Pre-opening Comments for Wednesday July 30th
U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points at 8:30 AM EDT.
Focus today is on interest rates set by the Bank of Canada and the FOMC. Rates are expected to be unchanged, but guidance could move equity prices.
Visa dropped $12.05 to $339.24 after reporting less than consensus fiscal third quarter results. The company also offered fourth quarter guidance below consensus.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/07/clip_image0011-8.png "clip_image001[1]")
Starbucks gained $4.19 to $97.15 after reporting higher than consensus fiscal third quarter revenues.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/07/clip_image0021-6.png "clip_image002[1]")
Electronic Arts added $2.21 to $150.00 after reporting higher than consensus fiscal first quarter results.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/07/clip_image0031-8.png "clip_image003[1]")
Garmin advanced $11.91 to $251.21 after reporting higher than consensus second quarter results. The company also raised guidance.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2025/07/clip_image0041-4.png "clip_image004[1]")
EquityClock’s Market Comment for July 30th
Hints of a defensive shift in the market are emerging. See:
https://equityclock.com/2025/07/29/stock-market-outlook-for-july-30-2025/
Technical Notes
Advanced Micro Devices (AMD) an S&P 100 stock moved above $174.05 extending an intermediate uptrend. Seasonal influences are favourable on a real and relative basis until September 15th. See seasonality chart at www.EquityClock.com
Palo Alto Networks (PANW) a NASDAQ 100 stock moved above $208.39 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable on a real and relative basis until September 15th. See seasonality charts at www.EquityClock.com
Synopsys (SNPS) a NASDAQ 100 stock moved above $629.38 to an all-time high 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
Chipotle (CMG) a NASDAQ 100 stock moved below $44.46 extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 29th 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 29th 2025
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 29th 2025
Green: Increase from previous day
Red: Decrease from previous day
Link offered by a valued provider
Sector Rotation: What’s Working, and What’s Not? David Keller
(Editor’s note: Taped four years ago. It still works. Similar to Technical Scores provided daily in Tech Talk)
https://www.youtube.com/watch?v=80VduwQrAtg
S&P 500 Momentum Barometers
The intermediate term Barometer slipped 0.40 to 67.40. It remains Overbought.
The long term Barometer added 0.20 to 64.40. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 1.42 to 71.23. It remains Overbought.
The long term Barometer added 0.94 to 83.96, highest level since December 2020. 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 30th, 2025 at 8:48 am
Market Direction – There has been some concern about an overextended market expressed for example by the CNBC lunch panel and seasonality coming into play as expressed in Monday’s Tech Talk. Jim Cramer last night focused on three companies that had terrible earnings tied to weak consumer demand: UPS, Whirlpool and Black and Decker. Both the ADP report and real GDP reports that came out this morning were quite positive. Consumer spending actually improved modestly. Watching Tuesday’s Barometer webcast which will be available on their website today guru David Burrows points out that market breadth has been expanding, earnings beats are positive and markets are not just positive in the US but obviously globally. If horrible economic things are going to happen why are the Cdn. European and Japanese stock markets booming? Well the IMF recently increased their projections for 2025 and 2026 global GDP growth (3.0 and 3.1 vs 2.8 and 3.0). Seasonality is moving onto the front burner but the take I have is go with the market you have.
July 30th, 2025 at 11:55 am
CAD broke support at 72.47. Next major support level is 71.35. You can also see a major reversal on USD vs EUR. I get the feeling this will go on for a while longer.