Tech Talk for Wednesday July 24th 2019

U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points in pre-opening trade.

U.S. technology stocks moved lower after the Justice Department announced plans to complete an anti-trust review on major U.S. technology companies. Companies to be reviewed include Alphabet, Apple, Amazon and Facebook.

Chipotle jumped $25.48 to $765.08 after announcing higher than consensus second quarter revenues and earnings.

Texas Instruments gained $8.03 to $128.10 after announcing higher than consensus second quarter revenues and earnings.

Canadian National Railway (CNR $119.53) is expected to open higher after releasing higher than consensus second quarter revenues and earnings.

United Postal Services gained $4.53 to $109.80 after reporting higher than consensus second quarter revenues and earnings.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/07/23/stock-market-outlook-for-july-24-2019/

Note seasonality charts on the Industrial sector and U.S. Existing Home Sales.

Observations

Near the close, JP Morgan $JPM, a Dow Jones Industrial stock moved above $116.33 to an all-time high extending an intermediate uptrend.

The U.S. Dollar ETN closed at a 30 month closing high yesterday.

StockTwits released yesterday @EquityClock

NVIDIA $NVDA, a NASDAQ 100 stock moved above $173.95 extending an intermediate uptrend.

‘Tis the season for NVIDIA $NVDA to move higher to the end of the year!

Biogen $BIIB, a NASDAQ 100 stock moved above $244.08 completing a base building pattern. The company announced higher than consensus second quarter revenues and earnings before the opening. It also raised guidance.

‘Tis the season for Biogen $BIIB to move higher to early September.!

Lam Research $LRCX, a NASDAQ 100 stock moved above $208.29 extending an intermediate uptrend.

SNC Lavalin $SNC.CA moved below $23.44 to a 10 year low extending an intermediate downtrend.

Materials SPDRs $XLB moved above $59.19 extending an intermediate uptrend.

Magna International $MG.CA $MGA, a TSX 60 stock moved above $65.47 setting an intermediate uptrend.

Telus $T.CA, a TSX 60 stock moved below $47.80 and$47.77 completing a Head & Shoulders pattern

Analog Devices $ADI, a NASDAQ 100 stock moved above $118.14 to an all-time high extending an intermediate uptrend.

US Existing Home Sales increased by 39.8% (NSA) through the first half of the year, the best pace since 2009. Average increase over this period: 34.2%. $MACRO #Economy #Housing

Rogers Communications $RCI.B.CA, a TSX 60 stock moved below $68.34 completing a double top pattern. The company reported lower than consensus subscription gains in the second quarter.

Mexico ETF $EWW moved below $41.30 setting an intermediate downtrend.

Agriculture Products ETF $MOO moved above $67.51 extending an intermediate uptrend

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for July 23rd 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for July 23rd 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 23rd 2019

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer added 4.40 to 78.60 yesterday. It remains intermediate overbought.

TSX Momentum Barometer

The Barometer gained 4.74 to 64.66 yesterday. It changed to intermediate overbought from intermediate neutral on a move above 60.00.

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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