Tech Talk for Friday July 19th 2024
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:30 AM EDT.
Microsoft dropped $5.97 to $434.40 and Crowdstrike fell $34.75 to $308.20 after a failed systems update by Crowdstrike caused a global outage of Microsystem's IT services.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0011-7.png "clip_image001[1]")
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0021-7.png "clip_image002[1]")
Netflix added $2.96 to $646.00 after reporting higher than consensus second quarter earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0031-6.png "clip_image003[1]")
Intuitive Surgical jumped $27.89 to $444.03 after reporting higher than consensus second quarter revenues and earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0041-6.png "clip_image004[1]")
EquityClock's Stock Market Outlook for July 19th
The jump in the VIX over the past couple of sessions suggests that the period of volatility for stocks has arrived. See:
https://equityclock.com/2024/07/18/stock-market-outlook-for-july-19-2024/
Technical Notes
MMM $MMM a Dow Jones Industrial Average stock moved above $105.31 extending an intermediate uptrend
Simon Properties $SPG an S&P 100 stock moved above $155.77 to an all-time high extending an intermediate uptrend.
Base Metals ETN $DBB (equally weighted in copper, zinc and aluminum).moved below $19.68 completing a Head & Shoulders pattern. Related equities completed double top patterns including Alcoa on move below US$36.79, Hudbay Minerals on a moved below Cdn$11.51, Southern Copper on a move below US103.85 and Teck Corp on a move below Cdn$63.50.
Uranium ETF $URA moved below $28.54 completing a double top pattern.
Abbott Labs $ABT an S&P 100 stock moved below $100.12 extending an intermediate downtrend.
Copart $CPRT a NASDAQ 100 stock moved below $51.74 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 18th 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 18th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 17th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links Offered by Valued Providers
S&P 500 Poised To Tumble? Tom Bowley
S&P 500 Poised To Tumble? - YouTube
Be ready for market volatility come August: market strategist
Be ready for market volatility come August: market strategist - YouTube
Chip Wreck: The End of the Red Hot Semi Trade?
https://www.youtube.com/watch?v=iYunV1DNN3U
Technical Chart of the Day: Copper ETN
TOTAL SCORE -2 to -6
Seasonal influences are neutral until August 8th
S&P Momentum Barometers
The intermediate term Barometer dropped 5.80 to 70.40. It remains Overbought.
The long term Barometer dropped 3.80 to 76.80. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 3.98 to 76.11. It remains Overbought.
The long term Barometer added 0.44 to 82.30. It remains 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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