Pre-opening Comments for Tuesday July 18^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points at 8:35 AM EDT

Index futures were unchanged following release of June U.S. Retail Sales at 8:30 AM EDT. Consensus was a gain of 0.2% versus a gain of 0.3% in May. Actual was a gain of 0.2%.

The Canadian Dollar was unchanged at US75.82 cents following release of Canada’s June Consumer Price Index at 8:30 AM EDT. Consensus was a year-over-year increase of 2.9% versus a gain of 3.7% in May. Actual was an increase of 2.8%.

Shopify dropped $0.66 to US$68.02 after Evercore downgraded the stock from Outperform to In Line.

Bank of America added $0.22 to $29.62 after reporting higher than consensus second quarter revenues and earnings.

PNC Financial dropped $3.66 to $123.50 after reporting lower than consensus second quarter revenues.

Bank of New York Mellon gained $1.01 to $43.54 after reporting higher than consensus second quarter revenues and earnings.

 

EquityClock’s Daily Comment

Headline reads “The below average trend of manufacturer sentiment readings continues into July, suggesting weaker than normal activity at this time of year that typically sees factories shutdown/re-tool”.

http://www.equityclock.com/2023/07/17/stock-market-outlook-for-july-18-2023/

Technical Notes

Dow Jones Industrial Average SPDRs $DIA moved above $345.73 and $346.22 extending an intermediate uptrend.

Lockheed Martin $LMT an S&P 100 stock moved above $467.17 resuming an intermediate uptrend.

Zoom $ZM a NASDAQ 100 stock moved above $71.99 completing a double bottom pattern.

Intuit $INTU a NASDAQ 100 stock moved above $487.20 resuming an intermediate uptrend.

Vertex Pharma $VRTX a NASDAQ 100 stock moved above $354.46 extending an intermediate uptrend.

Toronto Dominion Bank $TD.TO a TSX 60 stock moved above Cdn$83.14 resuming an intermediate uptrend.

Bausch Health $BHC.TO a TSX 60 stock moved above Cdn$12.09 resuming an intermediate uptrend.

Walt Disney $DIS a Dow Jones Industrial Average stock moved below $87.01 extending an intermediate downtrend.

Verizon $VZ a Dow Jones Industrial Average stock moved below $33.13 extending an intermediate downtrend.

Merck $MRK a Dow Jones Industrial Average stock moved below $106.16 completing a double top pattern.

TC Energy $TRP a TSX 60 stock moved below Cdn$50.89 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 17^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

 

Commodities

Daily Seasonal/Technical Commodities Trends for July 17^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 17^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Sprott Gold Report Gold vs. Gold Stocks, An Unresolved Incongruity

Sprott Gold Monthly: Gold vs. Gold Stocks, An Unresolved Incongruity

 

Can The Markets Continue Higher On Low Inflation Numbers? | The MEM Edge (07.14.23)

Can The Markets Continue Higher On Low Inflation Numbers? | The MEM Edge (07.14.23) – YouTube

 

As Inflation Winds Down Markets Are Behaving | TG Watkins | Your Daily Five

As Inflation Winds Down Markets Are Behaving | TG Watkins | Your Daily Five (07.23.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 1.80 to 81.40. It remains Overbought.

The long term Barometer slipped 0.20 to 69.60. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 3,51 to 60.53. It remains Overbought.

The long term Barometer added 0.44 to 59.21. 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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