Pre-opening Comments for Tuesday July 11^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points at 8:30 AM EDT.

WD 40 added $7.95 to $201.75 after reporting higher than consensus fiscal third quarter earnings.

Viridian Therapeutics dropped $4.56 to $19.96 after announcing a design change to its study for chronic eye disease therapy.

Apple gained $0.75 to $189.36 after KeyBanc Capital raised its target price to $200.

Microsoft added $0.15 to $331.98 after announcing an extension of its plan to reduce employee count by 10,000.

 

EquityClock’s Daily Comment

Headline reads “The change of vehicle sales in the US have surged this spring, representative of the resilience of the consumer in this economy”.

http://www.equityclock.com/2023/07/10/stock-market-outlook-for-july-11-2023/

 

Technical Notes

Far East equity markets are under technical pressure matching recent weakness in the Shanghai Composite Index. Nikkei Average $NIKK moved below 32,306.99 completing a double top pattern. Australia All Ordinaries dropped to a three month low.

Verisk $VRSK a NASDAQ 100 stock moved above $228.88 to an all-time high extending an intermediate uptrend.

Intuit $INTU a NASDAQ 100 stock moved above $461.70 extending an intermediate uptrend.

IDEXX Laboratories $IDXX a NASDAQ 100 stock moved above $515.79 extending an intermediate uptrend.

Schlumberger $SLB an S&P 100 stock moved above $53.52 extending an intermediate uptrend.

PayPal $PYPL an S&P 100 stock moved above $69.20 setting an intermediate uptrend.

MercadoLibre $MELI a NASDAQ 100 stock moved below $1,124.02 and $1083.10 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 10^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for July 10^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 10^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for positive seasonal ratings: www.equityclock.com

 

Links offered by valued providers

It’s time to pause on U.S. Stocks say Citigroup Strategists

https://www.marketwatch.com/story/its-time-to-pause-on-u-s-stocks-say-citigroup-strategists-they-say-invest-in-these-places-instead-9eb9d700?itm_source=parsely-api&mod=mw_pushly&send_date=20230710

 

Seasonality Chart of the Day

Silver has two periods of seasonal strength: July 7^th to September 4^th and November 29^th to February 23^rd.

Technicals have starting to improve: Score increased yesterday from -4 to 0

(i.e. from -2-2-1+1= -4 to. -2+0+1+1= 0). See Commodity section above for color code changes.

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.20 to 74.20. It remains Overbought.

The long term Barometer gained 2.60 to 67.00. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer added 1.32 to 45.61. It remains Neutral.

The long term Barometer added 0.44 to 53.95. It remains Neutral.

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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