Pre-opening Comments for Wednesday July 9th
U.S. equity index futures were higher this morning. S&P 500 futures were up 15 points at 8:30 AM EDT.
Focus today at 2:00 PM is on the Federal Reserve’s meeting minutes for the last FOMC meeting. They may give clues about the timing of the next reduction in the Fed Fund Rate.
Copper equities and their related Exchange Traded Fund: (COPX) added $0.40 to $46.05 after President Trump announced a 50% tariff to be imposed on imported copper.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/07/clip_image0011-1.png "clip_image001[1]")
U.S. wind and solar equities came under additional pressure after President Trump announced plans yesterday to cancel the industry’s current subsidies. Invesco Solar ETF (TAN) dropped another $0.26 to $37.82.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/07/clip_image0021.png "clip_image002[1]")
T-Mobile dropped $4.05 to $231.92 after KeyBanc downgraded the stock.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/07/clip_image0031-1.png "clip_image003[1]")
Verona Pharmaceutical jumped $17.97 to $104.83 after Merck offered to acquire the company for $10 billion.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/07/clip_image0041.png "clip_image004[1]")
EquityClock’s Market Outlook for July 9th
One of the weakest June changes in employment for a non-recessionary period in the past four decades highlights a slowing of the labor market. See:
https://equityclock.com/2025/07/08/stock-market-outlook-for-july-9-2025/
Technical Notes
U.S. Copper futures prices and their related ETF: U.S. Copper Fund (CPER) broke to all-time highs. Copper futures have a history of moving higher to the end of July. See seasonality chart at www.EquityClock.com . President Trump says he will impose a 50% tariff on copper imports.
Boeing (BA) a Dow Jones Industrial Average stock moved above $218.80 extending an intermediate uptrend.
Texas Instruments (TXN) an S&P 100 stock moved above $216.92 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable on a real and relative basis until the end of July and frequently to the end of August. See seasonality chart at www.EquityClock.com
Shopify (SHOP.TO) a TSX 60 stock moved above Cdn$160.25 extending an intermediate uptrend. Seasonal influences are favourable on a real and relative basis until the end of August. See seasonality chart at www.EquityClock.com
Telus (T.TO) a TSX 60 stock moved above Cdn$22.46 extending an intermediate uptrend. Mentioned favourably by Javed Mirza on BNN today.
BCE (BCE.TO) a TSX 60 stock moved above Cdn$31.71 completing a double bottom pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 8th 2025
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 8th 2025
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 8th 2025
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Why Commodities Could Be the Trade of the Decade | In the Money with Amber Kanwar
Why Commodities Could Be the Trade of the Decade | In the Money with Amber Kanwar – YouTube
Island Reversal Spotted In The S&P 500? Guy Adami and Dan Nathan
Island Reversal Spotted In The S&P 500? – YouTube
Be cautious, consumers could slowdown, warns Stifel’s Barry Bannister
Be cautious, consumers could slowdown, warns Stifel’s Barry Bannister – YouTube
Market Call: Javed Mirza’s outlook on Technical Analysis
Market Call: Javed Mirza’s outlook on Technical Analysis – YouTube
Trading Places Live! July 8, 2025: Tom Bowley
https://www.youtube.com/watch?v=mleq38ywj2Y
CHART THIS with David Keller, CMT Tuesday 7/8/25
https://www.youtube.com/watch?v=VYrP_WHvCvI
S&P 500 Momentum Barometers
The intermediate term Barometer slipped 0.80 to 74.00. It remains Overbought.
The long term Barometer added 1.60 to 62.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 2.35 to 83.10. It remains Overbought.
The long term Barometer added 1.41 to 81.22. 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 9th, 2025 at 9:56 am
Overbought continues overbought and breadth has been expanding. Even BCE has been rallying though I have no interest in it. Cdn REITS which have been the dregs of the market are up over 8% YTD. This is a rip snorting bull market. For now.