Tech Talk for Wednesday July 31st 2019
U.S. equity index futures moved higher this morning. S&P 500 futures were up 6 points in pre-opening trade.
Investors are waiting for an update on monetary policy by the Federal Reserve to be released at 2:00 PM EDT. Consensus is that the Fed Fund rate will drop by 0.25% to 2.25%.
Index futures were virtually unchanged following release of the July ADP Private Employment report. Consensus was an increase of 150,000 versus an upwardly revised gain of 112,000 in June. Actual was an increase of 156,000.
The Canadian Dollar was virtually added 0.12 to U.S. 76.13 cents following release of the May Canadian GDP report. Consensus was an increase of 0.1% versus a gain of 0.3% in April. Actual was an increase of 0.2%. On a year-over-year basis GDP grew at a 1.4% rate versus a consensus estimate of 1.3%.
Apple gained $9.32 to $218.10 after reporting higher than consensus quarterly results. The company also raised guidance.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/07/clip_image0011-11.png "clip_image001[1]")
Amgen advanced $3.73 to $180.18 after reporting higher than consensus second quarter earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/07/clip_image0021-10.png "clip_image002[1]")
General Electric added $0.43 to $10.95 after reporting higher than consensus second quarter sales and earnings. The company also raised guidance.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/07/clip_image0031-9.png "clip_image003[1]")
Molson Coors (TAP $56.92) is expected to open lower after reporting lower than consensus second quarter sales and earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/07/clip_image0041-3.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/07/30/stock-market-outlook-for-july-31-2019/
Note seasonality charts on 10 year Treasury Note futures and Case/Shiller 20 City Home Price Index.
Upcoming BNN Appearance:
Jon Vialoux will be on BNN's Market Call Tonight at 6:00pm ET on Wednesday, July 31st taking your calls on Technical Analysis and Seasonal Investing. CALL TOLL-FREE 1-855-326-6266, EMAIL marketcall@bnnbloomberg.ca, or TWEET @MarketCall.
Observations
Emerging Markets ETF EEM moved below $42.32 setting an intermediate downtrend
After the close, Apple at $218.00 responded favourably to quarter results and moved above $214.48 extending an intermediate uptrend.
StockTwits released yesterday @EquityClock
Waste Connecitons $WCN.CA, a TSX 60 stock moved below $122.21 completing a double top pattern
Coal ETF $KOL moved below $12.47 extending an intermediate downtrend
Under Armour $UAA moved below $24.88 on lower than expected quarterly results completing a double top pattern.
Agriculture Products ETF $COW.CA moved above $41.75 Cdn. extending an intermediate uptrend.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for July 30th 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for July 30th 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 30th 2019
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer slipped 0.40 to 75.60 yesterday. It remains intermediate overbought
TSX Momentum Barometer
The Barometer was unchanged at 61.64 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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