Pre-opening Comments for Thursday July 6^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 36 points at 8:35 AM EDT.

S&P 500 futures dropped 8 points following release of the May U.S. Trade Report at 8:30 AM EDT. Consensus was a deficit of $69.80 billion versus a deficit of $74.60 billion in April. Actual was a deficit of $69.00 billion.

June ISM Non-manufacturing ISM PMI is released at 10:00 AM EDT. Consensus is an increase to 50.5 from 50.3 in May.

The Canadian Dollar was virtually unchanged at US78.10 cents following release of Canada’s May Merchandise Trade report at 8:30 AM EDT. Consensus was a deficit of $1.2 billion versus a surplus of $1.94 billion in April. Actual was a deficit of 3.44 billion, largest monthly loss since 2020.

Bank of America added $0.08 to $29.16 after announcing plans to increase its dividend by 9%.

Meta Platforms gained $3.03 to $297.40 after announcing launch of Thread, a competitor to Twitter.

Exxon Mobil dropped $0.91 to $106.00 after announcing that natural gas prices likely will drag down second quarter profits.

 

EquityClock’s Daily Comment

Headline reads “REITs are finally moving beyond declining trendline resistance as the second period of strength for the sector gets underway”.

http://www.equityclock.com/2023/07/05/stock-market-outlook-for-july-6-2023/

Technical Notes

7-10 Year Treasury Bond iShares $IEF moved below $95.93 extending an intermediate downtrend. Anticipation of another increase in the Fed Fund Rate on July 28^th !

AT&T $T an S&P 100 stock moved above $16.13 completing a double bottom pattern.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 5^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for July 5^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 5^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for positive seasonal ratings: www.equityclock.com

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 1.00 to 77.20. It remains Overbought.

The long term Barometer slipped 1.00 to 67.40. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 1.75 to 48.68. It remains Neutral.

The long term Barometer slipped 0.44 to 55.26. It remains Neutral.

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

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