{"id":178107,"date":"2024-07-15T02:22:00","date_gmt":"2024-07-15T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=178107"},"modified":"2024-07-15T08:58:55","modified_gmt":"2024-07-15T12:58:55","slug":"tech-talk-for-monday-july-15th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/07\/15\/tech-talk-for-monday-july-15th-2024\/","title":{"rendered":"Tech Talk for Monday July 15th 2024"},"content":{"rendered":"

Pre-opening Comments for Monday July 15th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning<\/b>. S&P 500 futures were up 24 points at 8:35 AM EDT.<\/em><\/p>\n

S&P 500 futures were unchanged following release of the July Empire State Manufacturing Survey at 8:30 AM EDT.<\/b> Consensus was an improvement to -5.50 from -6.00 in June. Actual was -6.60.<\/em><\/p>\n

Cleveland Cliffs<\/b> slipped $0.42 to $15.75 after reaching an agreement to purchase Stelco Holdings for a cash and stock deal valued at $60 Cdn per share. Value of the deal is $2.5 billion. Stelco closed on Friday at $Cdn $37.36.<\/em><\/p>\n

\"clip_image001\"<\/a><\/p>\n

AutoNation<\/b> dropped $0.99 to $169.49 after the company issued a profit warning for the second quarter. <\/em><\/p>\n

\"clip_image002[1]\"<\/a><\/p>\n

Apple <\/b>advanced $4.52 to $235.06 after confirming stronger than consensus sales in India. <\/em><\/p>\n

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Blackrock<\/b> added $3.10 to $827.97 after reporting higher than consensus second quarter earnings. <\/em><\/p>\n

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 <\/p>\n

EquityClock\u2019s Stock Market Outlook for July 15th<\/sup><\/strong><\/font><\/em><\/p>\n

Interest rate sensitive segments of the market break out as inflationary pressures breakdown. See:<\/em><\/b><\/p>\n

https:\/\/equityclock.com\/2024\/07\/13\/stock-market-outlook-for-july-15-2024\/<\/em><\/a><\/p>\n

 <\/p>\n

The Bottom Line<\/strong><\/font><\/p>\n

The Summer Rally continues<\/b>. All-time highs were set by broadly based equity indices including TSX Composite Index, S&P\/TSX 60 Index, S&P 500 Index, Equal Weight S&P 500 Index, Dow Jones Industrial Average, Australia All Ordinaries and Nikkei Average! Equity markets are responding to encouraging second quarter results released by major companies and expectations that interest rates set by central banks in the U.S., Canada and Europe will come down soon. <\/p>\n

 <\/p>\n

Consensus for Earnings and Revenues for S&P 500 Companies<\/strong><\/font><\/p>\n

Source: www.FactSet.com<\/a><\/p>\n

Second quarter results released to date were mildly encouraging.<\/b> Twenty seven companies have reported. Their results prompted FactSet to increase their year-over-year earnings estimate for the second quarter from a gain of 8.8% to a gain of 9.3%. Revenue estimate increased from a gain of 4.6% to a gain of 4.8%.<\/p>\n

 <\/p>\n

Economic News This Week<\/strong><\/font><\/p>\n

Source: www.Investing.com<\/a><\/p>\n

June U.S. Retail Sales<\/b> released at 8:30 AM EDT on Tuesday are expected to be unchanged versus a gain of 0.1% in May. Excluding auto sales, June U.S. Retail Sales are expected to increase 0.1% versus a decline of 0.1% in May.<\/p>\n

June Canadian Consumer Price Index<\/b> is released at 8:30 AM EDT on Tuesday<\/p>\n

June Business Inventories<\/b> released at 10:00 AM EDT on Tuesday are expected to increase 0.3% versus a gain of 0.3% in May.<\/p>\n

June U.S. Housing Starts<\/b> released at 8:30 AM EDT on Wednesday are expected to increase to 1.31 million units from 1.277 million units in May.<\/p>\n

June Capacity Utilization<\/b> released at 9:15 AM EDT on Wednesday is expected to increase to 78.6% from 78.2% in May. June Industrial Production is expected to increase 0.3% versus a gain of 0.7% in May.<\/p>\n

Beige Book<\/b> is released at 2:00 PM EDT on Wednesday<\/p>\n

July Philly Fed<\/b> released at 8:30 AM EDT on Thursday is expected to increase to 2.9 from 1.3 in June. <\/p>\n

June Leading Economic Indicators<\/b> released at 10:00 AM EDT on Thursday are expected to drop 0.3% versus a drop of 0.5% in May.<\/p>\n

June Canadian Retail Sales<\/b> are released at 8:30 AM EDT on Friday<\/p>\n

 <\/p>\n

Selected Earnings Reports This Week<\/strong><\/font><\/p>\n

Source: www.Investing.com<\/a><\/p>\n

Another 45 S&P 500 companies are scheduled to report this week (including five Dow Jones Industrial Average companies). No TSX 60 companies are scheduled to report this week. <\/p>\n

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 <\/p>\n

Trader\u2019s Corner<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Equity Indices and Related ETFs<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Equity Trends for July 12th<\/sup> 2024<\/p>\n

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Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

Source for all positive seasonality ratings: <\/em>www.EquityClock.com<\/em><\/a><\/p>\n

<\/em><\/p>\n

Commodities<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Commodities Trends for July 12th<\/sup> 2024<\/p>\n

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Green: Increase from previous day<\/b><\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

<\/em><\/p>\n

Sectors<\/em><\/font><\/strong> <\/p>\n

Daily Seasonal\/Technical Sector Trends for July 12th<\/sup> 2024<\/p>\n

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Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

 <\/p>\n

Comments offered by valued providers<\/strong><\/font><\/p>\n

How To Manage Risk Using Technical Analysis [Expert Insight]: David Keller<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=6yoO7TXy1fI<\/a><\/p>\n

 <\/p>\n

RBC\u2019s Lori Calvasina Reveals Latest S&P 500 Outlook<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=BEpE_gyD8KM<\/a><\/p>\n

 <\/p>\n

A bumpy day for the major stock markets: Mark Leibovit <\/b><\/p>\n

https:\/\/www.howestreet.com\/2024\/07\/a-bumpy-day-for-the-major-stock-markets-mark-leibovit<\/a><\/p>\n

 <\/p>\n

Michael Campbell\u2019s Money Talks for July 13th<\/sup> <\/b><\/p>\n

Michael Campbell\u2019s MoneyTalks \u2013 Complete Show (mikesmoneytalks.ca)<\/a><\/p>\n

 <\/p>\n

Is It Time To SELL Your MAG 7 Stocks? Mary Ellen McGonagle<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=o6rRuSCMN-o<\/a><\/p>\n

 <\/p>\n

Pre-Earnings Moves Are Underway And History Provides Us GREAT Clues To Find Them! Tom Bowley<\/b><\/p>\n

Pre-Earnings Moves Are Underway And History Provides Us GREAT Clues To Find Them! | Trading Places with Tom Bowley | StockCharts.com<\/a><\/p>\n

 <\/p>\n

Citi Predicts $3,000 Gold by 2025 \u2014 What You Need to Know<\/b><\/p>\n

Citi Predicts $3,000 Gold by 2025 \u2014 What You Need to Know | ChartWatchers | StockCharts.com<\/a><\/p>\n

 <\/p>\n

Silver’s AI Boom: The Next Big Trade You Need to Know About<\/b><\/p>\n

Silver’s AI Boom: The Next Big Trade You Need to Know About | Don’t Ignore This Chart! | StockCharts.com<\/a><\/p>\n

 <\/p>\n

The Advantages of Buying Junior Gold Stocks: Bob Hoye<\/b><\/p>\n

The Advantages of Buying Junior Gold Stocks \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

OPEC Production Cuts: Josef Schachter<\/b><\/p>\n

OPEC Production Cuts \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Trading Desk Notes For July 13, 2024: Victor Adair<\/b><\/p>\n

Trading Desk Notes For July 13, 2024 \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Technical Scoop for July 15th<\/sup> from David Chapman and <\/b>www.EnrichedInvesting.com<\/b><\/a> <\/b><\/p>\n

https:\/\/enrichedinvesting.com\/wp-content\/uploads\/2024\/07\/Panic-trigger-dangerous-divisions-apparent-jobs-yield-signal-speculated-cut-toppy-gold-reversal-signnn.pdf<\/a><\/p>\n

 <\/p>\n

Technical Scores<\/em><\/strong><\/font><\/p>\n

<\/font><\/em><\/strong><\/p>\n

<\/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

<\/em><\/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

 <\/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


<\/b><\/p>\n

<\/b><\/p>\n

<\/b><\/p>\n

Changes Last Week<\/strong><\/font><\/p>\n

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<\/b><\/p>\n

<\/b><\/p>\n

Technical Notes for Friday<\/strong><\/font><\/p>\n

Equal Weight S&P 500 ETF<\/b> $RSP moved above $169.12 to an all-time high extending an intermediate uptrend. <\/p>\n

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Japan iShares<\/b> $EWJ moved above $71.54 to an all-time high extending an intermediate uptrend. <\/p>\n

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Health Care<\/b> SPDRs<\/b> $XLV moved above $147.65 to an all-time high extending an intermediate uptrend.<\/p>\n

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Financials SPDRs <\/b>$XLF moved above $42.32 to an all-time high extending an intermediate uptrend.<\/b><\/p>\n

\"clip_image014\"<\/a><\/p>\n

Russell 2000 iShares<\/b> $IWM moved above $211.29 extending an intermediate uptrend. <\/p>\n

\"clip_image015\"<\/a><\/p>\n

U.S. Real Estate iShares<\/b> $IYR moved above $91.53 extending an intermediate uptrend.<\/p>\n

\"clip_image016\"<\/a><\/p>\n

Transportation Average iShares<\/b> $IYT moved above $65.79 completing a double bottom pattern.<\/p>\n

\"clip_image017\"<\/a><\/p>\n

BMO Dow Jones Industrial Average units<\/b> ZDJ.TO moved above $61.99 to an all-time high extending an intermediate uptrend. Dow Jones Industrial Average SPDRs<\/b> $DIA moved above $399.83 to an all-time high extending an intermediate uptrend.<\/p>\n

\"clip_image018\"<\/a><\/p>\n

S&P 100 and NASDAQ 100 stocks <\/b>moving above resistance and extending intermediate uptrends included Ford, Monster Beverages, Cognizant Technology, Berkshire Hathaway, Analog Devices, ON Semiconductor and Duke Energy<\/b><\/p>\n

Gildan Activwear<\/b> $GIL.TO a TSX 60 stock moved above Cdn$53.74 to an all-time high extending an intermediate uptrend. <\/p>\n

Brookfield<\/b> $BN a TSX 60 stock moved above Cdn$61.48 to an all-time high extending an intermediate uptrend. <\/p>\n

 <\/p>\n

S&P 500 Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image019\"<\/a><\/p>\n

The intermediate term Barometer added 6.80 on Friday and jumped 24.60 last week to 70.20. It changed from Neutral to Overbought on a move above 60.00. Daily trend is up.<\/p>\n

\"clip_image020\"<\/a><\/p>\n

The long term Barometer added 3.80 and gained 9.40 last week to 74.80. It remains Overbought. Daily trend is up.<\/p>\n

 <\/p>\n

TSX Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image021\"<\/a><\/p>\n

The intermediate term Barometer added 5.75 on Friday and gained 14.25 last week to 79.65.<\/p>\n

It remains Overbought. Daily trend remains up.<\/p>\n

\"clip_image022\"<\/a><\/p>\n

The long term Barometer added 2.21 on Friday and gained 11.50 last week to 79.20<\/p>\n

It remains Overbought. Daily trend remains up.<\/p>\n

 <\/p>\n

Disclaimer:<\/b> Seasonality ratings and technical ratings offered in this report and at<\/em><\/p>\n

www.equityclock.com<\/em><\/a> 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<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-opening Comments for Monday July 15th U.S. equity index futures were higher this morning. S&P 500 futures were up 24 points at 8:35 AM EDT. S&P 500 futures were unchanged following release of the July Empire State Manufacturing Survey at 8:30 AM EDT. Consensus was an improvement to -5.50 from -6.00 in June. Actual was […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-178107","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/178107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/comments?post=178107"}],"version-history":[{"count":3,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/178107\/revisions"}],"predecessor-version":[{"id":178118,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/178107\/revisions\/178118"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=178107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=178107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=178107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}