Tech Talk for Friday July 19th 2019

U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade.

Microsoft jumped $4.08 to $140.50 after reporting higher than consensus fiscal fourth quarter earnings. JP Morgan raised its target price to $155 from $145.

Boeing gained $7.68 to $368.79 despite announcing a $4.9 billion write off. Boeing also announced plans to relaunch its 737 Max aircraft before the end of the year.

American Express slipped $0.41 to $127.99 after reporting lower than consensus second quarter earnings.

Schlumberger (SLB $38.78) is expected to open higher after reporting higher than consensus second quarter earnings.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/07/18/stock-market-outlook-for-july-19-2019/

Note seasonality charts on the U.S. Dollar Index and the Philly Fed Index

Observations

Weakness in the U.S. Dollar Index and its related ETN triggered a surge in gold and gold equities.

Inflation protected notes (TIPS) broke to a new high.

Couche Tard $ATD.B, a TSX 60 stock moved below $80.75 setting an intermediate downtrend following an analyst downgrade.

Sugar ETN broke below $20.49 to a 10 month low extending an intermediate downtrend.

StockTwits released yesterday @EquityClock

Philadelphia Fed just crushed expectations with its manufacturing survey. Headline print for July: +21.8 versus +4.5 est. Non-seasonally adjusted, the result was +8.8, indicating expansionary conditions at a time of year when contraction is the norm. Average for July is -6.7. $MACRO #Economy #Manufacturing #PhillyFed

Increase in jobless claims through the middle of July, the average factory shutdown period, firmly below average, perhaps indication that factories are remaining open during this typically slower timeframe. $MACRO #Employment

Oil & Gas Explorers ETF $XOP moved below $24.58 extending an intermediate downtrend.

Technical action by S&P 500 stocks to 10:00: Slightly bearish. Intermediate breakouts: $EBAY $KLAC. Breakdowns: $NFLX $KMI $SNA $CCI

Editor's Note: After 10:00 AM EDT, intermediate breakouts included XLNX, PM, ZBH, TXF, MHK, SRE and ATO. Breakdowns included ILMN and MAC

Enerplus $ERF.CA moved below $8.75 extending an intermediate downtrend.

S&P/TSX Energy iShares $XEG.CA moved below $8.73 extending an intermediate downtrend.

Editor's Note: Add Vermillion Energy to the list of Canadian energy equity breakdowns.

New Flyer Industries $NFI.CA moved below $30.91 and $30.88 extending an intermediate downtrend.

Gold ETN $GLD moved above $135.55 extending an intermediate uptrend.

‘Tis the season for gold and gold stocks to move higher! $GLD $XGD.CA $GDX $GDXJ

More Canadian gold producer equity breakouts: $SMF.CA $YRI.CA

S&P/TSX Materials iShares $XMA.CA moved above $14.08 extending an intermediate uptrend.

Editor's Note: XMA has approximately a 65% weight in Canadian gold equities

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 18th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for July 18th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 18th 2019

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

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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