Tech Talk for Wednesday July 24th 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 50 points at 8:30 AM EDT.

The Bank of Canada updates its monetary policy at 9:45 AM EDT. A press conference is offered at 10:30 AM EDT. Consensus calls for a 0.25% cut in its rate offered to major banks to 4.50%.

Alphabet $GOOGL dropped $6.54 to $175.25 after reporting less than consensus second quarter YouTube revenues.

Texas Instruments gained $8.51 to $206.79 after reporting higher than consensus second quarter results. The company also offered positive guidance for the third quarter.

Tesla dropped $4.68 to $241.70 after reporting less than consensus second quarter earnings.

Visa dropped $7.54 to $257.25 after reporting less than consensus fiscal third quarter results.

EquityClock's Stock Market Outlook for July 24th

Existing Home Sales show the weakest June change on record and prices are becoming vulnerable to pulling back, potentially impacting the wealth effect in the economy.

https://equityclock.com/2024/07/23/stock-market-outlook-for-july-24-2024/

Technical Notes

Lockheed Martin $LMT moved above $490.86 to an all-time high extending an intermediate uptrend. Triggered a move by Aerospace & Defense iShares above $137.19 to an all-time high.

General Electric Aerospace $GE an S&P 100 stock moved above $170.51 to an all-time high extending an intermediate uptrend.

Danaher $DHR an S&P 100 stock moved above $268.82 extending an intermediate uptrend.

BHP $BHP one of the world's largest base metals producer moved below$54.81 resuming an intermediate downtrend

Paccar $PCAR a NASDAQ 100 stock moved below $99.46 resuming an intermediate downtrend.

United Parcel Services $UPS an S&P 100 stock moved below $129.23 to a four year low extending an intermediate downtrend.

First Quantum Minerals $FM.TO a TSX 60 stock moved below Cdn$15.82 completing a double top pattern.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 23rd 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 23rd 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 23rd 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

The Stock Market is Bracing for Earnings IMPACT! David Keller

The Stock Market is Bracing for Earnings IMPACT! - YouTube

BofA’s Savita Subramanian on why we are heading into a ‘tricky’ part of the year

BofA’s Savita Subramanian on why we are heading into a ‘tricky’ part of the year - YouTube

The market is due for a pullback: Brian Belski

The market is due for a pullback: Brian Belski - YouTube

What Earnings Reveal About The Market: Guy Adami, Dan Nathan and Carter Worth

What Earnings Reveal About The Market - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 1.80 to 67.80. It remains Overbought.

The long term Barometer dropped 3.00 to 73.00. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer dropped 3.98 to 74.78. It remains Overbought.

The long term Barometer was unchanged at 82.74. It remains Overbought.

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