Tech Talk for Tuesday July 23rd 2019
U.S. equity index futures moved higher this morning. S&P 500 futures were up 10 points in pre-opening trade. Index futures responded to news that the U.S. Congress reached a two year bipartisan agreement to raise the U.S. debt ceiling.
Intel added $0.70 to $52.05 on news that the company is negotiating to sell its modem business to Apple for more than $1 billion.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/07/clip_image0015-2.png "clip_image001[5]")
Coca Cola gained $0.98 to $52.20 after reporting higher than consensus second quarter revenues and earnings. The company also raised guidance.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/07/clip_image0025-2.png "clip_image002[5]")
United Technologies gained $3.20 to $136.15 after reporting higher than consensus second quarter revenues and earnings.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/07/clip_image0035.png "clip_image003[5]")
Biogen advanced $4.52 to $237.00 after reporting higher than consensus second quarter revenues and earnings. The company also raised guidance.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/07/clip_image0045.png "clip_image004[5]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/07/22/stock-market-outlook-for-july-23-2019/
Note seasonality chart on MSCI World ex U.S. Index
StockTwits released yesterday @EquityClock
Johnson & Johnson $JNJ, a Dow Jones Industrial stock moved below $128.52 extending an intermediate downtrend.
Boeing $BA, a Dow Jones Industrial stock moved above $379.31 extending an intermediate uptrend on expectations that the 737 MAX aircraft will return to service before the end of the year.
Editor's Note: Shortly after the breakout, a Fitch and Moody's changed their current rating from stable to negative. The stock responded accordingly.
Altagas $ALA.CA moved above $20.17 extending an intermediate uptrend. The company announced sale of its U.S. power generating units for $940 million.
Maxim Integrated Products $MXIM, a NASDAQ 100 stock moved above $62.82 extending an intermediate uptrend.
Maxim Integrated Products $MXIM has just entered a short period of seasonal strength lasting to late August
CGI Group $GIB.A, a TSX 60 stock moved above $104.22 Cdn. to an all-time high extending an intermediate uptrend.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for July 22nd 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for July 22nd 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 22nd 2019
Green: Increase from previous day
Red: Decrease from previous day
Technical Scoop
Thank you to David Chapman and www.enrichedinvesting.com for the link to the following weekly report:
S&P 500 Momentum Barometer
The Barometer dropped another 1.80 to 74.20 yesterday. It remains intermediate overbought and trending down
TSX Momentum Barometer
The Barometer added 0.86 to 59.91 yesterday. It remains intermediate neutral and has rolled over.
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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