Pre-opening Comments for Wednesday July 22^nd

U.S. equity index futures were lower this morning. S&P 500 futures were down 30 points at 8:30 AM EDT. Weakness in the Index is in response to higher crude oil prices: WTI crude oil advanced $2.66 to $87.00 per barrel in pre-opening trade

Super Micro Computer (SMCI) advanced $4.85 to $30.35 after reporting higher than consensus fourth quarter results. The company also offered positive guidance.

Interactive Brokers (IBKR) added $0.83 to $95.25 after reporting higher than consensus second quarter results.

AT&T (T) added $0.75 to $23.01 after reporting higher than consensus second quarter results.

EquityClock’s Market Outlook for July 22^nd

The cues that would traditionally turn off bull market trends in stocks are presently absent heading into what is a notoriously volatile time of the year between August and October. See:

https://equityclock.com/2026/07/21/stock-market-outlook-for-july-22-2026/

Technical Notes

MMM (MMM) an S&P 100 stock moved above $169.76 and $175.71 to an all-time high extending an intermediate uptrend. Responded to higher than consensus quarterly results.

Lowes (LOW) an S&P 100 stock moved below $203.40 extending an intermediate downtrend.

Lockheed Martin (LMT) an S&P 100 stock moved below $490.05 extending an intermediate downtrend.

Constellation Software (CSU.TO) a TSX 60 stock moved below Cdn$2,653.34 setting an intermediate downtrend.

Magna International (MG.TO) a TSX 60 stock moved above Cdn$96.00 to a five year high extending an intermediate uptrend.

ARC Resources (ARX.TO) a “gassy” stock moved above Cdn$32.35 to an all-time high extending an intermediate uptrend

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 21^st 2026

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 21^st 2026

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 21^st 2026

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Nvidia, Broadcom & Alphabet: Buy the Dip or Wait? David Keller

Nvidia, Broadcom & Alphabet: Buy the Dip or Wait? – YouTube

Trading Places Live! July 21, 2026: Tom Bowley

Trading Places Live! July 21, 2026 – YouTube

US Midyear Outlook: Geopolitical Shocks, the New Fed Era, and Growth: Goldman Sachs

US Midyear Outlook: Geopolitical Shocks, the New Fed Era, and Growth – YouTube

Institutional Narrative Flips, Semis Jump As Software Sells…Here Are The Trades: Verified Investing

Institutional Narrative Flips, Semis Jump As Software Sells…Here Are The Trades – YouTube

Watch Mag 7 Earnings & Dichotomy Between CapEx, ROI Amid Volatile Energy Trade: Liz Ann Sonders, Schwab Network

Watch Mag 7 Earnings & Dichotomy Between CapEx, ROI Amid Volatile Energy Trade – YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 2.60 to 59.60. It changed from Overbought to Neutral on a drop below 60.00. Daily trend turned down.

The short term (20 days) Barometer dropped 3.00 to 51.00. It remained Neutral. Daily trend turned down.

The long term Barometer dropped 1.00 to 65.40. It remained Overbought. Daily trend turned down.

TSX Momentum Barometers

The intermediate term Barometer added 0.91 to 56.82. It remained Neutral.

The short term (20 days) Barometer added 4.09 to 57.27. It remained Neutral.

The long term Barometer advanced 4.09 to 62.27. It changed from Neutral to Overbought on a move above 60.00.

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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