Tech Talk for Thursday July 11th 2019

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

Index futures slipped following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was 222, 000 versus 222,000 last week. Actual was 209,000. Consensus for the June Consumer Price Index was unchanged versus a gain of 0.1% in May. Actual was an increase of 0.3%. Excluding food and energy, consensus for the June Consumer Price Index was an increase of 0.2% versus a gain of 0.2% in May. Actual was an increase of 0.3%.

Delta Airlines added $1.23 to $60.67 after reporting higher than consensus second quarter earnings. The company also increased its dividend and raised guidance.

Costco added $0.83 to $272.22 after Stifel Nicolaus raised its target price to $289 from $261.

Health Care Providers moved higher after the White House withdrew its proposal to eliminate rebates from government drug plans.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/07/10/stock-market-outlook-for-july-11-2019/

Note seasonality charts on Gold futures, Crude Oil futures and Crude Oil days of Supply.

StockTwits released yesterday @EquityClock

NASDAQ Composite Index $COMPQ moved above 8176.08 to an all-time high extending an intermediate uptrend.

Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $CMCSA $AXP $INTU. No breakdowns

Bank of Montreal $BMO.CA, a TSX 60 stock moved above $101.13 setting an intermediate uptrend.

‘Tis the season for strength in Bank of Montreal $BMO.CA to fall!

Suncor $SU.CA, a TSX 60 stock moved above $42.27 setting an intermediate uptrend.

Cenovus Energy $CVE.CA, a TSX 60 stock moved above $12.09 setting an intermediate uptrend.

BMO Equal Weight Energy ETF $ZEO.CA moved above $42.84 setting an intermediate uptrend.

Editor's Note: Energy stocks on both sides of the border responded to a 4.5% increase in the price of WTI crude oil.

Inter-Pipeline $IPL.CA, a TSX 60 stock moved above $22.26 and $22.27 setting an intermediate uptrend.

Cameco $CCO.CA, a TSX 60 stock moved above $14.27 completing a double bottom pattern.

SunLife Financial $SLF.CA, a TSX 60 stock moved above $55.43 to an all-time high extending an intermediate uptrend.

Pembina Pipelines $PPL.CA, a TSX 60 stock moved above $50.14 to an all-time high extending an intermediate uptrend.

Walt Disney $DIS, a Dow Jones Industrial stock moved above $142.63 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 10th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for July 10th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 10th 2019

Green: Increase from previous day

Red: Decrease from previous day

Significant Changes in Technical Score Yesterday

Technical score for Dow Jones Transportation Average dropped to -4 from 2 after short term momentum indicators moved lower, the Average moved below its 20, 50 and 200 day moving averages and strength relative to the S&P 500 Index turned to Negative from Neutral. The Average responded to higher crude oil prices.

Technical score for TSX Energy Index changed to 0 from -6 in response to higher crude oil prices: Relative strength changed to Neutral from Negative, the Index moved above its 20 day moving average and short term momentum indicators (Stochastics, RSI, MACD) turned higher from oversold levels.

S&P 500 Momentum Barometer

The Barometer added 0.44 to 78.20 yesterday. It remains intermediate overbought.

TSX Momentum Barometer

The Barometer added 2.56 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

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