Pre-opening Comments for Wednesday July 19th
U.S. equity index futures were mixed this morning S&P 500 futures were unchanged at 8:35 AM EDT.
Index futures were unchanged following release of U.S. June Housing Starts at 8:30 AM EDT. Consensus was a drop to 1,450,000 units from revised 1,559,000 units in May. Actual was a drop to 1.434,000 units.
Interactive Brokers dropped $3.70 to $82.47 after reporting less than consensus second quarter revenues and earnings.
Western Alliance Bancorp dropped $1.37 to $41.70 after reporting less than consensus second quarter earnings.
Spotify added $0.37 to $179.95 after JP Morgan raised its target price $160 to $190.
Goldman Sachs gained $3.41 to $341.00 after reporting higher than consensus second quarter revenues.
EquityClock’s Daily Comment
Headline reads “Data released on Tuesday continues to express the struggle in the manufacturing economy, but consumer activity may be starting to lag as well”.
http://www.equityclock.com/2023/07/18/stock-market-outlook-for-july-19-2023/
Technical Notes
Regional Bank SPDRs $KRE moved above $44.56 completing a reverse Head & Shoulders pattern
U.S. Healthcare Providers iShares $IHF moved above intermediate resistance at $257.81.
Junior Gold ETF $GDXJ moved above intermediate resistance at $38.95.
South Africa iShares $EZA moved above $42.95 resuming an intermediate uptrend.
Israel iShares $EIS moved above $57.28 extending an intermediate uptrend.
Cdn. Financials iShares $XFN.TO moved above Cdn$45.70 resuming an intermediate uptrend.
Morgan Stanley $MS an S&P 100 stock moved above $91.03 resuming an intermediate uptrend.
Bank of America $BAC an S&P 100 stock moved above $30.69 completing a double bottom pattern.
Microsoft $MSFT a Dow Jones Industrial Average stock moved above $351.47 to an all-time high extending an intermediate uptrend.
Amgen $AMGN a Dow Jones Industrial Average stock moved above $231.95 completing a double bottom pattern.
BCE $BCE.TO a TSX 60 stock moved below Cdn$57.19 extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 18th 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 18th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 18th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
S&P 500 Pushing All-time Highs? Strong Trends Getting STRONGER!!! | The Final Bar (07.17.23)
The One Indicator That Gave Me An Edge… | Pete Carmasino | Halftime by Chaikin Analytics (07.17.23)
As Inflation Winds Down Markets Are Behaving | TG Watkins | Your Daily Five (07.23.23)
As Inflation Winds Down Markets Are Behaving | TG Watkins | Your Daily Five (07.23.23) – YouTube
4 Small-Caps Showing Bullish Characteristics | Joe Rabil | Your Daily Five (07.18.23)
4 Small-Caps Showing Bullish Characteristics | Joe Rabil | Your Daily Five (07.18.23) – YouTube
What’s on the Other Side of the Fed? | Tom Bowley | Trading Places (07.18.23)
What’s on the Other Side of the Fed? | Tom Bowley | Trading Places (07.18.23) – YouTube
S&P 500 Momentum Barometers
Intermediate term Barometer slipped 0.20 to 81.20. It remains Overbought.
The long term Barometer added 0.40 to 70.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer advanced 6.58 to 67.11. It remains Overbought. Daily trend extended an uptrend.
The long term Barometer added 3.07 to 62.28. It changed from Neutral to Overbought on a move above 60.00. Daily trend remains 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 19th, 2023 at 1:30 pm
Javed Mirza appearance on BNN Market Call today – It was all technical analysis with a bit of economic cycle thrown in. I recommend watching the video replay. He was highly positive on financials for H2 2023 and particularly into Q4. Liked base metals and particularly copper. He is looking for a 3-7% market correction beginning in 2-4 weeks. He wasn’t keen on oil saying it would be stuck in a trading range between I think 60-85.