Tech Talk for Friday July 8th 2022

U.S. equity index futures were lower this morning. S&P 500 futures were down 18 points in pre-opening trade.

Index futures were moved lower following release of the U.S. June Employment report at 8:30 AM EDT. Consensus for June Non-farm Payrolls was a drop to 265,000 from revised 384,000 in May. Actual was an increase of 372,000. Consensus for the June Unemployment Rate was unchanged from May at 3.6%. Actual was unchanged at 3.6%. Consensus for June Average Hourly Earnings was an increase of 0.3% versus a gain of 0.3% in May. Actual was an increase of 0.3%. On a year-over-year basis consensus for June Average Hourly Earnings was a gain of 5.0% versus a gain of 5.2% in May. Actual was a gain of 5.1%.

The Canadian Dollar slipped 0.23 to U.S. 76.77 cents following release of Canada's June Employment Report at 8:30 AM EDT. Consensus was an increase of 25,000 versus a gain of 39,800 in May. Actual was a drop of 43,200. Consensus for the June Unemployment Rate was unchanged from 5.1% in May. Actual was a drop to an all-time low at 4.9%.

Levi Straus added $0.69 to $17.10 after the company reported higher than consensus fiscal second quarter revenues and earnings.

Game Stop plunged $8.12 to $127.00 after the company's Chief Operating Officer was terminated.

Costco added $0.05 to $495.00 after announcing a 20.4% increase in June sales.

EquityClock's Daily Comment

Headline reads "The reset of the price of Natural Gas and the ongoing favourable fundamental backdrop is providing us another shot to gain exposure to this commodity". Following is a link:

http://www.equityclock.com/2022/07/07/stock-market-outlook-for-july-8-2022/

Technical Notes Yesterday

Broadly based U.S. equity indices (i.e. S&P 500 Index, Dow Jones Industrial Average, Dow Jones Transportation Average., Russell 2000 Index, NASDAQ Composite Index) and their related Exchange Traded Funds moved above their 20 day moving average.

Microsoft $MSFT a Dow Jones Industrial Average stock moved above $268.30 completing an intermediate reversal pattern.

Alphabet $GOOG moved above $2,387.87 completing a double bottom pattern.

DexCom $DXCM a NASDAQ 100 stock moved above $81.24 completing a double bottom pattern.

Vertex Pharmaceutical $VRTX a NASDAQ 100 stock moved above $275.83 extending an intermediate uptrend.

CCL Industries $CCL.B.TO a TSX 60 stock moved above Cdn$62.07 extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 7th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for July 7th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 7th 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 offered by a valued provider

Greg Schnell discusses the "oil down, tech up"rotation

Oil Down, Tech Up | Greg Schnell, CMT | Market Buzz (07.06.22) - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.20 to 29.00 yesterday. It remains Oversold, Trend is up.

The long term Barometer added 1.60 to 23.20 yesterday. It remains Oversold.

TSX Momentum Barometers

The intermediate term Barometer added 5.54 to 23.53 yesterday. It remains Oversold. Trend is up.

The long term Barometer added 5.14 to 27.31 yesterday. It remains Oversold.

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.