Tech Talk for Wednesday July 3rd 2024

Next Tech Talk report is released on Friday. U.S. equity markets are closed tomorrow. Trading activity in Canadian equity markets are expected to be low.

U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points at 8:30 AM EDT

U.S. equity markets close today at 1:00 PM EDT.

Gold gained $30.10 to US$2,363.40 per ounce in overnight trade.

Eli Lilly gained $3.29 to $910.00 after receiving FDA approval for its Alzheimer drug.

Paramount added $1.28 to $12.00 after a bid to buy the company by Skydance has been revived.

Tesla advanced $2.65 to $233.91after Wedbush raised its target price to $300.

EquityClock's Stock Market Outlook for July 3rd

The trend of job openings in the US is reminiscent of the past couple of economic recessions in the US. See:

https://equityclock.com/2024/07/02/stock-market-outlook-for-july-3-2024/

U.S. equity markets

Note that trading closes today at 1:00 PM EDT.

Technical Notes

Consumer Discretionary SPDRs $XLY moved above $184.82 to a 27 month high extending an intermediate uptrend.

Solar ETF $TAN moved below $38.83 to a four year low extending an intermediate downtrend.

Lowe's $LOW an S&P 100 stock moved below $212.78 extending an intermediate downtrend.

McDonald's $MCD a Dow Jones Industrial Average stock moved below $247.55 extending an intermediate downtrend.

George Weston $WN.TO a TSX 60 stock moved above $197.83 to an all-time high extending an intermediate uptrend.

BCE $BCE.TO a TSX 60 stock moved below $43.02 to a 32 month low extending an intermediate downtrend.

Telus $T.T0 a TSX 60 stock moved below Cdn$20.17 to a four year low extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 2nd 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 2nd 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 2nd 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Market Breadth is Narrowing – Should You Be Worried? Julius de Kempenaer

Market Breadth is Narrowing – Should You Be Worried? - YouTube

AAPL and TSLA Kick Off Q2 With BREAKOUTS! David Keller

AAPL and TSLA Kick Off Q2 With BREAKOUTS! - YouTube

Market is assigning a higher probability of a Trump election win, says Societe Generale’s Rajappa

Market is assigning a higher probability of a Trump election win, says Societe Generale’s Rajappa - YouTube

Stocks could rise another 10% after a strong first half history shows: Market Watch

https://www.marketwatch.com/story/u-s-stocks-could-rise-another-10-by-the-end-of-2024-after-a-strong-first-half-history-shows-26d53fee?mod=mw_pushly&send_date=20240702

Citi says the S&P 500 has more upside in H2 and spotlights sectors it prefers

Citi says the S&P 500 has more upside in H2 | Seeking Alpha

Chart Check on S&P, Tesla, Homebuilders & Consumer Discretionary: Dan Nathan, Danny Moses and Carter Worth

Chart Check on S&P, Tesla, Homebuilders & Consumer Discretionary - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 5.00 to 46.80. It remains Neutral.

The long term Barometer slipped 0.40 to 66.60. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer advanced 5.75 to 51.77. It remains Neutral. Daily trend is up.

The long term Barometer added 2.21 to 68.58. It remains Overbought. Daily trend is up.

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