Tech Talk for Friday July 26th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 40 points at 8:35 AM EDT.

S&P 500 futures slipped 4 points following release of economic reports released at 8:30 AM EDT. Consensus for June PCE Price Index was a gain of 0.1% versus unchanged in May. Actual was a gain of 0.1%. On a year-over-year basis, consensus for June PCE Price Index was a gain of 2.4% versus a gain of 2.6%. Actual was a gain of 2.4%. Ex food and energy, consensus for June PCE Price Index was a gain of 0.2% versus a gain of 0.1% in May. Actual was a gain of 0.2%. On a year-over-year basis, consensus for Core PCE Price Index was a gain of 2.5% versus a gain of 2.6% in May. Actual was a gain of 2.6%. Consensus for June Personal Income was a gain of 0.4% versus an advance of 0.5% in May. Actual was a gain of 0.2%. Consensus for June Personal Spending was a gain of 0.3% versus a gain of 0.2% in May. Actual was a gain of 0.3%.

Norfolk Southern gained $15.26 to $238.16 after reporting higher than consensus second quarter earnings.

Skechers added $0.34 to $65.37 after announcing a $1 billion share buyback program. The company also offered positive guidance.

Olin dropped $4.05 to $43.99 after reporting less than consensus second quarter revenues and earnings.

EquityClock's Stock Market Outlook for July 26th

The fundamentals to natural gas are starting to look interesting following weeks of minor injections to inventories and as the period of seasonal strength for the commodity nears.

https://equityclock.com/2024/07/25/stock-market-outlook-for-july-26-2024/

Technical Notes

Biotech ETF $FBT moved above $166.00 to a 31 month high extending an intermediate uptrend

Silver bullion ETN $SLV moved below $26.17 completing a double top pattern.

Global X Uranium ETF $URA moved belowUS$26.75 to an 18 month low extending an intermediate downtrend. Responded to weakness by Cameco on a move below intermediate support at US$45.10 and Cdn$62.03

S&P 100 and NASDAQ 100 stocks moving above resistance extending an intermediate uptrend included Raytheon Technologies on a move above $108.65, AbbVie on a move above $179.55, Zoom on a move above $59.86, Abbott Labs on a move above $108.40, O'Reilly Automotive on a move above $1091.22, Thermo Fisher Scientific on a move above $603.01 and Incyte on a move above $67.36

S&P 100 and NASDAQ 100 stocks moving below support extending an intermediate downtrend included Airbnb on a move below $140.82, Ford on a move below $11.48, AMD on a move below141.15, Lulu Lemon on a move below $251.51, DexCom on a move below $108.71 and Consolidated Energy on a move below $93.78.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 25th 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 25th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 25th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by a valued provider

Massive Mega Cap Reversal: Guy Adami, Dan Nathan and Carter Worth

https://www.youtube.com/watch?v=BB5eF2c1hrw

Economy is Teetering: Will We Bounce or Plunge? Tom Bowley

Economy is Teetering: Will We Bounce or Plunge? - YouTube

Are you getting the most out of your tax-free savings account?

Are you getting the most out of your tax-free savings account? - YouTube

S&P 500 Technical Analysis 7-25-24 (Elliott Wave Theory)

SP500 Technical Analysis 7-25-24 (Elliott Wave Theory) - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.60 to 62.80. It returned to Overbought on a move above 60.00.

The long term Barometer added 0.80 to 73.40. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 0.88 to 69.03. It remains Overbought.

The long term Barometer slipped 0.44 to 80.53. 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