Observations The CRB Index dropped below192.52 establishing an intermediate downtrend. ‘Tis the season for weakness in commodity prices from early July to early October! Weakness in the CRB Index was primarily related to a drop in crude oil, gasoline and heating oil prices. Stock Twits Released Yesterday Saputo .CA, a TSX 60 stock moved above $45.27 extending an intermediate uptrend. Technical action by S&P 500 stocks to 10:00: Quiet. Breakout: . Breakdowns: Union Pacific moved below $139.87 completing a Head & Shoulders pattern. Royal Bank .CA, a TSX 60 stock moved above $102.03 setting an intermediate uptrend. Empire State #Manufacturing Survey showed +11.1 (NSA) in July, second best print for the month on record $MACRO #Economy. U.S. #Retail Trade down 3.6% (NSA) in June, more than the 2.4% decline that is average for the month $MACRO #Economy OOOPs! After the close, Netflix , one of the FAANG stocks down$46.80 to $349 after reporting Q2 results. Double top pattern completed on a move below $378.75. Editor’s Comment: The other FAANG stocks quickly followed. Caveat Emptor! Trader’s Corner Daily Seasonal/Technical Equity Trends for July 16th 2018 Green: Increase from previous day Red: Decrease from previous day Daily Seasonal/Technical Commodities Trends for July 16th 2018 Green: Increase from previous day Red: Decrease from previous day Daily Seasonal/Technical Sector Trends for July 16th 2018 Green: Increase from previous day Red: Decrease from previous day Keith Richards’ Blog Keith notes that some indicators suggest an approaching selling opportunity. See https://www.valuetrend.ca/some-indicators-suggest-a-selling-opportunity-is-approaching/ Josef Schachter on BNNBloomberg’s Market Call Full Episode https://www.bnnbloomberg.ca/market-call/full-episode-market-call-for-monday-july-16-2018~1437245 Past Picks https://www.bnnbloomberg.ca/market-call/josef-schachter-s-past-picks~1439861 Top Picks https://www.bnnbloomberg.ca/market-call/josef-schachter-s-top-picks~1439876 S&P 500 Momentum Barometer The Barometer slipped 2.80 to 64.20 yesterday. It remains intermediate overbought and showing early signs of rolling over. TSX Momentum Barometer The Barometer slipped another 1.58 to 59.41 yesterday. More signs of a rollover have appeared. 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