US Stock Service
Daily Market Report & Trading Ideas

	Close	Volume	1-Day Change		P&F Signals
					Signal	Trend	Start Date	Trend Reversal
DJ Industrials	26,642.6	103.2m	+556.79	+2.1%	Bull	Down	16 Jun 2020	25,400.00
S&P 500 Index	3,197.52	640.7m	+42.30	+1.3%	Bull	Down	2 Jul 2020	3,100.00
NASDAQ Comp.	10,488.6	970.4m	+97.73	+0.9%	Bull	Down	30 Jun 2020	9,650.00
NASDAQ 100	10,689.5	212.5m	+87.31	+0.8%	Bear	Down	14 Jul 2020	11,100.00
S&P Midcap 400	1,782.64	130.4m	+28.24	+1.6%	Bull	Up	18 May 2020	1,720.00
S&P 600 Small Cap	822.99	117.1m	+13.52	+1.7%	Bull	Up	16 Jun 2020	790.00
Closing prices through Tuesday July 14, 2020

Market Action

The S&P 500 tests the top of the 3000-3200 range, forms possible top. The Nasdaq 100 remains near recent highs, overbought.
The Short Term Composite trades at 38.
Our portfolio has 25 Longs and 19 Shorts. We add selected positions today.

Indicator Synopsis

US Trading Ideas & Portfolio Strategy

Stock	Trend	II Position	Tech Summary	Close	Target
Lowe's Cos Inc	93	Open LONG	makes new highs	140.06	165.00
Home Depot	90	Open LONG	tests recent highs, finds short term relative uptrend	257.79	285.00
General Mills Inc	77	LONG	makes new short term high, reasserts relative uptrend	65.17
Progressive Corp	72		tests highs, reasserts medium term relative uptrend	84.50
Alcoa	-65	LONG	finds short term price and relative support	12.61
Apache	-74	Open LONG	finds short term price and relative support	13.51	20.00
Ford Motor Co	-74	Open LONG	finds short term price and relative support	6.36	9.00
Occidental Petroleum Corp	-84	Open LONG	forms short term bases above 17.5	16.68	25.00
Valero Energy	-84	Close SHORT	finds some short term price and relative support	54.40	50.00

Wells Fargo & Company	-89		tests recent lows, makes new relative low	24.25

Top Gainers & Losers

Symbol	Stock	Close	% Change
AA	Alcoa	12.61	9.6%
APA	Apache	13.51	7.9%
HAL	Halliburton Co	12.48	5.9%
C	Citigroup	50.15	-3.9%
INTU	Intuit	285.37	-4.1%
WFC	Wells Fargo & Company	24.25	-4.6%

Short-Term Equity Indicators

	Close	Change	Chart Direction	Chart Status	Chart Action

Short term Composite Indicator	37.9	-13.80	Falling
NYSE High-Low Index	89.99	-2.66	Rising
Nasdaq High-Low Index	85.84	-1.85	Rising
S&P 500 % 10 Week Moving Average	63.39	+6.74	Rising
S&P 500 % 30 Week Moving Average	50.31	+5.73	Rising
S&P 500 % P&F Bull Trend	55.83	+1.23	Rising

Bulls

We open a long position in Lowe's Cos Inc (vs S&P 500) makes new highs Abs. Target: 165.00 Abs. Stop: 125.00 Trend score: 93	We open a long position in Home Depot (vs S&P 500) tests recent highs, finds short term relative uptrend Abs. Target: 285.00 Abs. Stop: 225.00 Trend score: 90
We highlight our long position in General Mills Inc makes new short term high, reasserts relative uptrend Trend score: 77	We highlight Progressive Corp as a bull tests highs, reasserts medium term relative uptrend Trend score: 72

We highlight our long position in Alcoa finds short term price and relative support Trend score: -65	We open a long position in Apache (vs S&P 500) finds short term price and relative support Abs. Target: 20.00 Abs. Stop: 10.00 Trend score: -74
We open a long position in Ford Motor Co (vs S&P 500) finds short term price and relative support Abs. Target: 9.00 Abs. Stop: 5.00 Trend score: -74	We open a long position in Occidental Petroleum Corp (vs S&P 500) forms short term bases above 17.5 Abs. Target: 25.00 Abs. Stop: 14.00 Trend score: -84

We close a short position in Valero Energy (vs S&P 500)
finds some short term price and relative support
Abs. Target: 50.00 Abs. Stop: 75.00
Trend score: -84 Short Term Stock Chart

Bears

We highlight Wells Fargo & Company as a bear
tests recent lows, makes new relative low
Trend score: -89

Portfolios

Large Cap

Date	Sector	Stock	Code	Type	Open Price	Current Price	% P&L	Target	Stop	Stop Type
1 Jul 2019	Financials	Marsh & McLennan Cos.	MMC	Long	100.83	110.24	+9.33%	120	74
10 Dec 2019	Health Care	Danaher Corp	DHR	Long	148.84	185.45	+24.60%	165	118
12 Feb 2020	Industrials	Illinois Tool Works Inc	ITW	Long	189.67	179.43	-5.40%	220	138
19 Feb 2020	Materials	Newmont Mining Corp	NEM	Long	46.17	61.77	+33.79%	60	40
4 Mar 2020	Consumer Staples	Kroger Co	KR	Long	30.96	34.24	+10.59%	35	27
6 Mar 2020	Health Care	Gilead Sciences Inc	GILD	Long	80.22	77.19	-3.78%	100	65
17 Apr 2020	Industrials	Raytheon Technologies Corp	RTX	Long	66.07	60.47	-8.48%	90	50
29 Apr 2020	Industrials	Delta Air Lines	DAL	Long	27.32	26.11	-4.43%	40	18
6 May 2020	Information Technology	PayPal Holdings Inc	PYPL	Long	128.31	172.3	+34.28%	140	105
11 May 2020	Consumer Discretionary	Dollar General	DG	Long	183.04	189.73	+3.65%	225	165
15 May 2020	Information Technology	NVIDIA Corp	NVDA	Long	339.63	415.08	+22.22%	400	275
28 May 2020	Health Care	Eli Lilly & Co	LLY	Long	150.65	163.88	+8.78%	170	135
28 May 2020	Consumer Staples	Mondelez International Inc	MDLZ	Long	51.41	52.85	+2.80%	60	45
29 May 2020	Consumer Staples	General Mills Inc	GIS	Long	63.04	65.17	+3.38%	75	55
3 Jun 2020	Mining-Metal Ores	Alcoa Inc	AA	Long	10.77	12.61	+17.08%	12.5	9
3 Jun 2020	Industrials	Boeing Co	BA	Long	173.16	179.96	+3.93%	200	140
1 Jul 2020	Communication Services	Netflix Inc	NFLX	Long	485.64	524.88	+8.08%	525	430
6 Jul 2020	Health Care	Thermo Fisher Scientific	TMO	Long	382.27	387.46	+1.36%	450	340
7 Jul 2020	Materials	Air Products & Chemicals Inc	APD	Long	265.13	280.99	+5.98%	300	245
9 Jul 2020	Information Technology	Oracle Corp	ORCL	Long	57.53	57.2	-0.57%	65	50

Mid Cap

Date	Sector	Stock	Code	Type	Open Price	Current Price	% P&L	Target	Stop	Stop Type
20 Jul 2016	Finance-Invest Bnk/Bkrs	MarketAxess Holdings Inc	MKTX	Long	152.05	522.22	+243.45%	225	195
31 Aug 2016	Financials	SVB Financial Group	SIVB	Long	110.92	208.11	+87.62%	350	275
21 Sep 2016	Health Care	IDEXX Laboratories Inc	IDXX	Long	111.455	338.47	+203.68%	250	195
11 May 2018	Hsehold/Office Furniture	Tempur-Pedic International	TPX	Long	48.3	74.27	+53.77%	59	40
6 Nov 2018	Chemicals-Specialty	Ashland Inc	ASH	Long	77.84	69.73	-10.42%	100	60
4 Jan 2019	Computer Sftwr-Financial	Fair Isaac Corp	FICO	Long	189.48	408.59	+115.64%	240	170
4 Jan 2019	Energy-Solar	First Solar Inc	FSLR	Long	46.32	61.78	+33.38%	60	35
4 Jan 2019	Retail-Discount&Variety	Ollies Bargain Outlet Holdings Inc	OLLI	Long	69.25	94.805	+36.90%	90	40
4 Jan 2019	Comml Svcs-Outsourcing	TTEC Holdings Inc	TTEC	Long	31.58	44.9	+42.18%	40	24
23 Jan 2019	Comml Svcs-Outsourcing	Healthequity Inc	HQY	Long	61.19	58.82	-3.87%	75	38
14 Jan 2020	Elec-Semiconductor Equip	MKS Instruments Inc	MKSI	Long	113.89	113.56	-0.29%	130	68
12 Feb 2020	Finance-Property REIT	CyrusOne Inc	CONE	Long	67.32	76.87	+14.19%	90	59
12 Feb 2020	Beverages-Alcoholic	Boston Beer Co	SAM	Long	409.5	622.93	+52.12%	450	330
30 Mar 2020	Insurance-Prop/Cas/Titl	Berkley (W.R.) Corp	WRB	Long	54.51	59.91	+9.91%	70	40
30 Mar 2020	Real Estate Dvlpmt/Ops	Jones Lang LaSalle Inc	JLL	Long	107.44	102.52	-4.58%	140	85
30 Mar 2020	Food-Packaged	TreeHouse Foods Inc	THS	Long	42.28	44.41	+5.04%	55	34

Small Cap

Date	Sector	Stock	Code	Type	Open Price	Current Price	% P&L	Target	Stop	Stop Type
26 Jul 2016	Comml Svcs-Staffing	ASGN Inc	ASGN	Long	40.255	66.94	+66.29%	90	68
19 Aug 2016	Computer-Tech Services	Caci International Inc	CACI	Long	97.46	194.41	+99.48%	200	155
23 Nov 2016	Comml Svcs-Staffing	Korn/Ferry International	KFY	Long	25.30	28.22	+11.54%	70	49
20 Dec 2016	Medical-Products	Integra LifeSciences Holdings Corp	IART	Long	42.14	47.16	+11.91%	75	58
28 Feb 2018	Security/Sfty	Federal Signal Corp	FSS	Long	21.39	28.69	+34.13%	28	21.5
4 Jan 2019	Bldg-Mobile/Mfg & Rv	Cavco Industries Inc	CVCO	Long	134.01	182.64	+36.29%	200	118
4 Jan 2019	Comml Svcs-Outsourcing	TTEC Holdings Inc	TTEC	Long	31.58	44.9	+42.18%	40	24
4 Jan 2019	Food-Misc Preparation	Calavo Growers Inc	CVGW	Long	74.23	59.77	-19.48%	95	47
30 Mar 2020	Comml Svcs-Staffing	Heidrick & Struggles International Inc	HSII	Long	22.86	20.48	-10.41%	30	18
30 Mar 2020	Medical-Products	Integer Holdings Corp	ITGR	Long	62.86	67.82	+7.89%	85	45
30 Mar 2020	Medical-Products	Integra LifeSciences Holdings Corp	IART	Long	43.55	47.16	+8.29%	60	35
30 Mar 2020	Food-Misc Preparation	John B. Sanfilippo & Son Inc	JBSS	Long	84.79	89.97	+6.11%	110	65
30 Mar 2020	Consumer Svcs-Education	Strategic Education Inc	STRA	Long	140.11	153.31	+9.42%	180	115

Bears

Date	Sector	Stock	Code	Type	Open Price	Current Price	% P&L	Target	Stop	Stop Type
16 Sep 2019	Financials	Prudential Financial Inc	PRU	Short	89.1	61.91	+30.52%	30	60
14 Nov 2019	Consumer Staples	Philip Morris International	PM	Short	83.64	74.31	+11.15%	50	75
20 Mar 2020	Consumer Staples	Altria Group Inc	MO	Short	34.28	41.06	-19.78%	20	50
2 Apr 2020	Consumer Staples	Walgreen Boots Alliance Inc	WBA	Short	40.32	40.11	+0.52%	30	51
15 Apr 2020	Financials	AFLAC Inc	AFL	Short	35.75	35.65	+0.28%	30	43
20 Apr 2020	Consumer Staples	Coca-Cola Co	KO	Short	46.53	45.87	+1.42%	38	54
24 Apr 2020	Industrials	General Electric Co	GE	Short	6.26	6.88	-9.90%	4	7.75
1 May 2020	Financials	Bank of New York Mellon	BK	Short	36	38.97	-8.25%	30	39
6 May 2020	Utilities	Edison International	EIX	Short	54.04	56.67	-4.87%	40	65
12 May 2020	Real Estate	Equity Residential	EQR	Short	60.11	57.02	+5.14%	50	70
12 May 2020	Industrials	Cummins Inc	CMI	Short	153.61	178.31	-16.08%	120	175
28 May 2020	Consumer Discretionary	General Motors Corp	GM	Short	26.68	25.64	+3.90%	20	32
11 Jun 2020	Health Care	Pfizer Inc	PFE	Short	33.3	35.23	-5.80%	27	36
11 Jun 2020	Leisure-Services	Uber Technologies Inc	UBER	Short	31.1	30.93	+0.55%	25	35
17 Jun 2020	Energy	Chevron Corp	CVX	Short	91.54	88.35	+3.48%	80	108
17 Jun 2020	Communication Services	AT&T Inc	T	Short	30.26	29.96	+0.99%	25	34
19 Jun 2020	Utilities	Southern Co	SO	Short	53.61	53.68	-0.13%	45	62
26 Jun 2020	Consumer Discretionary	Nike Inc	NKE	Short	93.67	96.76	-3.30%	80	107
7 Jul 2020	Energy	Valero Energy Corp	VLO	Short	53.12	54.4	-2.41%	40	60
7 Jul 2020	Industrials	Lockheed Martin Corp	LMT	Short	353.27	355.66	-0.68%	250	385
9 Jul 2020	Health Care	Bristol-Myers Squibb Co	BMY	Short	58.11	57.89	+0.38%	48	65

Glossary

Index Breadth

These indicators measure the breadth of trends within a particular index and are best known for their use as "contrary indicators" and valuable tools for market timing. They work on the principle that once virtually all members of a particular stock index are participating in the same market movement then there is a strong probability that this market movement will come to an end in the near future. This phenomenon of over-extended trend conditions is classified as being "overbought" or "oversold�. It is a good sign when both the stock market averages and the breadth are moving up in conjunction. When the averages are moving higher, but the breadth is declining, it is said that the �generals� are advancing, but the �soldiers� are retreating. This is a negative situation most of the time. It is a negative sign when both the market averages and breadth are moving down. In some markets, breadth is stronger than the averages. This means the average stock is doing better than the averages. This is a pretty good sign, but not as good as when both of them are doing well.

Industry Breadth

These indicators follow the same methodology to index breadth but measure the percentage of stocks within a particular sector or industry that hold bull trends. They are useful for identifying potential rotation between sectors i.e. reducing exposure to sectors where breadth is overbought and declining and increasing exposure to sectors where breadth is oversold and expanding.

Types of Breadth Indicator

The first breadth indicator, the NYSE Bullish %, was developed by Investors Intelligence in 1955, and measures the percentage of point & figure bull trends amongst NYSE constituents. Since then, we have developed indicators which measure bull trends or uptrends using different techniques. They are defined as follows:

Bullish % or % Bull Trends � every point & figure stock chart has either a buy or a sell signal. This is a major advantage to technical analysis and is entirely mechanical. The bullish % is the number of stocks on �buy� signals compared to the total for the groups. When most stocks are on sell signals, the bullish % is low. It is a positive sign when the bull % begins to improve. It is negative when the bull % turns down from highs. We also consider whether the P&F chart is in an up or down column. If the bullish % is on a P&F buy signal and in an up column, it is long term and short term bullish. If the P&F chart is on a buy signal and in a down column, it is long term bullish, but short term bearish. If the P&F chart is on a sell signal and in a down column, it is long and short term bearish. If the P&F chart is on a sell signal and in an up column, it is long term bearish, but short term bullish.

% 10 Week Moving Averages � this indicator reflects the percentage of individual shares in a group above their own 10 week moving average. The fewer the number of component stocks per sector or market, the more volatile the indicator. It uses overbought (70% & higher) and oversold (30% & lower) as target levels for rallies and declines. Reversals from overbought or oversold that break those levels are strong calls for action, with a stronger indication if a p&f signal is shown.

% 30 Week Moving Averages � this indicator calculates the percentage of stocks in a given area that are above their own 30 week moving average. This gives an indication of medium to longer term overbought (above 68%) or oversold (below 32%) conditions, and always trails the % 10-wk MA in movement. Like the 10-week, the best action is when the indicator moves up from below 30% as this is a longer term sign that the market is ready to begin a sustainable advance. Conversely, the market becomes bearish when it moves down below 70%, signalling that the market is ready for a significant down move.

% Relative Strength � this indicator measures the % of stocks with positive relative strength against the S&P500 index i.e. the number of shares that are in outperforming trends

US VOLUME INDICATORS

These indicators are constructed using the total number shares traded daily to compile a cumulative total that is plotted on a p&f chart. Each day's direction (whether to add or subtract to that day's volume) can be determined by any number of factors. We plot two charts each for the NYSE and NASDAQ. We plot one chart using the daily breath [up or down] as a determinate, and secondly we use the change in the DJIA and NASDAQ Composite (up or down at the close). The plotted OBV charts show p&f buy and sell signals and are used to confirm other indicators, adding weight when the signals match up.

NYSE OBV (by DJIA): Updated daily; cumulative total of NYSE volume using the DJIA Close (positive or negative) to determine whether to add or subtract that day's volume.

NYSE & NASDAQ OBV (by breadth): Updated daily; cumulative total of NYSE & NASDAQ volume using the day's breadth reading (positive or negative) to determine whether to add or subtract that day's volume.

NASDAQ OBV (by Composite): Updated daily; cumulative total of NASDAQ volume using the day's NASDAQ Composite close (positive or negative) to determine whether to add or subtract that day's volume.

NYSE 10 day Up/Down Volume: Updated daily; a 10-day moving average of NYSE upside volume divided by the total upside and downside volume.

NYSE Money-Flow: Updated weekly; money moving into or out of stocks, based upon dollar value of shares traded on the upside and the downside, weighted to most recent action.

US HIGH/LOW INDICATORS

These ratios give daily comparisons of upside breadth and volume, compared to total �up and down� of each. They are plotted on a 1-point p&f chart that allows for faster movement. They do NOT achieve traditional overbought or oversold levels, and we observe reversals from prior top and bottom levels. The reversals from extremes are NOT tradable by themselves, but provide early clues of potential reversals areas. When they are confirmed by the Short Term Composite, there should be a tradable reaction.

NYSE, NASDAQ & ASE High Low: Updated daily; a ratio of the number of NYSE, NASDAQ & ASE stocks showing new 52-week highs divided by the sum of the total new highs and new lows, smoothed using a 10-day moving average.

NYSE Weekly High Low: Updated weekly; a ratio of the number of NYSE stocks showing new 52-week highs in a Monday-Friday week, divided by the sum of the total new highs and new lows, smoothed using a 10-week moving average. Used for confirmation of the daily figure.

Bond High Low: Updated daily; a ratio of the number of NYSE Corporate Bonds showing new 52-week highs divided by the sum of the total new highs and new lows, smoothed using a 10-day moving average.

US ADVANCE/DECLINE INDICATORS

Each day, the number of declining stocks is subtracted from the number of advancing stocks for each exchange, with the result is added to the prior day's total. This yields a running, cumulative total that we plot on p&f charts. A short term momentum signal is also derived by comparing the current figure and that show 10 sessions ago. Positive momentum is shown if it is above, negative momentum if it is below, BUT at least two consecutive sessions are needed in the opposite direction to indicate a shift.

NYSE 10 Day Adv/Dec: Updated daily; a ratio of the number of NYSE advancing stocks divided by the total advancing and declining, smoothed using a 10-day moving average.

NYSE & NASDAQ Cum Adv/Dec: Updated daily; the cumulative total of the number of advancing stocks less the number of declining NYSE & NASDAQ stocks. A short term momentum signal is derived by comparing the current figure with that shown 10 sessions ago.

INVESTORS INTELLIGENCE'S PROPRIETARY COMPOSITE INDICATORS

The II Short Term Composite Indicator: this is a proprietary indicator generated from scores awarded to 29 market indicators (unweighted) and is only concerned with the most recent action. The Indicator oscillates between values of 0 and 100 and provides the first indication of short term moves. Typically, it detects potential up moves from �oversold� readings and down moves from overbought readings. Confirmation from the NYSE % 10-wk indicates a broadly tradable move, otherwise it is for the very short term.

The II Sector Sum Indicator: this is a proprietary indicator that scores the daily status of 45 Broad Industry Bullish % charts, each designated a possible value of -1 to +1. The ranking depends on chart status (+1 bull confirm or correction; +0.5 bull alert; 0 bull top; -0.5 bear alert; -1 bear confirm or correction). The sum is plotted on a 1-pt/box p&f chart. It generates early warnings of trend change from extreme readings. While on a buy or sell from extremes, reversals up or down will confirm short term potential moves in the opposite direction, already signalled by the short term composite.

The II Long Term Composite Indicator: this is a proprietary indicator generated from the scores awarded to over forty indicators. These indicators have been selected across a wide range of disciplines covering index trends, breadth, sentiment, money-flow and financial/economic factors. The scores awarded to each indicator are weighted to create an indicator that generates signals at market extremes i.e. buy signals at market bottoms and sell signals at market tops. It became apparent to us that we needed to apply more emphasis on leading indicators and therefore weightings are dependent on each indicator's predictive value rather than its trend following capability.

Key Indicator Values

	Value	Change
Short-term Composite	37.90	-13.80
Daily P&F Moves	1138	n/a
Daily P&F Breakouts (Bulls)	28	-42
Daily P&F Breakouts (Bears)	73	+17
NYSE High Low	89.99	-2.66
NYSE 10-Week MA	65.09	+5.15
NYSE Bullish %	50.85	-0.28
Sector Sum	5.00	+1.00

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