Tech Talk for Friday July 12th 2024
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:35 AM EDT
S&P 500 futures were unchanged following release of the June U.S. Producer Price Index at 8:30 AM EDT. Consensus was an increase 0.1% versus downwardly revised unchanged in May. Actual was an increase of 0.2%. On a year-over-year basis, June PPI was expected to increase 2.3% versus a gain of 2.1% in May. Actual was an increase of 2.6%. Excluding food and energy, June PPI was expected to increase 0.2% versus unchanged in May. Actual was an increase of 0.4%. On a year-over-year basis, core PPI was expected to increase 2.5% versus a gain of 2.3% in May. Actual was a gain of 3.0%.
Tesla dropped $2.97 to $238.05 after the company delayed launch of its driverless system from August to October. UBS downgraded the stock.
Wells Fargo dropped $3.42 to $56.74 after second quarter earnings came in less than consensus.
Bank of New York Mellon added $0.41 to $61.88 after reporting higher than consensus second quarter revenues and earnings.
EquityClock's Stock Market Outlook for July 12th
The revelation of the start of a disinflationary path may have been the catalyst to unleash the third quarter bond trade that is seasonally typical during the period of volatility for stocks.
See: https://equityclock.com/2024/07/11/stock-market-outlook-for-july-12-2024/
Technical Notes
TSX Composite Index closed at an all-time closing high.
MSCI EAFE $EFA moved above $80.75 to an all-time high extending an intermediate uptrend.
MSCI Israel iShares $EIS moved above $64.38 extending an intermediate uptrend
NASDAQ Biotech iShares $IBB moved above $141.03 extending an intermediate uptrend.
U.S. Broker iShares $IAI moved above $120.00 to an all-time high extending an intermediate uptrend.
Major U.S. Bank iShares $KBE moved above $47.96 extending an intermediate uptrend.
Gold Equity ETF $GDX moved above $37.47 extending an intermediate uptrend. Junior Gold ETF $GDXJ moved above $40.25 extending an intermediate uptrend.
S&P 100 and NASDAQ 100 stocks moving above resistance extending an intermediate uptrend included Philip Morris on a move above $103.50, Electronic Arts on a move above $144.31, Biogen on a move above $237.44, Bank of New York Mellon on a move above $60.87, Amgen on a move above $326.12, Regeneron on a move above $1,081.17 and Ross Stores moved above $150.36.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 11th 2024
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 11th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 11th 2024
Green: Increase from previous day
Red: Decrease from previous day
Comments offered by valued providers
Simple RSI Trend Strategy: Entry BEFORE a Breakout! Joe Rabil
Simple RSI Trend Strategy: Entry BEFORE a Breakout! - YouTube
Powell ‘sets table’ for rate cut before 2% inflation target
Powell ‘sets table’ for rate cut before 2% inflation target - YouTube
Analyst predicts Big Tech winners and losers of Q2 earnings
Analyst predicts Big Tech winners and losers of Q2 earnings - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer jumped 11.80 to 63.40. It changed from Neutral to Overbought on a move above 60.00.
The long term Barometer added 3.00 to 71.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer jumped 9.29 to 73.89. It remains Overbought. Daily trend remains up.
The long term Barometer added 3.54 to 76.99. It remains Overbought. Daily trend remains up.
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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