Tech Talk for Tuesday July 30th 2019
U.S. equity index futures moved lower this morning. S&P 500 futures were down 12 points in pre-opening trade.
Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for June Personal Spending was an increase of 0.3% versus a gain of 0.4% in May. Actual was an increase of 0.3%. Consensus for June Personal Income was an increase of 0.4% versus a revised gain of 0.4% in May. Actual was an increase of 0.4%.
Nutrien (NTR $66.55 Cdn) is expected to open lower after the company lowered its guidance.
Procter & Gamble (PG $116.00) is expected to open higher after reporting higher than consensus quarterly results.
Merck added $2.77 to $85.26 after reporting higher than consensus second quarter earnings.
Capital One plunged $4.52 to $92.40 after the company reported a data breach.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/07/29/stock-market-outlook-for-july-30-2019/
Note seasonality chart on MSCI World ex U.S. Index
Upcoming BNN Appearance:
Jon Vialoux will be on BNN's Market Call Tonight at 6:00pm ET on Wednesday, July 31st taking your calls on Technical Analysis and Seasonal Investing. CALL TOLL-FREE 1-855-326-6266, EMAIL marketcall@bnnbloomberg.ca, or TWEET @MarketCall.
Observations
Traders are pessimistic about impact of Brexit on the U.K. economy.
Surprising strength in frontier equity markets!
StockTwits released yesterday @EquityClock
Walt Disney$DIS, a Dow Jones Industrial stock moved above $145.43 to an all-time high extending an intermediate uptrend. Response to strong Lion King sales for the second consecutive week.
Alexion Pharm $ALXN, a NASDAQ 100 stock moved below $112.86 extending an intermediate downtrend.
Mylan $MYL moved above $19.78 setting an intermediate uptrend. The company is merging its generic drug business with Pfizer’s Upjohn business
Pfizer $PFE, a Dow Jones Industrial stock moved below $42.01 setting an intermediate downtrend. Responding to news of a merger of off patent drugs business with Mylan
PayPal $PYPL, a NASDAQ 100 stock moved below $113.08 completing a double top pattern
Auto ETF $CARZ moved below $32.55 setting an intermediate downtrend
NetApp $NTAP, a NASDAQ 100 stock moved below $57.66 extending an intermediate downtrend
Natural Gas ETN $UNG moved below $18.34 extending an intermediate downtrend.
Canadian "gassy" stocks are responding to lower natural gas prices. ARC Resources and Encana break to new lows. $ARX.CA $ECA
Lower natural gas prices have prompted the BMO Equal Weight Canadian Energy ETF $ZEO.CA to move below $40.99 extending an intermediate downtrend
Editor's Note: U.S. Oil and Gas Exploration ETF also broke to a three year lows.
Metro $MRU.CA, a TSX 60 stock moved above $51.64 to an all-time high extending an intermediate uptrend
Trader's Corner
Note changes in Seasonal ratings
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for July 29th 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for July 29th 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 29th 2019
Green: Increase from previous day
Red: Decrease from previous day
Don Vialoux on "Wolf on Bay Street"
Released on Saturday. Interviews with Tony Dwyer and Don Vialoux. Don Vialoux' comments are in the second half of the interview. Tony and Don's comments are remarkably similar: Both predict increased volatility and a mild correction into Fall followed by resumption of an upward trend late this year. Following is a link:
Technical Scoop
Thank you to David Chapman and www.enrichinvesting.com for the link to their weekly report
S&P 500 Momentum Barometer
The Barometer slipped 2.20 to 76.00 yesterday. It remains intermediate overbought and continues to show early signs of rolling over.
TSX Momentum Barometer
The Barometer was unchanged at 61.64 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
| Sponsored By... |
| More from the network: |