre-opening Comments for Thursday July 21^st

U.S equity index futures were higher this morning. S&P 500 futures were up 5 points in pre-opening trade.

The Euro moved higher following news that the European Central Bank raised its base rate by 0.50%.

Index futures were virtually unchanged following release of the July Philly Fed report at 8:30 AM EDT. Consensus was a gain of 1.6 versus a decline of 3.3 in June. Actual was.a drop of 12.3.

Tesla gained $10.80 to $753.30 after reporting higher than consensus quarterly earnings.

Alcoa added $2.56 to $47.62 after reporting higher than consensus second quarter results.

United Airlines dropped $3.08 to $38.60 after reporting lower than consensus second quarter results.

 

EquityClock’s Daily Comment

 

Headline reads “The bears will need a new General to lead their march lower if technology/growth is no longer the dominant burden on the broader market”.

http://www.equityclock.com/2022/07/20/stock-market-outlook-for-july-21-2022/

Technical Notes for yesterday

S&P 500 Index $SPX moved above $3,945.86 and $SPY moved above $393.16 completing a double bottom pattern. Also, equal weight S&P 500 ETF $RSP moved above $139.94 completing a double bottom pattern.

Dow Jones Industrial Average $INDU moved above $31,885.09 and Dow Jones Industrial Average SPDRS $DIA moved above $318.62 completing a double bottom pattern.

NASDAQ Composite Index $COMPQ moved above 11,677.49 and 11689.70 completing a double bottom pattern. NASDAQ 100 Index and its related ETF QQQ also completed a double bottom pattern on moves above 12,179.32 and $296.75

 

NASDAQ 100 stock led the strength in U.S. equity indices:

 

Adobe $ADBE a NASDAQ 100 stock moved above $392.07 extending an intermediate uptrend.

Splunk $SPLK a NASDAQ 100 stock moved above $101.27extending an intermediate uptrend.

Verisign $VRSN a NASDAQ 100 stock moved above intermediate resistance at $182.27

Applied Materials $AMAT a NASDAQ 100 stock moved above intermediate resistance at $98.91

Qualcomm $QCOM a NASDAQ 100 stock moved above $150.41 extending an intermediate uptrend.

Broadcom $AVGO a NASDAQ 100 stock moved above intermediate resistance at $514.15

ANSYS $ANSS a NASDAQ 100 stock move above $227.73 completing a double bottom pattern.

AutoDesk $ADSK a NASDAQ 100 stock moved above $193.33 completing a double bottom pattern.

DexCom $DXCM a NASDAQ 100 stock moved above $82.85 extending an intermediate uptrend.

Netflix $NFLX a NASDAQ 100 stock moved above $207.38 completing a base building pattern.

Russell 2000 iShares $IWM moved above $178.15 completing a double bottom pattern.

Water ETF $PHO moved above $47.94 setting an intermediate uptrend.

Aerospace & Defense ETF $PPA moved above $71.23 resuming an intermediate uptrend.

Uranium ETF $URI moved above $20.10 completing a base building pattern.

Other big cap stocks to establish intermediate uptrends included

Walt Disney $DIS a Dow Jones Industrial Average stock moved above intermediate resistance at $100.40

Dupont $DD an S&P 100 stock moved above $56.63 completing a double bottom pattern.

MercadoLibre $MELI a NASDAQ 100 stock moved above $752.66 completing a double bottom pattern.

Merck $MRK a Dow Jones Industrial Average stock was the only big cap stock to move lower. The stock moved below $90.39 completing a double top pattern.

TSX Technology iShares $XIT.TO moved above $33.81 completing a reverse Head & Shoulders pattern.

Bausch Health $BHC.TO a TSX 60 stock moved above $11.95 completing a base building pattern.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 21^st 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for July 20^th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 20^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 to comments from valued providers

Link from Mark Bunting and www.uncommonsenseinvestor.com

Have Investors Reached "Full Capitulation?" – Uncommon Sense Investor

 

Greg Schell discusses “Analysing a market turn.”

Have Investors Reached "Full Capitulation?" – Uncommon Sense Investor

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 4.40 to 50.00 yesterday. It remains Neutral. Trend is up.

The long term Barometer slipped 1.20 to 21.00 yesterday. It remains Oversold.

 

TSX Momentum Barometers

The intermediate term Baometer gained 3.36 to 37.40 yesterday. The Index remains Oversold. Trend is up

The long term Barometer was unchanged yesterday at 29.41. It remains Oversold. Trend is up.

 

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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