North American equity markets extended their intermediate uptrends last week<\/b>. Strongest broadly based U.S. equity index was the NASDAQ Composite Index. The TSX Composite joined the trend by moving above its 50 day moving average on Friday.<\/p>\n
<\/p>\n Earnings and Revenue Outlook for S&P 500 companies<\/strong><\/font><\/p>\n <\/b><\/p>\n Consensus earnings and revenue estimates for S&P 500 companies on a year-over-year basis in the second quarter of 2022 increased significantly again last week. <\/b>Results have been reported by 56% of S&P 500 companies to date. According to www.FactSet.com<\/a> consensus for second quarter earnings on a year-over-year basis calls for an increase of 6.0% (versus 4.8% last week) and consensus for revenues calls for an increase of 12.3% (versus 10.9% last week). <\/p>\n Consensus earnings estimates for S&P 500 companies beyond the second quarter on a year-over-year basis dropped significantly again last week<\/b>. According to www.FactSet.com<\/a> earnings in the third quarter are expected to increase 6.7% (versus 9.2% last week) and revenues are expected to increase 9.4% (versus 9.8% last week). Earnings in the fourth quarter are expected to increase 6.7% (versus 8.7% last week) and revenues are expected to increase 6.9% (versus 7.4% last week). Earnings on a year-over-year basis for all of 2022 are expected to increase 8.9% (versus 9.8% last week) and revenues are expected to increase 10.7% (versus 10.8% last week).<\/p>\n <\/p>\n Economic News This Week<\/strong><\/font><\/p>\n June Construction Spending<\/b> released at 10:00 AM EDT on Monday is expected to increase 0.3% versus a drop of 0.1% in May.<\/p>\n July ISM Manufacturing PMI<\/b> released at 10:00 AM EDT on Wednesday is expected to dip to 52.9 from 53.0 in June. <\/p>\n June Factory Orders<\/b> released at 10:00 AM EDT on Wednesday are expected to increase 0.4% versus a gain of 1.6% in May.<\/p>\n July ISM Non-manufacturing PMI<\/b> released at 10:00 AM EDT on Wednesday is expected to drop to 54.0 from 55.3 in June.<\/p>\n June US Trade<\/b> released at 8:30 AM EDT on Thursday is expected to be a deficit of $82.2 billion versus a deficit of $85.6 billion in May.<\/p>\n July Non-farm Payrolls<\/b> released at 8:30 AM EDT on Friday is expected to drop to 255,000 from 372,000 in June. July Unemployment Rate<\/b> is expected to remain unchanged from June at 3.6%. July Average Hourly Earnings<\/b> are expected to increase 0.3%, unchanged from June. <\/p>\n July Canadian Employment<\/b> released at 8:30 AM EDT on Friday is expected to increase 23,500 versus a drop of 43,200 in June.<\/p>\n <\/p>\n Selected Earnings News This Week<\/strong><\/font> <\/p>\n Another 152 S&P 500 companies (including two Dow Jones Industrial Average companies) and 10 TSX 60 companies are scheduled to release quarterly results this week. <\/b><\/p>\n <\/p>\n Trader\u2019s Corner<\/strong><\/font><\/p>\n <\/font><\/strong><\/p>\n <\/b><\/p>\n Equity Indices and Related ETFs<\/font><\/b><\/p>\n Daily Seasonal\/Technical Equity Trends for July 29th<\/sup> 2022<\/p>\n Green: Increase from previous day<\/font><\/em><\/p>\n Red: Decrease from previous day<\/font><\/em><\/p>\n <\/p>\n Commodities<\/font><\/b><\/p>\n Daily Seasonal\/Technical Commodities Trends for July 29th<\/sup> 2022<\/p>\n Green: Increase from previous day<\/font><\/em><\/p>\n Red: Decrease from previous day<\/font><\/em><\/p>\n <\/b><\/p>\n Sectors<\/font><\/b><\/p>\n Daily Seasonal\/Technical Sector Trends for July 29th<\/sup> 2021 <\/p>\n Green: Increase from previous day<\/font><\/em><\/p>\n Red: Decrease from previous day<\/font><\/em><\/p>\n <\/em><\/p>\n All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX)<\/em><\/p>\n <\/p>\n Links offered by valued providers<\/strong><\/font><\/p>\n <\/font><\/strong><\/p>\n Greg Schnell<\/em><\/strong><\/font> offers \u201cNASDAQ month-end analysis<\/em><\/strong>\u201d<\/p>\n Nasdaq Month-End Analysis | The Canadian Technician | StockCharts.com<\/a><\/p>\n <\/p>\n Mark Leibovit<\/font><\/em><\/strong> discusses \u201cUS Recession, Interest Rates, Inflation, Gold and Silver<\/em><\/strong>\u201d.<\/p>\n US Recession, Interest Rates, Inflation, Gold, Silver \u2013 HoweStreet<\/a><\/p>\n <\/p>\n Michael Campbell\u2019s<\/font><\/em><\/strong> Money Talks<\/p>\n July 30th Episode (mikesmoneytalks.ca)<\/a><\/p>\n <\/p>\n David Keller<\/font><\/em><\/strong> discusses \u201cWhy breadth is bullish for now<\/em><\/strong>\u201d. <\/p>\n Why Breadth is Bullish… For Now | The Mindful Investor | StockCharts.com<\/a><\/p>\n <\/p>\n Mary Ellen McGonagle<\/font><\/em><\/strong> says \u201cJuly ends with a bang as rotation into new areas takes shape<\/em><\/strong>\u201d.<\/p>\n July Ends With a Bang as Rotation into New Areas Takes Shape | The MEM Edge | StockCharts.com<\/a><\/p>\n <\/p>\n Links offered by Mark Bunting<\/font><\/em><\/strong> and www.uncommonsenseinvestor.com<\/a><\/p>\n "If You Have Money Put It In the Stock Market<\/em>" – Uncommon Sense Investor<\/a><\/p>\n "There’s No Rush to Call a Market Bottom<\/em>" – Uncommon Sense Investor<\/a><\/p>\n 10 Best Low Volatility Stocks to Buy<\/a> – Kiplinger <\/u><\/p>\n Three Good Inflation Stocks<\/a> – Morningstar <\/u><\/p>\n Five Gold Stocks Worth Their Weight<\/a> – Kiplinger <\/u><\/p>\n Cyclical Sectors Next Shoe to Drop with TSX Vulnerable<\/a> – David Rosenberg, Financial Post <\/u><\/p>\n Morgan Stanley: This Post-Fed Rally is a Trap<\/a> – Business Insider <\/u><\/p>\n <\/u><\/p>\n <\/u><\/p>\n Josef Schachter<\/font><\/em><\/strong> asks \u201cWill US Recession Drive Gasoline Prices Down<\/strong><\/em>\u201d?<\/p>\n Will US Recession Drive Gasoline Prices Down? \u2013 HoweStreet<\/a><\/p>\n <\/p>\n Victor Adair\u2019s<\/font><\/em><\/strong> Trading Desk Notes for July 30th<\/sup><\/p>\n https:\/\/victoradair.ca\/trading-desk-notes-for-july-30-2022\/<\/a><\/p>\n <\/p>\n Technical Scores<\/em><\/strong><\/font><\/p>\n <\/em><\/font><\/strong><\/p>\n <\/em><\/b><\/p>\n Calculated as follows:<\/em><\/b><\/p>\n <\/em><\/strong><\/p>\n Intermediate Uptrend based on at least 20 trading days: Score 2<\/em><\/p>\n (Higher highs and higher lows)<\/em><\/p>\n Intermediate Neutral trend: Score 0<\/em><\/p>\n (Not up or down)<\/em><\/p>\n Intermediate Downtrend: Score -2<\/em><\/p>\n (Lower highs and lower lows)<\/em><\/p>\n <\/p>\n Outperformance relative to the S&P 500 Index: Score: 2<\/em><\/p>\n Neutral Performance relative to the S&P 500 Index: 0<\/em><\/p>\n Underperformance relative to the S&P 500 Index: Score \u20132<\/em><\/p>\n <\/em><\/p>\n Above 20 day moving average: Score 1<\/em><\/p>\n At 20 day moving average: Score: 0<\/em><\/p>\n Below 20 day moving average: \u20131<\/em><\/p>\n <\/em><\/p>\n Up trending momentum indicators (Daily Stochastics, RSI and MACD): 1<\/em><\/p>\n Mixed momentum indicators: 0<\/em><\/p>\n Down trending momentum indicators: \u20131<\/em><\/p>\n <\/em><\/p>\n Technical scores range from -6 to +6. Technical buy signals based on the above guidelines start when a security advances to at least 0.0, but preferably 2.0 or higher. Technical sell\/short signals start when a security descends to 0, but preferably -2.0 or lower. <\/em><\/p>\n <\/em><\/p>\n Long positions require maintaining a technical score of -2.0 or higher. Conversely, a short position requires maintaining a technical score of +2.0 or lower<\/em><\/p>\n <\/p>\n Changes Last Week<\/strong><\/font><\/p>\n <\/p>\n Technical Notes for Friday<\/strong><\/font><\/p>\n Technology SPDRs $XLK moved above $143.06 extending an intermediate uptrend. <\/p>\n US Broker iShares $IAI moved above intermediate resistance at $92.90.<\/p>\n US REIT iShares $IYR moved above $100.06 extending an intermediate uptrend.<\/p>\n India ETF $PIN moved above intermediate resistance at $24.58<\/p>\n Amazon $AMZN an S&P 100 stock moved above $128.99 extending an intermediate uptrend. <\/p>\n Microsoft $MSFT a Dow Jones Industrial Average stock moved $277.69 extending an intermediate uptrend.<\/p>\n <\/p>\n Other S&P 100 breakouts on Friday:<\/strong><\/font><\/p>\n Southern Companies $SO moved above $76.53 extending an intermediate uptrend<\/p>\n Xcel Energy $XEL moved above $72.72 resuming an intermediate uptrend.<\/p>\n American Tower $AMT moved above $269.92 extending an intermediate uptrend.<\/p>\n Duke Energy $DUK moved above $109.79 resuming an intermediate uptrend.<\/p>\n General Motors $GM moved above intermediate resistance at $36.13<\/p>\n General Dynamics $GD moved above $226.69 resuming an intermediate uptrend.<\/p>\n <\/p>\n NASDAQ 100 breakouts on Friday:<\/strong><\/font><\/p>\n KLA Tencor $KLAC moved above $372.34 and $385.64 extending an intermediate uptrend.<\/p>\n eBay $EBAY moved above $49.30 extending an intermediate uptrend. <\/p>\n Autodesk $ADSK moved above intermediate resistance at $214.24<\/p>\n CDW $CDW moved above $178.88 extending an intermediate uptrend. <\/p>\n Workday $WDAY moved above $153.08 completing a double bottom pattern.<\/p>\n Twitter $TWTR moved above intermediate resistance at $41.29.<\/p>\n Analog Devices $ADI moved above $170.76 extending an intermediate uptrend.<\/p>\n Intel $INTC an S&P 100 stock moved below $40.73 extending an intermediate downtrend.<\/p>\n Comcast $CMCSA an S&P 100 stock moved below $37.31 extending an intermediate downtrend.<\/p>\n Manulife Financial $MFC.TO a TSX 60 stock moved above $23.30 completing a double bottom pattern.<\/p>\n![\"clip_image001\"](\"https:\/\/timingthemarket.ca\/techtalk\/wp-content\/uploads\/2022\/07\/clip_image001-20.png\" "\\"clip_image001\\"")
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