Pre-opening Comments for Thursday July 24th
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points at 8:30 AM EDT.
Europe Central Bank maintained its Overnight lending rate for banks at 2.15%
Alphabet advanced $3.71 to $195.22 after reporting higher than consensus second quarter revenues and earnings.
![clip_image001[4]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/07/clip_image0014-5.png "clip_image001[4]")
Tesla dropped $15.14 to $317.42 after reporting less than consensus quarterly results.
![clip_image002[4]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/07/clip_image0024-6.png "clip_image002[4]")
Chipotle dropped $4.79 to $47.99 after reporting less than consensus second quarter revenues. The company also lowered guidance.
![clip_image003[4]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/07/clip_image0034-4.png "clip_image003[4]")
Loblaw Companies is expected to open higher after reporting higher than consensus second quarter results. The company also announced a four for one stock split.
![clip_image004[4]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/07/clip_image0044-4.png "clip_image004[4]")
EquityClock’s Market Outlook for July 24th
Energy product supplied just jumped to the highest level on record for the month of July. See:
https://equityclock.com/2025/07/23/stock-market-outlook-for-july-24-2025/
Technical Notes
Dow Jones Industrial Average SPDRs (DIA) moved above $448.82 to an all-time high extending an intermediate uptrend.
Japan iShares (EWJ) moved above $75.50 to an all-time high extending an intermediate uptrend. Responded to a tariff agreement with the U.S.!
S&P 100 and NASDAQ 100 stocks moving above resistance extending an intermediate uptrend included Johnson & Johnson (JNJ), Capital One Financial (COF), Thermo Fisher Scientific (TMO), Illumina (ILMN), JP Morgan Chase (JPM) and General Dynamics (GD). Seasonal influences are favourable for Johnson & Johnson until August 19th, for General Dynamics until October 9th and for JP Morgan until November 11th. See seasonality charts at www.equityclock.com
Bank of Nova Scotia (BNS.TO) a TSX 60 stock moved above Cdn$76.67 and$76.80 to an all-time high extending an intermediate uptrend
Intuitive Surgical (ISRG) a NASDAQ 100 stock moved below $498.17 setting an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 23rd 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 23rd 2025
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 23rd 2025
Green: Increase from previous day
Red: Decrease from previous day
Canadian Association for Technical Analysis Presentation
Next presentation is offered tonight at 8:00 PM EDT. Presenter by Zoom is Dwight Galusha. Everyone is welcome. Not a member? Contact https://www.canadianata.ca/
Link offered by a valued provider
A Wild Ride For The History Books: 2025 Mid-Year Recap + Outlook: David Keller
https://www.youtube.com/watch?v=oITcprRqne8
S&P 500 Momentum Barometers
The intermediate term Barometer advanced 2.80 to 76.80. It remains Overbought.
The long term Barometer added 1.80 to 67.40. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 0.47 to 76.53. It remains Overbought.
The long term Barometer added 0.94 to 83.10. 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 24th, 2025 at 10:01 am
$CAD – The consensus has been that CAD is heading higher. CAD has topped out over the past five weeks peaking mid-June and forming lower highs. Let’s say perhaps that it has been consolidating after its’ recovery from below $0.69. I’m guessing that it would resume upward on the announcement of a trade deal with the US but the news is that negotiations are grinding probably past Aug 1st. There might be a partial deal on some sectors with the rest subject to further talks. When I look at a very long-term chart of CAD going 20 years it is all negative. I post this because if you hold US stocks you consider hedging. I find myself 50/50 on that.
July 24th, 2025 at 3:59 pm
Still_learning,
Bernie, thanks for your point of view.
Bman/Van,
Thanks for the feedback. I see what you mean about NPI:
https://schrts.co/jdrANAkY
July 24th, 2025 at 4:12 pm
Larry,
I see what you mean about CAD going back 20 years. It does look negative and this recent “surge” in CAD has just been a short term mean reversion bounce up to the descending 20-week EMA. However, I prefer getting Canadian dividend yield with the preferential tax treatment (in a non-registered account) so I recently transferred TD and AEM from my USD account to my Canadian account. And although I am a long way from being affected by the new tax treatment of “foreign investors” holding USD stocks, I prefer to gradually move assets to the Canadian side.
https://schrts.co/gWaZPjmD
I seem to be getting the hang of the new StockCharts. Nice to see some comments on this board!