Pre-opening Comments for Wednesday July 10th
U.S. equity index futures were higher this morning. S&P 500 futures were up 15 points at 8:30 AM EDT.
LegalZoom.com dropped $0.90 to $6.95 after the company lowered its sales outlook
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0011-4.png "clip_image001[1]")
Cummins added $0.32 to $269.00 after the company raised its quarterly dividend.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0021-3.png "clip_image002[1]")
Taiwan Semiconductor added $3.94 to $188.46 after reporting a 40% increase in second quarter revenues.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0031-3.png "clip_image003[1]")
Spotify dropped $4.55 to $307.00 after Redburn Atlantic downgraded the stock to sell.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0041-2.png "clip_image004[1]")
EquityClock’s Stock Market Outlook for July 10th 2024
Scrutiny over how Bitcoin and Ethereum reacts to horizontal support is prudent given the threat a breakdown would have on the broader crypto market and risk assets (stocks), overall.
See: https://equityclock.com/2024/07/09/stock-market-outlook-for-july-10-2024/
Technical Notes
Nikkei Average moved above 41,100 to a multi-decade high extending an intermediate uptrend.
Agriculture ETF $MOO moved below $69.68 to a 42 month low extending an intermediate downtrend.
Responses to Federal Reserve Chairman Powell’s statements yesterday before the Senate Banking Committee were favourable. Financial Services ETFs including XLF, KBE and KRE moved higher. Focus this week is on four money center banks reporting quarterly results on Friday.
Semiconductor iShares $SOXX moved above $260.65 to an all-time high extending an intermediate uptrend. Triggered by moves by Applied Materials $AMAT and KLA Corp $KLAC to an all-time high. Responded to target increases yesterday by several U.S. brokers.
Vertex Pharmaceutical $VRTX a NASDAQ 100 stock moved above $486.42 to an all-time high extending an intermediate uptrend.
Lulu Lemon $LULU a NASDAQ 100 stock moved below $293.03 extending an intermediate downtrend.
Thermo Fisher Scientific $TMO an S&P 100 stock moved below $529.28 completing a double top pattern.
Dollarama $DOL.TO a TSX 60 stock moved above Cdn$129.07 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 9th 2024
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 9th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 9th 2024
Green: Increase from previous day
Red: Decrease from previous day
Comments offered by valued providers
Market Foundation Showing CRACKS! (2024): Julius de Kempenaer,
Market Foundation Showing CRACKS! (2024) – YouTube
AI Stocks in Focus in BlackRock’s 2024 Mid-Year Outlook
AI Stocks in Focus in BlackRock’s 2024 Mid-Year Outlook – YouTube
Identifying Top Charts with Upside Potential (2024): David Keller
Identifying Top Charts with Upside Potential (2024) – YouTube
How High Will Stocks Go? Guy Adami, Dan Nathan, Carter Worth
How High Will Stocks Go? – YouTube
Oil sector helped by projects like Trans Mountain expansion: Deloitte
Oil sector helped by projects like Trans Mountain expansion: Deloitte – YouTube
Hot Picks in energy with Eric Nuttall
Hot Picks in energy with Eric Nuttall – YouTube
“Not a Bull Market, a Bifurcated Market” | David Rosenberg
“Not a Bull Market, a Bifurcated Market” | David Rosenberg – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 1.20 to 45.60. It remains Neutral.
The long term Barometer dropped 1.20 to 64.60. It remains Overbought. Daily trend has started to trend down.
TSX Momentum Barometers
The intermediate term Barometer dropped 4.87 to 53.10. It remains Neutral. Daily trend has turned down.
The long term Barometer dropped 3.98 to 69.03. It remains Overbought.
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 10th, 2024 at 12:50 pm
SPX – Stretched at 80 RSI. Overbought may continue overbought but I think we are talking a few days until a small pull back. July is a seasonally bullish month to be sure. You could just ride out any weakness. You want to stay in this market and if you trade out and back in you have to be very nimble. We are already hitting some year end targets of 5600 and 6000 which was the most bullish call appears to be the most accurate.