Pre-opening Comments for Wednesday July 26th
U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points at 8:30 AM EDT.
Focus today is release of the Federal Reserve’s decision on interest rates at 2:00 PM EDT. Consensus calls for a 0.25% in the Fed Fund Rate to 5.50%.
Microsoft dropped $11.86 to $339.12 despite reporting higher than consensus fiscal fourth quarter revenues and earnings
Wells Fargo gained $1.37 to $46.85 after announcing a $30 billion share buyback program and a dividend increase.
Texas Instruments dropped despite reporting higher than consensus second quarter results. The company also offered guidance for the third quarter below consensus.
PacWest Bancorp jumped $2.72 to $10.41after Banc of California confirmed plans to purchase the company.
Alphabet A advanced $7.35 to $129.56 after reporting higher than consensus second quarter results.
Visa dropped $1.69 to $237.00 despite reporting higher than consensus fiscal third quarter results.
EquityClock’s Daily Comment
Headline reads “Money managers are showing signs of leaning back into their equity short positions again”.
http://www.equityclock.com/2023/07/25/stock-market-outlook-for-july-26-2023/
Technical Notes
South Korea iShares $EWY moved above $67.66 extending an intermediate uptrend.
Emerging markets ETF $ZEM.TO moved above Cdn$19.60 extending an intermediate uptrend.
Materials SPDRs XLB moved above $85.12 extending an intermediate uptrend.
Steel ETF $SLX moved above $70.38 to a 15 year high extending an intermediate uptrend.
Base metals stocks and related ETFs moved above resistance extending intermediate uptrends. Global Base Metals iShares $PICK moved above $43.24. Southern Copper moved above $81.01. First Quantum Minerals $FM.TO moved above Cdn$36.38. BHP $BHP moved above $64.17. Hudbay Minerals $HBM.TO moved above Cdn$7.35.
MMM $MMM a Dow Jones Industrial Average stock moved above $104.89 and $105.69 completing a reverse Head & Shoulders pattern. Responded to higher than consensus second quarter results!
Raytheon Technologies $RTX an S&P 100 stock plunged below $91.95 extending an intermediate downtrend. The company reported a defect in its airplane engines that requiring inspection and repair.
Cameco $CCO.TO a TSX 60 stock moved above Cdn$43.94 to a 15 year high extending an intermediate uptrend.
Cenovus Energy $CVE.TO a TSX 60 stock moved above Cdn$24.04 completing a double bottom pattern.
TC Energy $TRP.TO a TSX 60 stock moved below Cdn$48.96 extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 25th 2023
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 25th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 25th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Is The S&P 500 Forming A HUGE Double Top? Q&A w/David Keller, CMT | The Final Bar (07.24.23)
Defense and Value on the Move | Pete Carmasino | Halftime by Chaikin Analytics (07.24.23)
Defense and Value on the Move | Pete Carmasino | Halftime by Chaikin Analytics (07.24.23) – YouTube
Sector Rotation Says Bull Market in Full Swing | Julius de Kempenaer | Sector Spotlight (07.24.23)
Sector Rotation Says Bull Market in Full Swing | Julius de Kempenaer | Sector
Spotlight (07.24.23) – YouTube
Value Stocks Lift The S&P 500 | Tom Bowley | Trading Places (07.25.23)
Value Stocks Lift The S&P 500 | Tom Bowley | Trading Places (07.25.23) – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 2.20 to 87.40. It remains Overbought.
The long term Barometer added 0.40 to 76.00. It remains Overbought. Daily trend is up.
TSX Momentum Barometers
The intermediate term Barometer added 3.51 to 74.12. It remains Overbought. Daily trend is up.
The long term Barometer added 2.19 to 64.47. It remains Overbought. Daily trend is up.
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
