Tech Talk for Thursday July 18th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points at 8:35 AM EDT.

S&P 500 futures added 2 points following release of the July Philly Fed Index at 8:30 AM EDT. Consensus was an increase to 2.7 from 1.3 in June. Actual was 13.9.

Alcoa added $0.29 to $37.10 after second quarter revenues beat consensus estimates.

Kinder Morgan dropped $0.63 to $19.90 after second quarter revenues came in less than consensus.

Discover Financial added $6.59 to $148.00 after reporting higher than consensus second quarter revenues and earnings.

Domino's Pizza Group dropped $54.30 to $418.97 after reporting less than consensus second quarter revenues.

Equity Clock – Market Outlook for July 18, 2024

A near-term retracement in the technology sector back towards levels of intermediate to long-term support may be underway.

https://equityclock.com/2024/07/17/stock-market-outlook-for-july-18-2024/

Technical Notes

Consumer Staples SPDRs $XLP moved above $78.81 to an all-time high extending an intermediate uptrend.

S&P 100 and NASDAQ 100 stocks moving above resistance extending intermediate uptrends included Comcast, US Bancorp, Gilead, Pfizer, UnitedHealth Group, Global Foundries, Johnson & Johnson, Bristol-Myers-Squibb, Colgate Palmolive, Pepsico and Lockheed Martin

Notably weaker were Semiconductor stocks and their related ETFs. Semiconductor ETF $SMH moved below intermediate support at $255.66. Individual equities breaking intermediate support included Broadcom $AVGO and KLA Inc $KLAC.

CCL Industries $CCL.B a TSX 60 stock moved above Cdn$73.89 to an all-time high extending an intermediate uptrend.

TC Energy $TRP.TO a TSX 60 stock moved above Cdn$54.08 extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 17th 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 17th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 17th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links Offered by Valued Providers

Dow Theory Bull confirmed! What happens next? David Keller

Dow Theory Bull Confirmed! What Happens Next? - YouTube

Greene: Global chip sell-off is a bend, not break, trade

Greene: Global chip sell-off is a bend, not break, trade - YouTube

Find Trades Using These POWERFUL MACD Combinations: Joe Rabil

Find Trades Using These POWERFUL MACD Combinations - YouTube

Fed’s Beige Book sees slowing growth, consumers adjusting for inflation

Fed’s Beige Book sees slowing growth, consumers adjusting for inflation - YouTube

BoC widely expected to cut rates: BNNBloomberg

BoC widely expected to cut rates - YouTube

Tech Tremors Spark Market Selloff: Guy Adami, Dan Nathan and Carter Worth

Tech Tremors Spark Market Selloff - YouTube

Chart of the Day

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 0.60 to 76.20. It remains Overbought.

The long term Barometer added 0.80 to 80.40. It remains Overbought. Daily uptrend was extended.

TSX Momentum Barometers

The intermediate term Barometer dropped 1.77 to 80.09. It remains Overbought.

The long term Barometer slipped 0.44 to 81.86. 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