Tech Talk for Wednesday July 18th 2018

U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points in pre-opening trade.

Index futures were virtually unchanged following release of the June Housing Start report at 8:30 AM EDT. Consensus was a slip to 1.32 million units from lower revised 1.337 million units in May. Actual was 1.173 million units.

Google dropped $6.44 to $1206.64 after the European Union issued a $5 billion fine against the company for anti-competitive activity.

CSX gained $2.06 to $66.50 after reporting higher than consensus second quarter earnings.

United Continental advanced $2.99 to $75.61 after reporting higher than consensus second quarter sales and earnings.

Morgan Stanley added $1.48 to $50.66 after reporting higher than consensus second quarter sales and earnings.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/07/17/stock-market-outlook-for-july-18-2018/

Note seasonality charts on Industrial Production and Manufactured Goods Sales

StockTwits Released Yesterday @EquityClock

First Majestic Silver $FR.CA $AG moved below $9.50 Cdn. setting an intermediate downtrend.

TMX Group $X.CA moved above $86.98 to an all-time high extending an intermediate uptrend.

Technical action by S&P 500 stocks to 10:00: Quietly bearish. No intermediate breakouts. Breakdowns: $DISH $NFLX $MRO.

Editor's Note: After 10:00 AM EDT, intermediate breakouts included LUV, TSCO, LEN, TRIP, GLW, INTU. Breakdowns: BHGE, DISCK

Brazil iShares $EWZ moved above $34.09 completing a double bottom pattern.

'Tis the season for strength for Brazil equities and related ETFs to move higher to the end of December!

Bank of Montreal $BMO.CA $BMO, a TSX 60 stock moved above $103.89 Cdn. to an all-time high extending an intermediate uptrend.

Fairfax Financial $FFH.CA moved below $699.30 extending an intermediate downtrend.

Metro $MRU.CA, a TSX 60 stock moved above $45.31 extending an intermediate uptrend.

Canada Manufacturing Sales up 10.7% (NSA) in May, almost double the 5.4% increase that is average for the month. $MACRO #CDNecon #CAD

Industrial Production up 3.3% (NSA) In June, better than the 2.9% average increase for the month. $MACRO #Economy #Manufacturing

Obsidian Energy $OBE.CA moved below $1.38 completing a double top pattern.

Trader's Corner

Note changes in Seasonal ratings effective today. More information and charts are offered in tomorrow's TechTalk.

Daily Seasonal/Technical Equity Trends for July 17th 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for July 17th 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Sector Trends for July 17th 2018

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer slipped 2.80 to 64.20 yesterday. It remains intermediate overbought and showing early signs of rolling over.

TSX Momentum Barometer

The Barometer added 4.75 to 64.17 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...