Encouraging Technical News: Broadly Based U.S. Equity Indices Moved Above Their 50 Day Moving Average
Including $SPX, $INDU, $COMPQ, $TRAN and $IWM
Technical Notes for yesterday
NASDAQ Composite Index $COMPQ moved above 11,677.49 and 11,689.70 completing a double bottom pattern. NASDAQ 100 Index $NDX moved above 12,175.98 and 12,179.32 completing a double bottom pattern. $NDX is the underlying index for QQQ. Canadian listed ETFs tracking QQQ (i.e. ZQQ.TO, XQQ.TO) also completed double bottom patterns.
Technology SPDRs $XLK moved above $134.27 completing a double bottom pattern.
Meta Platforms $META a NASDAQ 100 stock moved above $172.72 and $171.75 completing an intermediate base building pattern. Qualcomm $QCOM a NASDAQ 100 stock moved above $146.25 extending an intermediate uptrend. Sirius $SIRI a NASDAQ 100 stock moved above $6.41 extending an intermediate uptrend
Semiconductor iShares $SOXX moved above intermediate resistance at $378.44
iShares tracking the Russell 2000 Index moved above $178.15 completing a double bottom pattern.
Midcap SPDRs $MDY moved above $433.07 completing a double bottom pattern.
S&P Bank SPDRs $KBE moved above $45.83 completing a double bottom pattern.
S&P Regional Bank SPDRs $KRE moved above $60.58 completing a double bottom pattern.
U.S. broker iShares $IAI moved above $87.95 completing a double bottom pattern.
MasterCard $MA an S&P 100 stock moved above $336.63 completing a double bottom pattern.
Morgan Stanley $MS an S&P 100 stock moved above $81.22 extending an intermediate uptrend.
Capital One Financial $COF moved above $113.37 completing a double bottom pattern.
Dow Jones Transportation Average and its related ETF $IYT completed double bottom patterns.
Airline ETF $JETS moved above $17.81 completing a double bottom pattern.
Healthcare Providers iShares $IHF moved above $269.02 and $269.28 extending an intermediate uptrend.
Selected big cap non-technology equities also recorded significant breakouts:
Nike $NKE a Dow Jones Industrial Average stock moved above $108.61 completing a short term double bottom pattern. Ford $F an S&P 100 stock moved above intermediate resistance at $12.44 Berkshire Hathaway $BRK.B an S&P 100 stock moved above $282.45 completing a double bottom pattern.
West Fraser Timber moved above $129.30 to an all-time high on news that CVC/Kronospan have given an expression of interest in acquiring the company.
Economic sensitive TSX 60 stocks joined the list of North American equities moving above intermediate resistance levels. Enbridge $ENB.TO a TSX 60 stock moved above intermediate resistance at $55.43.Pembina Pipe $PPL.TO a TSX 60 stock moved above intermediate resistance at 47.00. Brookfield Asset Management $BAM.A.TO a TSX 60 stock moved above $59.68 completing a double bottom pattern. Canadian National Railway moved above intermediate resistance at $61.49
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 19th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for July 19th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 19th 2021
Green: Increase from previous day
Red: Decrease from previous day
All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX)
S&P 500 Momentum Barometers
The intermediate term Barometer jumped 23.20 to 45.60 yesterday. It changed from Oversold to Neutral on a move above 40.00. Trend is up.
The longer term Barometer added 4.20 to 22.20 yesterday. It remains Oversold. Trend is up.
TSX Momentum Barometers
The intermediate term Barometer advanced 9.24 to 34.03 yesterday. It remains Oversold. Trend is up.
The long term Barometer added 5.88 to 29.41 yesterday. It remains Oversold. Trend is up.
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
