Tech Talk for Friday July 21st 2023

U.S. equity index futures were higher this morning. S&P 500 futures were up 16 points at 8:35 AM EDT.

Today is the last trade day for July listed equity and index options.

The Canadian Dollar slipped 0.05 to U.S.75.79 following release of May Canadian Retail Sales at 8:30 AM EDT. Consensus was an increase of 0.5% versus a downwardly revised 1.1% gain in April. Actual was an increase of 0.2%.

Capital One dropped $2.49 to $112.50 after reporting less than consensus second quarter revenues.

CSX dropped $1.66 to $32.05after reporting less than consensus second quarter revenues and earnings.

PPG Industries dropped $2.97 to $146.75 after offering a cautious outlook for the third quarter.

American Express dropped $6.31 to $170.80 after reporting less than consensus second quarter revenues.

EquityClock's Daily Comment

Headline reads "The bearish fundamentals behind Natural Gas may have alleviated just in time for its period of seasonal strength".

http://www.equityclock.com/2023/07/20/stock-market-outlook-for-july-21-2023/

Technical Notes

Johnson & Johnson $JNJ a Dow Jones Industrial Average stock moved above $166.27 extending an intermediate uptrend. The company raised guidance.

Goldman Sachs $GS an S&P 100 stock moved above $347.73 resuming an intermediate uptrend.

AbbVie $ABBV an S&P 100 stock moved above $138.14 completing a double bottom pattern.

Danaher $DHR an S&P 100 stock moved above $248.06 completing a double bottom pattern.

IBM $IBM a Dow Jones Industrial Average stock moved above $139.47 extending an intermediate uptrend. Reported higher than consensus second quarter results.

ASML $ASML a NASDAQ 100 stock moved below intermediate support at $693.23.

Early signs of a crack in the semiconductor sector? Applied Materials $AMAT and KLA Tencor $KLAC broke below short term trading ranges.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 20th 2023

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 20th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 20th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Tom "The Bull" Bowley is BEARISH? What ?!?! | Tom Bowley | Your Daily Five (07.19.23)

Tom "The Bull" Bowley is BEARISH? What ?!?! | Tom Bowley | Your Daily Five (07.19.23) - YouTube

Watch These Banks Breaking Out to New Highs! | Greg Schnell, CMT | Market Buzz (07.19.23)

Watch These Banks Breaking Out to New Highs! | Greg Schnell, CMT | Market Buzz (07.19.23) - YouTube

Tired of Being Long Large Cap Growth Stocks? Here Are 2 Top Alternatives | The Final Bar (07.19.23)

Tired of Being Long Large Cap Growth Stocks? Here Are 2 Top Alternatives | The Final Bar (07.19.23) - YouTube

How to Use Trend Alignment to Find the Best Entry Points | Joe Rabil | Stock Talk (07.20.23)

How to Use Trend Alignment to Find the Best Entry Points | Joe Rabil | Stock Talk (07.20.23) - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.00 to 87.60. It remains Overbought. Daily trend remains up.

The long term Barometer added 0.80 to 74.40. It remains Overbought. Daily trend is up.

TSX Momentum Barometers

The intermediate term Barometer dropped 2.19 to 67.11. It remains Overbought.

The long term Barometer dropped 2.63 to 61.40. It remains Overbought.

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