Tech Talk for Tuesday July 31st 2018

U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for June Personal Income was an increase of 0.4% versus a gain of 0.4% in May. Actual was an increase of 0.4%. Consensus for June Personal Spending was an increase of 0.4% versus a gain of 0.2% in May. Actual was an increase of 0.4%

The Canadian Dollar rallied slightly to US 76.81 cents following release of Canada's May GDP. Consensus was an increase of 0.4% versus a gain of 0.1% in April. Actual was an increase of 0.5%.

Pfizer slipped $0.51 to $38.08 despite reporting higher than consensus second quarter sales and earnings. The company also raised its guidance.

Procter & Gamble dropped $1.20 to $79.00 after reporting lower than consensus fiscal fourth quarter revenues.

Qualcomm gained $2.22 to $64.26 after announcing a modified Dutch auction to repurchase its shares. Value of the auction is $10 billion. Shares are to be purchased between $60 and $67.

Shopify dropped $8.58 to $139.50 despite reporting higher than consensus second quarter revenues.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/07/30/stock-market-outlook-for-july-31-2018/

Note sector breakdown chart for the S&P 500 Index.

StockTwits Released Yesterday @EquityClock

South Africa iShares $EZA moved above $60.69 completing a base building pattern.

Netflix $NFLX one of the FAANG stocks dropped below $344.00 extending an intermediate downtrend.

Technical action by S&P 500 stocks to 10:00: Bullish. Breakouts: $GIS $WBA, $PSX $BAC $TMK $HSIC $ETN $ROK. Breakdowns: $NFLX $STX $ATVI

CI Financial $CIX.CA moved below $22.79 extending an intermediate downtrend.

Blackberry $BB.CA, a TSX 60 stock moved below $12.63 extending an intermediate downtrend.

CAE $CAE.CA moved below $26.52 completing a double top pattern.

'Tis the season for weakness in CAE $CAE.CA to early October.

Technical action by S&P 500 stocks after 10:00:7 breakdowns including Head & Shoulder in $ADSK.Others: $ANSS $BR $SPGI $VAR $FIS $TTWO

Trader's Corner

Equities and Related ETFs

Daily Seasonal/Technical Equity Trends for July 30th 2018

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Note the improving technical picture on energy and related investments.

Daily Seasonal/Technical Commodities Trends for July 30th 2018

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 30th 2018

Green: Increase from previous day

Red: Decrease from previous day

Technical Scoop

David Chapman at Enriched Investing, an old friend of Tech Talk writes an excellent weekly letter called Technical Scoop. The report offers a technical overview on bitcoin, major equity markets, currencies and commodities. Following are links to his letter for July 30th

. http://www.enrichedinvesting.com/PDF/Technical-Scoop-2018-July-30-Final.pdf

or

http://www.enrichedinvesting.com/PDF/Technical-Scoop-2018-July-30-Final.pdf

S&P 500 Momentum Barometer

The Barometer dropped 3.80 to 64.00 yesterday. It remains intermediate overbought and has rolled over.

TSX Momentum Barometer

The Barometer dropped another 3.25 to 50.63 yesterday. It remains intermediate neutral and trending down.

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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