Tech Talk for Thursday July 7th 2022

U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade.

U.S. equity index futures were virtually unchanged following release of the U.S. May Trade Deficit report at 8:30 AM EDT. Consensus was a deficit of $84.7 billion versus a deficit of $87.10 billion in April. Actual was a deficit of $85.5 billion.

The Canadian Dollar was virtually unchanged at US76.91 cents following release of Canada's May Merchandise Trade report at 8:30 AM EDT. Consensus was a surplus of $2.20 billion versus a revised surplus of $2.20 billion in April. Actual was a surplus of $5.3 billion

Seagen added 7.87 to $183.00 on news that Merck is negotiating a possible takeover of the company at a cost estimated at $40 billion.

Game Stock advanced $10.46 to $127.89 after the company announced a four for one stock split.

Bed Bath & Beyond gained $0.31 to $4.78 following release of an insider purchase filing.

EquityClock's Daily Comment

Headline reads "While May's report on Job Openings and Labor Turnover continued to indicate that openings remain plentiful, there are elements within that are consistent with the run-up to an economic recession". Following is a link:

http://www.equityclock.com/2022/07/06/stock-market-outlook-for-july-7-2022/

Response to FOMC Meeting Minutes at 2:00 PM EDT

U.S. equity indices moved higher.

The U.S. Dollar was virtually unchanged.

Long term bond prices dipped slightly

Gold and gold equity prices recovered from deeply oversold levels.

Technical Notes Yesterday

Costco $COST a NASDAQ 100 stock moved above $484.24 setting an intermediate uptrend.

O'Reilly Automotive $ORLY a NASD 100 stock moved above $652.30 setting an intermediate uptrend.

Thomson Reuters $TRI.TO a TSX 60 stock moved above $137.07 extending an intermediate uptrend.

Canadian National Railway $CNR.TO a TSX 60 stock moved above intermediate resistance at $148.32

Loblaw Companies $L.TO a TSX 60 stock moved above $119.15 to an all-time high extending an intermediate uptrend.

Dollarama $DOL.TO a TSX 60 stock moved above $76.80 to an all-time high extending an intermediate uptrend.

Waste Connections $WCN.TO a TSX 60 stock moved above intermediate resistance at $164.75.

Gold stocks continue to respond to lower gold and silver prices. Agnico-Eagle, a TSX 60 stock moved below Cdn$57.67 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 6th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for July 6th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 6th 2022

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 valued providers

Link from Mark Bunting and www.uncommonsenseinvestor.com

Q3 Equity Strategy Outlook – Uncommon Sense Investor

Greg Schnell is "Looking for rotation"

Looking for Rotation | Greg Schnell, CMT | Your Daily Five (07.06.22) - YouTube

David Keller discusses "Decent bounce for Tech and Consumer stocks"

Decent Bounce for Tech and Consumer | David Keller, CMT | The Final Bar (07.05.22) - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 4.20 to 26.80 yesterday. It remains Oversold. Trend is up.

The long term Barometer slipped 0.80 to 21.60 yesterday. It remains Oversold.

TSX Momentum Barometers

The intermediate term Barometer dropped 1.57 to 17.99 yesterday. It remains Oversold.

The long term Barometer slipped 0.84 to 22.18 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.