Editor’s Note: Don Vialoux offers an outlook on North American equity markets as a guest on “Wolf on Bay Street” available on Saturday at 7:00 PM EDT on Corus radio (Channel 640 in Toronto)
Pre-opening Comments for Friday July 14th
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points at 8:30 AM EDT.
JP Morgan added $4.48 to $153.25 after reporting higher than consensus second quarter results. The company also offered positive guidance.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/07/clip_image0011-4.png "clip_image001[1]")
Wells Fargo gained $1.39 to $45.09 after reporting higher than consensus second quarter results.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/07/clip_image0021-5.png "clip_image002[1]")
Nvidia added $4.73 to $464.69 after Truist raised its target price from $470 to $545.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/07/clip_image0031-2.png "clip_image003[1]")
KB Homes advanced $0.64 to $53.60 after Raymond James upgraded the stock to Outperform.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/07/clip_image0041-1.png "clip_image004[1]")
EquityClock’s Daily Comment
Headline reads “A dramatic plunge in energy commodity demand last week highlights the disruption that has resulted from the Independence Day holiday closure”.
http://www.equityclock.com/2023/07/13/stock-market-outlook-for-july-14-2023/
Technical Notes
The U.S. Dollar Index virtually collapsed below support at 100.42 to close at a 15 month low at 99.78.
The Canadian Dollar responded by moving higher.
German iShares $EWG moved above $29.12 extending an intermediate uptrend.
EAFE iShares $EFA moved above $73.91 extending an intermediate uptrend.
Frontier iShares $FM moved above $26.68 extending an intermediate uptrend.
U.S. Bank SPDRs $KBE moved above $38.17 completing a reverse Head & Shoulders pattern.
Technology SPDRs $XLK moved above $175.93 to an all-time high extending an intermediate uptrend.
Semiconductor ETF $SMH moved above $155.94 and Semiconductor iShares $SOXX moved above $517.44 extending intermediate uptrends.
Global Base Metals iShares $PICK moved above $42.33 setting an intermediate uptrend. Canadian equivalent XBM.TO moved above $20.32 setting an intermediate uptrend. Responding to U.S. Dollar weakness!
Base Metals ETN $DBB (Copper, Zinc Aluminum) moved above $18.72 completing a double bottom pattern. Responding to U.S. Dollar weakness!
Oil and Gas Exploration SPDRs $XOP moved above $134.79 extending an intermediate uptrend
U.S. Broker iShares $IAI moved above $93.40 resuming an intermediate uptrend.
Silver Bullion iShares $SLV moved above intermediate resistance at $22.52. Responding to U.S. Dollar weakness!
S&P/TSX Information Technology iShares $XIT.TO moved above Cdn$46.70 extending an intermediate uptrend. Helped by GIB in U.S. Dollars hitting an all-time high and $SHOP.TO moving above Cdn$89.02.
Individual S&P 100 and NASDAQ 100 equities that moved above intermediate resistance included COP, NVDA, TCOM, ADI, DXCM, BIDU, NFLX, DUK
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 13th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for July 13th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 13th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive seasonal ratings: www.equityclock.com
Links offered by valued providers
Bull Market Roars Ahead | Tom Bowley | Trading Places (07.13.23)
Bull Market Roars Ahead | Tom Bowley | Trading Places (07.13.23) – YouTube
Watch For This Going Into Earnings Season | Danielle Shay | Your Daily Five (07.13.23)
Watch For This Going Into Earnings Season | Danielle Shay | Your Daily Five (07.13.23) – YouTube
"All About That Base(ing)" New Go Trends | GoNoGo Charts (07.13.23)
"All About That Base(ing)" New Go Trends | GoNoGo Charts (07.13.23) – YouTube
Keep an Eye on These Critical Points in MACD Crossover Signals | Joe Rabil | Stock Talk (07.13.23)
S&P 500 Momentum Barometers
The intermediate term Barometer added 1.00 to 85.00. It remains Overbought. Daily trend remains up.
The long term Barometer added 0.60 to 73.20. It remains Overbought. Daily trend remains up.
TSX Momentum Barometers
The intermediate term Barometer added 5.26 to 62.28. It changed from Neutral to Overbought on a move above 60.00. Daily trend remains up.
The long term Barometer added 2.19 to 58.77. It remains Neutral. Daily trend is up.
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 14th, 2023 at 11:10 am
Getting a bit of sell on the news after a pop on the banks. After great earnings JPM when from up to now slightly negative. TD is holding up the best at the moment. I find the overall market to be a little technically stretched. SPY is overbought at 72 RSI and the CNN market sentiment indicator has been stuck at “extreme greed” for over a month. Anyone can look at the percentage distance we are above 200day MAs for SPY and QQQ.