U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade.
Second quarter reports continued to pour in. Companies that reported since yesterday's close included Anthem, AT&T, Boeing, Boston Scientific, Coca-Cola, Corning, Fiat Chrysler, Freeport McMoran, General Motors, Hess Corp, Hilton, Loblaw Companies, Navient, Northrop Grumman, Teradyne, Texas Instruments and Tupperware
AT&T fell $0.23 to $31.45 despite reporting higher than consensus second quarter results.
Boeing dropped $13.27 to $345.00 despite reporting higher than consensus second quarter earnings. Revenues were less than consensus.
Coca Cola added $0.24 to $45.50 after reporting higher than consensus second quarter results.
General Motors fell $2.24 to $37.24 despite reporting higher than consensus second quarter sales and earnings. The company lowered its third quarter guidance.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2018/07/24/stock-market-outlook-for-july-25-2018/
StockTwits Released Yesterday @EquityClock
Tech action by S&P 500 stocks to 10:00: Mixed. Breakouts: $KORS $TGT $USB $BIIB $TMO $AVY $OI $LMT. Breakdowns: $NWS $WHR $DGX $MMM $PEG $PNW
Editor's note: After 10:00 AM EDT, breakouts included MSCI and NUE. Breakdown: FL.
MMM $MMM, a Dow Jones Industrial stock moved below $193.51 setting an intermediate downtrend.
Commerce Bank $CM.CA, a TSX 60 stock moved above $116.60 extending an intermediate uptrend.
Breakout by CM.CA helped BMO Equal Weight ETF $ZEB.CA to move above $29.60 extending an intermediate uptrend.
'Tis the season for Canadian Financials (particularly banks) to move higher on a real and relative basis to the end of September! $ZEB.CA
Emerging Markets iShares $EEM showing early signs of bottoming on a move above $44.20.
India ETF $PIN completed a double bottom pattern on a move above $23.35.
'Tis the season for India equity indices to move higher to December! $PIN
Gildan Activewear $GIL.CA, a TSX 60 stock moved below $35.88 and $35.44 extending an intermediate downtrend.
U.S. steel stocks and ETF $SLX notably stronger led by a breakout by Nucor $NUE. Trade war impact?
Advantage Oil & Gas $AAV.CA moved above $4.40 completing a base building pattern.
Metro $MRU.CA, a TSX 60 stock moved below $43.24 completing a double top pattern.
Finning International $FTT.CA moved below $31.99 setting an intermediate downtrend.
Trader's Corner
Daily Seasonal/Technical Equity Trends for July 24th 2018
Green: Increase from previous day
Red: Decrease from previous day
Daily Seasonal/Technical Commodities Trends for July 24th 2018
Green: Increase from previous day
Red: Decrease from previous day
Daily Seasonal/Technical Sector Trends for July 24th 2018
Green: Increase from previous day
Red: Decrease from previous day
Keith Richards' Blog
Headline reads," Earnings beats don't mean the market will rise". Following is a link:
https://www.valuetrend.ca/earnings-beats-dont-mean-the-market-will-rise/
S&P 500 Momentum Barometer
The Barometer added 0.60 to 64.60 yesterday despite the 0.48% gain by the Index. It remains intermediate overbought
TSX Momentum Barometer
The Barometer dropped another 2.07 to 53.11 yesterday. It remains intermediate neutral and trending down.
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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