Tech Talk for Tuesday July 2nd 2024
U.S. equity index futures were lower this morning. S&P 500 futures were down 22 points at 8:30 AM EDT.
Federal Chairman Jerome Powell is scheduled to speak at 9:30 AM EDT
WTI Crude Oil added $0.72 to US$84.18 as Hurricane Beryl moves toward the Gulf of Mexico, an important crude oil producing area.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0011.png "clip_image001[1]")
Carnival Cruise dropped $0.20 to $17.51 in response to the approach by Hurricane Beryl
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0021.png "clip_image002[1]")
MSC Industrial dropped $1.23 to $77.00 after the company lowered fourth quarter guidance.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0031.png "clip_image003[1]")
Moderna added $0.48 to $116.43 after receiving U.S. government funding for development of a bird flu vaccine.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0041.png "clip_image004[1]")
EquityClock's Stock Market Outlook for July 2nd
Over the past 20 years, July has been the strongest month of the year for the S&P 500 Index with gains averaging 2.3% and three out of four periods ending higher. See:
https://equityclock.com/2024/06/29/stock-market-outlook-for-july-2-2024/
Technical Notes
Materials SPDRs $XLB moved below $87.13 completing a double top pattern.
Homebuilder SPDRs $XHB moved below $99.64 completing a double top pattern.
JP Morgan $JPM a Dow Jones Industrial Average stock moved above $240.58 to an all-time high extending an intermediate uptrend.
Zscaler $ZS a NASDAQ 100 stock moved above $193.27 setting an intermediate uptrend.
MasterCard $MA an S&P 100 stock moved below $436.90 extending an intermediate downtrend.
Analog Devices $ADI a NASDAQ 100 stock moved below $226.75 completing a double top pattern.
Danaher $DHR an S&P 100 stock moved below $245.83 completing a double top pattern.
Automatic Data Processing $ADP a NASDAQ 100 stock moved below $237.46 completing a double to pattern.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 1st 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 1st 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 1st 2024
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 7.00 to 41.80. It remains Neutral.
The long term Barometer dropped 2.60 to 67.00. 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
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