Tech Talk for Tuesday July 16th 2024
U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points at 8:35 AM EDT
S&P 500 futures added 5 points following release of June U.S. Retail Sales at 8:30 AM EDT. Consensus was a drop of 0.4% versus a gain of 0.1% in May. Actual was unchanged.
The Canadian Dollar slipped 0.08 to US$73.07 following release of Canada's June Consumer Price Index at 8:30 AM EDT. Consensus on a year-over-year basis was a drop to 2.7% from 2.9% in May. Actual was 2.7%.
Bank of America added $0.97 to $42.86 after reporting higher than consensus second quarter earnings.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0015.png "clip_image001[5]")
UnitedHealth Group dropped $5.87 to $509.50 after second quarter costs exceeded consensus.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0025-1.png "clip_image002[5]")
Match advanced $2.73 to $34.75 after activist investor Starboard urged the company to explore a sale.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0035.png "clip_image003[5]")
Morgan Stanley added $2.24 to $107.50 after reporting higher than consensus second quarter earnings.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0045-1.png "clip_image004[5]")
EquityClock's stock market outlook for July 16th 2024
A major downturn in the equity market is unlikely so long as the banks remain supported.
See:
https://equityclock.com/2024/07/15/stock-market-outlook-for-july-16-2024/
Technical Notes
Major U.S. Banks SPDRs $KBE moved above $48.49 and $49.34 to a 27 month high extending an intermediate uptrend.
Regional Bank SPDRs $KRE moved above $53.15 extending an intermediate uptrend.
S&P Midcap SPDRs $MDY moved above $556.26 to an all-time high extending an intermediate uptrend.
Wheat ETN moved below $5.02 to a four year low extending an intermediate downtrend.
S&P 100 and NASDAQ 100 stocks moving above resistance extending an intermediate uptrend included General Motors, Accenture, Zscaler, Schlumberger, Berkshire Hathaway, Metlife, Emerson Electric and FedEx.
Thomson Reuters $TRI.TO a TSX 60 stock moved below $224.82 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 15th 2024
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 15th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 15th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links Offered by Valued Providers
RBC's Lori Calvasina Reveals Latest S&P 500 Outlook
RBC's Lori Calvasina Reveals Latest S&P 500 Outlook - YouTube
Will Earnings Drive the Next Big Market Rally? Guy Adami and Dan Nathan
Will Earnings Drive The Next Big Market Rally? - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer slipped 2.80 to 67.40. It remains Overbought.
The long term Barometer was unchanged at 74.80. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer slipped 1.33 to 78.32. It remains Overbought.
The long term Barometer added 0.88 to 80.09. It remains Overbought. Daily trend remains up.
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
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