Tech Talk for Friday July 12th 2019

U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.

Index futures were virtually unchanged after the June Producer Price Index was released at 8:30 AM EDT. Consensus was an increase of 0.1% versus a gain of 0.1% in May. Actual was an increase of 0.1%. Excluding food and energy, consensus for the June Producer Price Index was an increase of 0.2% versus a gain of 0.2% in May. Actual was an increase of 0.3%

Morgan Stanley (MS $44.18) is expected to open higher after Citigroup upgraded the stock to Buy. Target was raised to $52 from $48.

Bed Bath & Beyond (BBBY $11.17) is expected to open lower after Raymond James lowered its target price to $17 from $20.

Altria added $0.74 to $50.00 after Goldman Sachs upgraded the stock to Buy from Neutral.

Wells Fargo (WFC $47.24) is expected to open lower after Citigroup downgraded the stock to Neutral from Buy.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/07/11/stock-market-outlook-for-july-12-2019/

Note seasonality charts on 10 Year U.S. Treasury Bond Price and U.S. Consumer Price Index.

Observation

The Cannabis ETF moved below $17.69 extending an intermediate downtrend.

StockTwits released yesterday @EquityClock

Methanex $MX.CA $MEOH moved below $55.71 Cdn. extending an intermediate downtrend.

Technical action by S&P 500 stocks to 10:00: Mixed. Intermediate breakouts: $TJX $CVS $HUM $UNH $ANTM. Breakdowns: $IVZ $FAST $IRM

Editor's Note: After 10:00 AM EDT, intermediate breakouts included PYPL CBS, CME, CBOE, BAX and PSX. No breakdowns.

Health related equities were prominently listed on breakout stocks this morning including $CVS $HUM $UNH $ANTM

Restaurant Brands International $QSR.CA, a TSX 60 stock moved above $93.28 Cdn. to an all-time high extending an intermediate uptrend.

PayPal $PYPL, a NASDAQ 100 stock moved above $119.95 to an all-time high extending an intermediate uptrend.

Gold equity breakouts this morning: $ABX.CA $BTO.CA $GDX $GDXJ

Two different views of inflation: Aggregate inflation (all items) showed a below average increase through the first half of the year, while core inflation (ex food and energy) showed an above average increase. $MACRO #Economy #CPI

Long term Treasury iShares $TLT moved below their 20 day moving average and support at $129.87.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 11th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for July 11th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 11th 2019

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer added 2.40 to 80.60 yesterday. It remains intermediate overbought.

TSX Momentum Barometer

The Barometer slipped 1.71 to 62.39 yesterday. It remains intermediate overbought.

Disclaimer: Seasonality 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

Sponsored By...