Tech Talk for Thursday July 11th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points at 8:35 AM EDT.

S&P 500 futures added 20 points following release of the June U.S. Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.1% versus no change in May. Actual was a drop of 0.1%. On a year-over-year basis, consensus was an increase of 3.1% versus a gain of 3.3% in May. Actual was a gain of 3.0%. Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.2% in May. Actual was an increase of 0.1%. On a year-over-year basis, consensus was a gain of 3.4% versus a gain of 3.4% in May. Actual was a gain of 3.3%.

Alcoa added $0.74 to $39.20 after the company offered a preliminary estimate for second quarter revenues that were higher than consensus.

Citigroup dropped $0.86 to $66.12 after the Federal Comptroller issued a $135.6 million fine.

Costco added $20.00 to $904.31 after the company announced an increase in membership fees.

WD-40 gained $24.77 to $244.52 after reporting higher than consensus fiscal third quarter earnings. The company also offered positive fiscal fourth quarter guidance

Equity Clock – Market Outlook for July 11, 2024

The price of oil is reacting to declining trendline resistance as its period of seasonal weakness gets underway.

See: https://equityclock.com/2024/07/10/stock-market-outlook-for-july-11-2024/

Technical Notes

Semiconductor ETF $SMH moved above $279.57 to an all-time high extending an intermediate uptrend.

TSX Gold iShares $XGD.TO moved above $21.25 extending an intermediate uptrend. The Gold Bug Index $HUI moved above $292.12 extending an intermediate uptrend.

Agnico-Eagle Mines $AEM a TSX 60 stock moved above $US$71.08 extending an intermediate uptrend.

Wheaton Precious Metals $WPM a TSX 60 stock moved above US$57.71 and Cdn$78.79 to all-time highs extending an intermediate uptrend.

Morgan Stanley $MS an S&P 100 stock moved above $103.25 to an all-time high extending an intermediate uptrend.

Altria $MO an S&P 100 stock moved above $47.04 to an all-time high extending an intermediate uptrend.

Couche Tard $ATD.TO a TSX 60 stock moved Cdn$80.62 extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 10th 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 10th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 10th 2024

Green: Increase from previous day

Red: Decrease from previous day

Comments offered by valued providers

Unraveling the Stock Market: Read Between The Lines! Miss Schneider

Unraveling the Stock Market: Read Between The Lines! - YouTube

Oppenheimer strategist explains why he raised his S&P 500 price target

Oppenheimer strategist explains why he raised his S&P 500 price target - YouTube

Identifying Top Charts with Upside Potential (2024) David Keller

Identifying Top Charts with Upside Potential (2024) - YouTube

The BEST Way to Track Stock and ETF Performance: David Keller

The BEST Way to Track Stock and ETF Performance - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 6.00 to 51.60. It remains Neutral.

The long term Barometer added 3.40 to 68.00. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer jumped 11.50 to 64.60. It changed from Neutral to Overbought by moving above 60.00. Daily uptrend was extended.

The long term Barometer added 4.42 to 73.45. 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