Pre-opening Comments for Wednesday July 29^th

U.S. equity index futures were lower this morning. S&P 500 futures dropped 6 points at 8:30 AM EDT.

The FOMC will release an update on interest rates at 2:00 PM EDT. Consensus calls for no change in the Fed Fund rate at 3.50%-3.75%.

Caterpillar (CAT) dropped $28.85 to $812.00 after Baird downgraded the stock from Outperform to Neutral.

Cheese Cake Factory (CAKE) added $3.09 to $92.10 after reporting higher than consensus second quarter results.

Teva Pharmaceutical (TEVA) added $1.74 to $33.41 after reporting higher than consensus second quarter results.

Responses to quarterly reports released after the close yesterday

All of the following companies reported higher than consensus quarterly results after the close yesterday. Responses were as follows:

• Ford up $1.24 to $16.20
• Mondelez up $1.26 to $63.74
• Seagate up $47.70 to $795.00
• Teradyne up $43.15 to $363.80
• Visa down$1.60 to $364.99
• KLA Corp down $16.77 to $174.03
• NXP Semi down $14.12 to $245.00

EquityClock’s Market Outlook for July 29^th

The manufacturing economy is booming and this has important implications for stocks. See:

https://equityclock.com/2026/07/28/stock-market-outlook-for-july-29-2026/

Technical Notes

ETFs breaking to all-time highs included S&P Equal Weight ETF (RSP), Healthcare iShares (XLV), U.S. Insurance iShares (IAK), U.S. Pharmaceutical iShares (IHE) and Pharmaceutical ETF (PPH).

S&P 100 and NASDAQ 100 stocks breaking resistance extending an intermediate uptrend included Coca Cola EuroPacific (CCEP) to all-time high, General Motors (GM) to an all-time high, Amgen (AMGN) to an all-time high, Johnson & Johnson (JNJ) to an all-time high, Booking Holdings (BKNG), Medtronic (MDT) Roper Technologies (ROP), Trimble (TRMB) and Danaher (DHR)

Natural Gas ETN (UNG) moved below $10.11 and $9.95 to an all-time low extending an intermediate downtrend.

CoreWeave (CRWV) a NASDAQ 100 stock moved below $67.15 and $63.80 extending an intermediate downtrend.

CGI Group (GIB.A.TO) a TSX 60 stock moved above Cdn$99.33 and US$71.78 completing a double bottom pattern.

CCL Industries (CCL.B.TO) a TSX 60 stock moved above Cdn$94.19 to an all-time high extending an intermediate uptrend.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 28^th 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 28^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 28^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Is the Market Stronger Than It Looks? Market Breadth Says Yes…and No: Dave Keller

Is the Market Stronger Than It Looks? Market Breadth Says Yes…and No – YouTube

Under the Hood: Rotation & Leadership Shifts | Trading Places Live, July 28, 2026: Tom Bowley

Under the Hood: Rotation & Leadership Shifts | Trading Places Live, July 28, 2026 – YouTube

Let The Chip (Stocks) Fall Where They May: Guy Adami, Dan Nathan and Liz Thomas

Let The Chip (Stocks) Fall Where They May – YouTube

Chip Collapse Continues, Major Levels Approach, NASDAQ At Risk Of Major Correction

Verified Investing

Chip Collapse Continues, Major Levels Approach, NASDAQ At Risk Of Major Correction – YouTube

Bob Elliott: TIPS For Making Money In These Markets

Bob Elliott: TIPS For Making Money In These Markets – YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.80 to 72.00. It remained Overbought. Daily uptrend was resumed.

The short term (20 days) Barometer advanced 5.80 to 69.00. It remained Overbought.

The long term (200 days) Barometer added 2.00 to 72.00. It remained Overbought. Daily uptrend was extended.

TSX Momentum Barometers

The intermediate term Barometer dropped 1.82 to 57.73. It remained Neutral.

The short term (20 days) Barometer dropped 5.00 to 59.55. It changed from Overbought to Neutral on a drop below 60.00.

The long term Barometer added 0.45 to 64.09. It remained Overbought. Daily uptrend was extended.

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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