Tech Talk for Wednesday July 10th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 15 points at 8:30 AM EDT.

LegalZoom.com dropped $0.90 to $6.95 after the company lowered its sales outlook

Cummins added $0.32 to $269.00 after the company raised its quarterly dividend.

Taiwan Semiconductor added $3.94 to $188.46 after reporting a 40% increase in second quarter revenues.

Spotify dropped $4.55 to $307.00 after Redburn Atlantic downgraded the stock to sell.

EquityClock's Stock Market Outlook for July 10th 2024

Scrutiny over how Bitcoin and Ethereum reacts to horizontal support is prudent given the threat a breakdown would have on the broader crypto market and risk assets (stocks), overall.

See: https://equityclock.com/2024/07/09/stock-market-outlook-for-july-10-2024/

Technical Notes

Nikkei Average moved above 41,100 to a multi-decade high extending an intermediate uptrend.

Agriculture ETF $MOO moved below $69.68 to a 42 month low extending an intermediate downtrend.

Responses to Federal Reserve Chairman Powell's statements yesterday before the Senate Banking Committee were favourable. Financial Services ETFs including XLF, KBE and KRE moved higher. Focus this week is on four money center banks reporting quarterly results on Friday.

Semiconductor iShares $SOXX moved above $260.65 to an all-time high extending an intermediate uptrend. Triggered by moves by Applied Materials $AMAT and KLA Corp $KLAC to an all-time high. Responded to target increases yesterday by several U.S. brokers.

Vertex Pharmaceutical $VRTX a NASDAQ 100 stock moved above $486.42 to an all-time high extending an intermediate uptrend.

Lulu Lemon $LULU a NASDAQ 100 stock moved below $293.03 extending an intermediate downtrend.

Thermo Fisher Scientific $TMO an S&P 100 stock moved below $529.28 completing a double top pattern.

Dollarama $DOL.TO a TSX 60 stock moved above Cdn$129.07 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 9th 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 9th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 9th 2024

Green: Increase from previous day

Red: Decrease from previous day

Comments offered by valued providers

Market Foundation Showing CRACKS! (2024): Julius de Kempenaer,

Market Foundation Showing CRACKS! (2024) - YouTube

AI Stocks in Focus in BlackRock's 2024 Mid-Year Outlook

AI Stocks in Focus in BlackRock's 2024 Mid-Year Outlook - YouTube

Identifying Top Charts with Upside Potential (2024): David Keller

Identifying Top Charts with Upside Potential (2024) - YouTube

How High Will Stocks Go? Guy Adami, Dan Nathan, Carter Worth

How High Will Stocks Go? - YouTube

Oil sector helped by projects like Trans Mountain expansion: Deloitte

Oil sector helped by projects like Trans Mountain expansion: Deloitte - YouTube

Hot Picks in energy with Eric Nuttall

Hot Picks in energy with Eric Nuttall - YouTube

"Not a Bull Market, a Bifurcated Market" | David Rosenberg

"Not a Bull Market, a Bifurcated Market" | David Rosenberg - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 1.20 to 45.60. It remains Neutral.

The long term Barometer dropped 1.20 to 64.60. It remains Overbought. Daily trend has started to trend down.

TSX Momentum Barometers

The intermediate term Barometer dropped 4.87 to 53.10. It remains Neutral. Daily trend has turned down.

The long term Barometer dropped 3.98 to 69.03. 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