Tech Talk for Wednesday July 17th 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 52 points at 8:35 AM EDT.

S&P 500 futures were unchanged following release of June U.S. Housing Starts at 8:30 AM EDT. Consensus called for an increase to 1.31 million units from 1.277 million units in May. Actual was an increase to 1.353 million units.

Gold added US$10.80 to $2478.60 per ounce to an all-time high

Five Below dropped $9.18 to $92.89 after the company reported less than consensus second quarter revenues. In addition, the company's Chief Executive Officer has stepped down.

Interactive Brokers added $2.34 to $126.00 after reporting higher than consensus second quarter revenues and earnings.

American Airlines slipped $0.16 to $11.03 after TD Cowen downgraded the stock from Buy to Hold.

EquityClock's Stock Market Outlook for July 17th

Today (July 17th) marks the average peak to the summer rally timeframe for stocks. See:

https://equityclock.com/2024/07/16/stock-market-outlook-for-july-17-2024/

Technical Notes

Gold SPDRs $GLD moved above $225.66 to an all-time high extending an intermediate uptrend.

Silver Equity ETF $SIL moved above $36.14 extending an intermediate uptrend.

Canada iShares $EWC moved above US$38.93 to an all-time high extending an intermediate uptrend.

Industrial SPDRs $XLI moved above $125.96 to an all-time high extending an intermediate uptrend.

U.S. Insurance iShares $IAK moved above $117.76 to an all-time high extending an intermediate uptrend.

Homebuilders SPDRs $XHB moved above $111.80 to an all-time high extending an intermediate uptrend.

Healthcare Providers iShares moved above $54.69 extending an intermediate uptrend.

Aerospace & Defense ETF $PPA moved above $105.67 to an all-time high extending an intermediate uptrend. Aerospace & Defense iShares $ITA moved above $137.19 to an all-time high extending an intermediate uptrend.

S&P 100 and NASDAQ 100 stocks moving above resistance extending an intermediate uptrend included American Express, Match Group, UnitedHealth Group, Electronic Arts, Duke Energy, T-Mobile, NXP Semiconductor, CDW Corp., Linde, Honeywell, Ford, Texas Instruments, eBay, Schlumberger, Capital One,

TSX 60 stocks moving above resistance extending an intermediate uptrend included Barrick Gold $ABX.TO on a move above Cdn$25.83, Franco-Nevada $FNV.TO on a move above $Cdn$176.40 and Shopify $SHOP.TO on a move above Cdn$93.68.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 16th 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 16th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 16th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links Offered by Valued Providers

Small Caps & Value Sectors Are Booming (For Now): David Keller

Small Caps & Value Sectors Are Booming (For Now) - YouTube

Why Stocks Are STILL the BEST Investment:

Why Stocks Are STILL the BEST Investment - YouTube

Market will see some broadening over the next six months, says Goldman Sachs’ David Kostin

Market will see some broadening over the next six months, says Goldman Sachs’ David Kostin - YouTube

Canadian Inflation slowing to 2.7% in June

Inflation slowing to 2.7% in June - YouTube

Will Earnings Drive The Next Big Market Rally? Guy Adami and Dan Nathan

Will Earnings Drive The Next Big Market Rally? - YouTube

Expect BoC rate cut on July 24th: economist: Robert Kavcic BMO Capital Markets

Expect BoC rate cut on July 24th: economist - YouTube

Chart of the Day

                                                   TOTAL SCORE:   +2 to +6

S&P 500 Momentum Barometers

The intermediate term Barometer jumped 9.40 to 76.80. It remains Overbought. Daily uptrend was extended.

The long term Barometer added 4.80 to 79.60. It remains Overbought. Daily uptrend was extended.

TSX Momentum Barometers

The intermediate term Barometer added 3.54 to 81.86. It remains Overbought. Daily uptrend was extended.

The long term Barometer added 2.21 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