Tech Talk for Tuesday July 9th 2024
Tuesday July 9th
U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points at 8:30 AM EDT.
Federal Reserve Chairman Jerome Powell is slated to testify before a Congressional Committee at 11:00 AM EDT on state of the economy.
Helen of Troy dropped $25.01 to $64.00 after reporting less than consensus fiscal first quarter revenues and earnings. The company also lowered guidance.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0011-3.png "clip_image001[1]")
Nvidia added $2.11 to $130.31 leading semiconductor stocks to new highs.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0021-2.png "clip_image002[1]")
BP dropped $1.10 to $35.45 after warning of up to $2 billion impairment and weak refining margins.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0031-2.png "clip_image003[1]")
EquityClock's Stock Market Outlook for July 9th 2024
The upside target of one of the most influential market constituents has been reached, opening the door to consolidation and/or rotation.
See: https://equityclock.com/2024/07/08/stock-market-outlook-for-july-2024/
Technical Notes
Advanced Micro Devices $AMD an S&P 100 stock moved above $174.55 setting an intermediate uptrend.
Intel $INTC a Dow Jones Industrial Average stock moved above $32.42 completing a double bottom pattern.
Morgan Stanley's China A Fund $CAF moved below $11.52 to an eight year low extending an intermediate downtrend .
Loblaw Companies $L.TO a TSX 60 stock moved above Cdn$164.40 to an all-time high extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 8th 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 8th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 8th 2024
Green: Increase from previous day
Red: Decrease from previous day
Comments offered by valued providers
Morgan Stanley's Slimmon Expects Strong Earnings Season
Morgan Stanley’s Slimmon Expects Strong Earnings Season - YouTube
Earnings Expectations vs. Reality: Guy Adami and Dan Nathan
Earnings Expectations vs. Reality - YouTube
Market Extremes: What Investors Should Watch Next: Liz Young
Market Extremes: What Investors Should Watch Next - YouTube
Comments about Larry Williams' prediction about U.S. Presidential Election Year
S&P 500 Momentum Barometers
The intermediate term Barometer added 1.20 to 46.80. It remains Neutral.
The long term Barometer added 0.40 to 65.80. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 3.10 to 57.96. It remains Neutral.
The long term Barometer added 5.31 to 73.01. 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
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