Tech Talk for Friday July 16th 2021
U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade.
Index futures were virtually unchanged following release of June U.S. Retail Sales at 8:30 AM EDT. Consensus was a drop of 0.4% versus a decline of 1.3% in May. Actual was an increase of 0.6%. Excluding auto sales, consensus was an increase of 0.5% versus a decline of 0.2% in May. Actual was an increase of 1.3%.
The Canadian Dollar added 0.07 to US79.47 cents following release of Canada's June Housing Starts report at 8:15 AM EDT. Consensus was a slip to 270,000 units from 275,900 units in May. Actual was 293,567 units.
Moderna added $15.58 to $275.25 after the stock was added to the S&P 500 Index on July 21st
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/07/clip_image0015-3.png "clip_image001[5]")
Microsoft gained $0.34 to $281.37 after Mizuho raised its target price from $285 to $310.
![clip_image002[6]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/07/clip_image0026.png "clip_image002[6]")
Starbucks advanced $0.53 to $119.50 after Oppenheimer raised its target price from $135 to $140.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/07/clip_image0035-3.png "clip_image003[5]")
UnitedHealth Group (UNH $420.00) is expected to open higher after Raymond James and Truist raised their target price on the stock.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/07/clip_image0045-1.png "clip_image004[5]")
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2021/07/15/stock-market-outlook-for-july-16-2021/
Technical Notes released yesterday at
Play the period of risk aversion ahead in the equity market with this pair trade. equityclock.com/2021/07/14/… $SPX $SPY $ES_F $STUDY $VIX $VXX
Procter & Gamble $PG a Dow Jones Industrial Average stock moved above $139.10 extending an intermediate uptrend.
US Bancorp USB an S&P 100 stock moved above $57.79 resuming an intermediate uptrend.
Incyte $INCY a NASDAQ 100 stock moved below $79.42 setting an intermediate downtrend.
Biogen $BIIB a NASDAQ 100 stock moved below $333.28 setting an intermediate downtrend
Microchip Technologies $MCHP moved below $138.15 after completing a Head & Shoulders pattern.
SNC Lavalin $SNC.CA a TSX 60 stock moved below $31.37 completing a double top pattern.
Couche-Tard $ATD.B.CA a TSX 60 stock moved above $47.13 to an all-time high extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 15th 2021
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for July 15th 2021
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 15th 2021
Green: Increase from previous day
Red: Decrease from previous day
All seasonality ratings are based on performance relative to the S&P 500 Index
Market Buzz
Greg Schnell says "Markets show signs of strain". Following is a link:
https://www.youtube.com/watch?v=0zlNr8LsI38
The Canadian Technician
Greg Schnell asks, "Is Electric losing its Spark"? Following is a link:
https://www.youtube.com/watch?v=0zlNr8LsI38
S&P 500 Momentum Barometers
The intermediate Barometer added 1.20 to 51.90 yesterday. It remains Neutral.
The long term Barometer slipped 0.20 to 90.38 yesterday. It remains Extremely Overbought.
TSX Momentum Barometers
The intermediate Barometer dropped 3.42 to 51.38 yesterday. It remains Neutral and is trending down.
The long term Barometer added 0.35 to 75.15 yesterday. It remains 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
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