Tech Talk for Tuesday July 7th 2020

Gold Miners ETF (GDX) moved above $37.49 to an 8 year high extending an intermediate uptrend.

CheckPoint Software (CHKP), a NASDAQ 100 stock moved above $112.96 extending an intermediate uptrend.

Pre-opening Comments for Tuesday July 7th

U.S. equity index futures were lower this morning. S&P 500 futures were down 23 points in pre-opening trade.

Apple (AAPL $373.85) is expected to open higher after Raymond James raised its target price from $340 to $400.

Regeneron added $12.75 to $640.00 after receiving $450 million from the U.S. government for development of a COVID 19 antiviral cocktail.

NVIDIA added $0.90 to $394.44 after Bank of America/Merrill raised its target price from $420 to $460.

Novavax jumped $24.06 to $102.75 after receiving $1.6 billion from the U.S. government to speed development and delivery of a COVID 19 vaccine.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/07/06/stock-market-outlook-for-july-7-2020/

Technical Notes

Chinese based equities with U.S. listings were notably stronger at the opening yesterday following overnight strength in Chinese equity indices (e.g. JD Inc. and Baidu included in the NASDAQ100 Index)

Silver ETN (SLV) moved above $17.10 extending an intermediate uptrend.

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Junior Gold ETF (GDXJ) moved above $50.37 to a seven year high extending an intermediate uptrend.

Semiconductor ETFs (SMH SOXX) moved to all-time highs in early trading yesterday.

Medical Devices iShares (IHI) moved above $272.05 extending an intermediate uptrend.

Lithium ETN moved above $32.57 and $34.00 extending an intermediate uptrend.

Base Metal stocks moved higher. Nice breakout by Lundin Mining (LUN) above $7.53 Cdn., Southern Copper above $40.31 and Global Base Metals iShares (XBM) above $8.98 extending an intermediate uptrend. Strength was triggered following favourable comments by Freeport McMoran on higher than consensus second quarter copper sales.

Eli Lilly (LLY) an S&P 100 stock moved above $167.43 to an all-time high extending an intermediate uptrend.

Ilumina (ILMN), a NASDAQ 100 stock moved above $377.80 extending an intermediate uptrend. Testing its all-time high at $380.76.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 6th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for July 6th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 6th 2020

Green: Increase from previous day

Red: Decrease from previous day

Technical Scoop

Thank you to David Chapman and www.EnrichedInvesting.com for the link. Headline reads, ...

"Unique half, millions unemployed, streets riot, election backdrop, narrow high, Godzilla debt, golden limit"

http://enrichedinvesting.com/wp-content/uploads/2020/07/Unique-half-millions-unemployed-streets-riot-election-backdrop-narrow-high-Godzilla-debt-golden-limit.pdf

S&P 500 Momentum Barometer

The Barometer added 5.01 to 74.95 yesterday. It remains intermediate overbought.

TSX Momentum Barometer

The Barometer slipped 0.47 to $74.06 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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