Pre-opening Comments for Thursday July 31^st

U.S. equity index futures are higher this morning. S&P 500 futures were up 59 points at 8:35 AM EDT.

S&P 500 futures were unchanged following release of U.S. economic news at 8:30 AM EDT. Consensus for June Personal Income was a 0.2% gain versus a 0.4% drop in May. Actual was a 0.3% gain Consensus for June Personal Spending was a 0.4% gain versus a 0.1% drop in May. Actual was a 0.3% gain. Consensus for June core PCE Price Index was a 0.3% increase versus a 0.2% gain in May. Actual was a 0.3% gain. On a year-over-year basis, the Index was up 2.8%.

Microsoft added $45.75 to $559.80 after reporting higher than consensus fourth quarter results.

Meta Platform gained $81.86 to $776.87 after reporting higher than consensus second quarter results.

eBay advanced $9.25 to $86.81 after reporting higher than consensus second quarter results.

Ford dropped $0.47 to $10.40 after announcing an $800 million write off.

EquityClock’s Market Outlook for July 31^st

The change in Margin Debt is providing the first hint that complacency is emerging in the equity market. See:

https://equityclock.com/2025/07/30/stock-market-outlook-for-july-31-2025/

Responses to FOMC news released at 2:00 PM EDT

The FOMC decided to maintain the Fed Fund Rate at 4.25%-4.50%. Hints of a reduction in the Fed Fund Rate at its September meeting were reduced significantly. Responses occurred in the following markets:

S&P 500 Index moved lower.

Ditto for TSX Composite Index

U.S. Dollar ETN moved higher

Conversely, Canadian Dollar moved lower

Yield on 10 year U.S. Treasuries moved higher

U.S. Bank stocks and related ETFs moved lower. Ditto for Canadian bank stocks and ETFs!

Precious metal prices moved lower, most notably platinum and palladium

Technical Notes

S&P 100 and NASDAQ 100 stocks moving higher extending an intermediate uptrend included

Altria on a moved above $60.63, Marvell Technology on a move above $81.05 and

AstraZeneca on a move above $75.38.

S&P 100 and NASDAQ 100 stocks moving lower extending an intermediate downtrend included

Check Point on move below $196.32, Palo Alto Networks on a move below $186.00 and $178.64 and United Parcel Service (UPS) on a move below $89.08.

U.S. Dollar Index ETN (UUP) completed a short term Head & Shoulders reversal on a move above $27.53

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 30^th 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 30^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 30^th 2025

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 5.80 to 61.60. It remains Overbought. Daily trend has turned down.

The long term Barometer dropped 3.60 to 60.80. It remains Overbought. Daily trend has turned down.

TSX Momentum Barometers

The intermediate term Barometer dropped another 5.66 to 65.57. It remains Overbought. Daily downtrend was extended.

The long term Barometer dropped 1.42 to 82.55. 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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