Tech Talk for Wednesday July 15th 2020

TSX Composite Index moved above $15,980.07 and the TSX 60 Index moved above 963.58 to a 4 month high extending an intermediate uptrend.

Equity indices and related ETFs tracking equity markets outside of North America are breaking to four month highs extending intermediate uptrends. EAFE (EFA) moved above $73.76.

European iShares were notable for their breakouts to four month highs:

Other breakouts by equity indices and their related ETFs include Israel and Vietnam

Materials SPDRs moved above $59.96 extending an intermediate uptrend.

Healthcare SPDRs moved above $103.78 to an all-time high extending an intermediate uptrend.

Base metal stocks and their related ETFs continue moving higher. Base Metals iShares moved above $26.19 extending an intermediate uptrend.

Strength in base metals sector was led by BHP on a breakout above $52.86.

Uranium stocks and related ETFs also moving higher. Uranium producer ETF URA moved above $11.30 extending an intermediate uptrend.

NASDAQ 100 stocks are leading the advance by U.S. equity markets. Nice breakouts by CHTR, ISRG and CTSH.

Morgan Stanley (MS), an S&P 100 stock moved above $51.85 extending an intermediate uptrend.

The U.S. Dollar ETN (UUP) briefly moved below $25.88 extending an intermediate downtrend.

Pre-opening Comments for Wednesday July 15th

U.S. equity index futures were higher this morning. S&P 500 futures were up 45 points in pre-opening trade.

Index futures were virtually unchanged following release of the July Empire State Manufacturing Survey at 8:30 AM EDT. Consensus was an increase to 10.00 from -0.20 in June. Actual was 17.2.

Moderna gained $12.06 to $87.10 after reporting successful Stage 1 COVID 19 vaccine test results.

Goldman Sachs jumped $8.86 to $222.87 after reporting higher than consensus second quarter revenues and earnings.

Apple added $6.62 to $394.85 after the company won an appeal in a $15 billion tax dispute with the European Union.

UnitedHealth Group was unchanged at $308.52 after reporting higher than consensus second quarter earnings, but lower than consensus second quarter revenues.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/07/14/stock-market-outlook-for-july-15-2020/

Note seasonality chart on the U.S. Consumer Price Index.

Technical Notes

Analog Devices (ADI), a NASDAQ 100 stock moved below $115.07 completing a double top pattern.

Automatic Data Processing (ADP), a NASDAQ 100 stock moved below 142.44 setting an intermediate downtrend.

Align Technology (ALGN), a NASDAQ 100 stock moved above $292.04 extending an intermediate uptrend.

Another base metal stock breakout! Vale (VALE) moved above $11.32 extending an intermediate uptrend.

Canadian National Railway (CNR.CA) , a TSX 60 stock moved above $124.02 extending an intermediate uptrend.

NextEra Energy (NEE), an S&P 100 stock moved above $262.33 extending an intermediate uptrend.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 14th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for July 14th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 14th 2020

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer added 7.62 to 69.54 yesterday. It remains intermediate overbought.

TSX Momentum Barometer

The Barometer gained 7.18 to 75.60 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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