Pre-opening Comments for Wednesday July 23^rd

U.S. equity index futures were higher this morning. S&P 500 futures were up 24 points at 8:30 AM EDT. Futures reacted to news that an agreement on tariffs between Japan and the United States has been reached. The Nikkei Average responded by advancing 1,396.40 points to 41,171.32

Texas Instruments (TXN) dropped $19.93 to $194.99 after offering a weaker than expected third quarter outlook.

Capital One Financial added $4.26 to $221.68 after reporting higher than consensus second quarter earnings.

Canadian National Railway dropped $1.12 to US$99.25 after lowering its 2025 outlook.

EquityClock’s Market Outlook for July 23^rd

Add credit spreads to the list of things to scrutinize to determine when the risk-off phase for stocks begins. See:

https://equityclock.com/2025/07/22/stock-market-outlook-for-july-23-2025/

Technical Notes

Steel ETF (SLX) moved above $72.44 to an all-time high extending an intermediate uptrend.

Gold Bug Index ($HUI) moved above $442.77, Gold Miners ETF (GDX) moved above U.S.$54.70 and S&P/TSX Global Gold iShares (XGD.TO) moved above Cdn$32.40 to an all-time high extending intermediate uptrends. Strength was triggered by Agnico-Eagle Mines (AEM) on a move above Cdn$174.90 and US$1026.95 to an all-time high and by Wheaton Precious Metals (WPM) on a move above Cdn$129.87 and US$95.23 to an all-time high.

S&P 100 and NASDAQ 100 stocks moving above resistance extending an intermediate uptrend included eBay (EBAY) on move above $79.84, American Electric Power (AEP) on a move above $109.50, DR Horton (DHI) on a move above $153.27, American Tower on a move above $230.08, Xcel Energy on a move above $235.86, Northrop Grumman (NOC) on a move above $548.14 and Rio Tinto (RIO) on a move above $62.80 and $64.23.

Lockheed Martin (LMT) an S&P 100 stock moved below $443.41 and $442.02 after reporting less than consensus second quarter results.

Dollarama (DOL.TO) a TSX 60 stock moved below Cdn$186.95 completing a double top pattern.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 22^nd 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 22^nd 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 22^nd 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

A sell-off would be ‘pretty healthy’ and reset the uptrend, says Fairlead’s Katie Stockton

A sell-off would be ‘pretty healthy’ and reset the uptrend, says Fairlead’s Katie Stockton – YouTube

Energy, Gold, Silver & Miners Trade Setups: TheTechnicalTraders

https://www.youtube.com/watch?v=SWWCtLIRXds

Why Gold Is Spiking and What It Means for Silver: CPM Group

https://www.youtube.com/watch?v=CZlxDxzSXN0

CHART THIS with David Keller, CMT Tuesday 7/22/25

https://www.youtube.com/watch?v=nEgB__sfdO4

S&P 500 Momentum Barometers

The intermediate term Barometer advanced 10.40 to 74.00. It remains Overbought.

The long term Barometer advanced 5.60 to 65.60, a six month high. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 3.29 to 77.00. It remains Overbought.

The long term Barometer was unchanged at 82.16. 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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