Tech Talk for Thursday August 11th 2022

U.S equity index futures were higher this morning. S&P 500 futures were up 22 points in pre-opening trade.

U.S. equity index futures were virtually unchanged following release of the July U.S. Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 1.1% in June. Actual was a drop of 0.5% . On a year-over-year basis consensus was an increase of 10.3% versus a gain of 11.3% in June. Actual was a gain of 9.8%. Excluding food and energy, consensus was a gain of 0.4% versus an increase of 0.4% in June. Actual was an increase of 0.2%. On a year-over-year basis, consensus was an increase of 7.6% versus a gain of 8.2% in June. Actual was an increase of 7.6%.

Walt Disney gained $7.68 to $120.11 after reporting higher than consensus fiscal third quarter revenues and earnings.

Canada Goose added $1.30 to $28.95 after predicting higher second quarter revenues.

Six Flags dropped $3.09 to $22.63 after reporting lower than consensus second quarter revenues and earnings.

EquityClock's Daily Comment

Headline reads "As levels of resistance are broken, the bearish argument for the market becomes weaker and weaker". Following is a link:

http://www.equityclock.com/2022/08/10/stock-market-outlook-for-august-11-2022/

Technical Notes for yesterday

Dow Jones Industrial Average moved above 33,272.34 and Dow Jones Industrial Average SPDRs $DIA moved above $332.04 extending an intermediate uptrend.

Industrial SPDRs $XLI moved above $96.91 extending an intermediate uptrend.

Financial services ETFs led the advance yesterday following release of the July CPI report. $KBE moved above $49.72, $KRE moved above $64.67 and $IAK moved above $84.54 extending intermediate uptrends

Financial services stocks dominated the list of big cap equities moving higher:

American Express $AXP moved above $160.88 extending an intermediate uptrend.

Citigroup $C moved above intermediate resistance at $53.72.

Bank of New York Mellon moved above $440.3 completing a base building pattern

Goldman Sachs moved above intermediate resistance at $345.24

JP Morgan moved above $118.24 completing a reverse Head & Shoulders pattern

MetLife moved above intermediate resistance at $64.67

Dow Chemical $DOW an S&P 100 stock moved above $53.79 completing a reverse Head & Shoulders pattern.

Brookfield Asset Management $BAM.A.TO a TSX 60 stock moved above $65.84 extending an intermediate uptrend.

Manulife Financial $MFC.TO a TSX 60 stock moved above $23.76 completing a double bottom pattern.

Canadian Tire $CTC.A.TO a TSX 60 stock moved above $171.73 extending an intermediate uptrend.

SNC Lavalin $SNC.TO a TSX 60 stock moved above intermediate resistance at $26.07 extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 10th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for August 10th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 10th 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)

S&P 500 Momentum Barometers

The intermediate term Barometer added 9.60 to 82.40 yesterday. It remains Overbought. Trend remains up.

The long term Barometer added 6.40 to 42.00 yesterday. It changed from Oversold to Neutral on a move above 40.00. Trend remains up.

TSX Momentum Barometers

The intermediate term Barometer added 9.24 to 67.23 yesterday. It changed from Neutral to Overbought on a move above 60.00. Trend remains up.

The long term Barometer added 3.78 to 40.75 yesterday. It changed from Oversold to Neutral on a move above 40.00. Trend remains up.

Disclaimer: Seasonality ratings 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