Tech Talk for Tuesday July 23rd 2024

U.S. equity index futures lower this morning. S&P 500 futures were down 6 points at 8:30 AM EDT.

Nucor dropped $1.63 to $161.71 after lowering its third quarter earnings outlook.

Cleveland Cliffs added $0.19 to $15.40 after reporting better than consensus second quarter results.

Zion Bancorp gained $1.79 to $51.27 after reporting higher than consensus second quarter earnings.

NXP Semiconductor dropped $22.81 to $261.00 after offering a lower than consensus third quarter outlook.

EquityClock's Stock Market Outlook for July 23rd

The period of average volatility for stocks starts today and so too does the optimal holding period for a wide range of inverse ETFs.

https://equityclock.com/2024/07/22/stock-market-outlook-for-july-23-2024/

Technical Notes

BMO Equal Weight Canadian Banks ETF $ZEB.TO moved above Cdn$36.73 to a 27 month high extending an intermediate uptrend.

Commerce Bank $CM.TO a TSX 60 stock moved above Cdn$68.60 to a 27 month high extending an intermediate uptrend

Platinum ETN $PPLT moved below $86.63 setting an intermediate downtrend..

CrowdStrike $CRWD a NASDAQ stock moved below $280.88 extending an intermediate downtrend.

Hydro One $H.TO a TSX 60 stock moved above Cdn$41.29 to an all-time high extending an intermediate uptrend.

Seasonality Chart of the Day

Courtesy of www.equityclock.com

Analysis of the BMO S&P/TSX Equal Weight Banks Index ETF (TSE:ZEB.TO) seasonal charts above shows that a Buy Date of July 22 and a Sell Date of October 24 has resulted in a geometric average return of 1.83% above the benchmark rate of the S&P 500 Total Return Index over the past 14 years. This seasonal timeframe has shown positive results compared to the benchmark in 13 of those periods. This is an excellent rate of success and the return strongly outperforms the relative buy-and-hold performance of the stock over the past 14 years by an average of 4.38% per year.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 22nd 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 22nd 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 22nd 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Biden's Exit and the Trump Trade: What it means for markets: Guy Adami and Dan Nathan

Biden’s Exit & The Trump Trade: What It Means for Markets - YouTube

Expect BoC to cut interest rate on Wednesday: Holt

Expect BoC to cut interest rate on Wednesday: Holt - YouTube

Why Ed Yardeni Sees an Ongoing Bull Market

Why Ed Yardeni Sees an Ongoing Bull Market - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 4.40 to 69.60. It remains Overbought.

The long term Barometer added 1.00 to 76.00. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 4.42 to 78.76. It remains Overbought.

The long term Barometer added 1.33 to a three year high at 82.74. It remains Overbought. Daily uptrend was extended.

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