Tech Talk for Friday June 3rd 2022

U.S. equity index futures were lower this morning. S&P 500 futures were down 20 points in pre-opening trade.

Index futures recovered slightly following release of the U.S. May Employment Report at 8:30 AM EDT. May Non-farm Payrolls were expected to drop to 310,000 jobs from 428,000 jobs in April. Actual was 390,000 jobs. May Unemployment Rate was expected to remain at 3.6% set in April. Actual was 3.6%. May Average Hourly Earnings were expected to increase 0.4% versus a gain of 0.3% in April. Actual was an increase of 0.3%. On a year-over-year basis May Hourly Earnings were expected to increase 5.2% versus a gain of 5.5% in April. Actual was an increase of 5.2%.

Costco added $1.19 to $488.80 after the company reported a 17% increase in May sales.

Lululemon advanced $2.92 to $305.50 after reporting higher than consensus first quarter revenues and earnings. The company also raised second quarter guidance.

Okta, a NASDAQ 100 stock jumped $13.86 to $107.54 after reporting higher than consensus first quarter results. The company also offered positive second quarter guidance.

EquityClock's Daily Comment

Headline reads "A rare May decline in US vehicle sales is providing the first hint of the collapse of consumer demand".

Following is the link:

http://www.equityclock.com/2022/06/02/stock-market-outlook-for-june-3-2022/

The Canadian Technician

Greg Schnell asks "Why stress out now"?

Why Stress Out Now? | The Canadian Technician | StockCharts.com

Technical Notes for yesterday

Gold and silver stocks are advancing on higher gold and silver prices. A short term double bottom pattern was completed by First Majestic $FR.TO on a move above Cdn$10.94.

Israel iShares $EIS moved above $65.84 completing a double bottom pattern.

Incyte $INCY a NASDAQ 100 stock moved below $72.35 setting an intermediate downtrend.

Advanced Micro Devices $AMD a NASDAQ 100 stock moved above $104.22 extending an intermediate uptrend.

T-Mobile $TMUS a NASDAQ 100 stock moved above $135.15 extending an intermediate uptrend.

Monster Beverages $MNST a NASDAQ 100 stock moved above $90.24 extending an intermediate uptrend.

Teck Resources a TSX 60 stock $TECK $TECK.B.TO moved above U.S. $44.93 and advanced above Cdn$56.67 to an all-time high extending an intermediate uptrend.

Commerce Bank $CM.TO a TSX 60 stock moved above Cdn$70.76 completing a short term double bottom pattern.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 2nd 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 2nd 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 2nd 2021

Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX)

Links from a Valued Provider

Larry Williams discusses "Where do we go from here and will this rally last"?

Where Do We Go From Here and Will This Rally Last? Larry Williams Special Presentation (06.01.22) - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer advanced 11.22 to 44.69 yesterday. It returned to Neutral from Oversold on a recovery above 40.00.

The long term Barometer added 2.40 to 37.07 yesterday. It remains Oversold.

TSX Momentum Barometers

The intermediate term Barometer advanced 11.06 to 42.92 yesterday. It changed to Neutral from Oversold on a move above 40.00. Trend is up.

The long term Barometer added 5.75 to 45.13 yesterday. It changed to Neutral from Oversold on a move above 40.00. Trend is up.

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.