Pre-opening Comments for Friday July 7th
U.S. equity index futures were lower this morning. S&P 500 futures were down 9 points at 8:35 AM EDT.
Index futures moved lower following release for June Non-farm Payrolls at 8:30 AM EDT Consensus was an increase of 230,000 versus a gain of downwardly revised 306,000 in April. Actual was an increase of 209,000. June Unemployment Rate was expected to remain unchanged at 3.7% reported in May. Actual was a drop to 3.6%. June Average Hourly Earnings were expected to increase 0.3% versus a gain of 0.3% in May. Actual was a gain of 0.4%.
The Canadian Dollar was unchanged at US74.95 cents following release of the June Canadian Employment report at 8:30 AM EDT. Consensus was an increase of 20,000 jobs versus a drop of 17,300 in May. Actual was an increase of 60,000 jobs. Consensus for the June Unemployment Rate was an increase to 5.3% from 5.2% in May. Actual was an increase to 5.4%.
Levi Straus dropped $0.90 to 13.33 after reporting less than consensus second quarter revenues.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/07/clip_image0011-1.png "clip_image001[1]")
Biogen gained $1.01 to $286.00 after the FDA approved its Alzheimer treatment.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/07/clip_image0021-2.png "clip_image002[1]")
Costco slipped $4.37 to $533.00 after reporting less than consensus revenues in June.
EquityClock’s Daily Comment
Headline reads “The bond market and gold are testing some critical levels of support as their upside gaps from March get filled”.
http://www.equityclock.com/2023/07/06/stock-market-outlook-for-july-7-2023/
Technical Notes
Starbucks $SBUX a Dow Jones Industrial Average stock moved below $96.52 completing a Head & Shoulders pattern.
The Canadian Dollar dropped 0.50 to US74.80 cents.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 6th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for July 6th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 6th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive seasonal ratings: www.equityclock.com
Links offered by Valued Providers
Divergences Starting To Setup | TG Watkins | Your Daily Five (07.06.23)
https://www.youtube.com/watch?v=U8-84SFXcQ8
Surging Treasury Yields Halt Stock Market Rally | Tom Bowley | Trading Places (07.06.23)
https://www.youtube.com/watch?v=LBRot38ATWs
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 4.80 to 72.40. It remains Overbought.
The long term Barometer dropped 3.80 to 63.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 8.33 to 40.35. It remains Neutral.
The long term Barometer dropped 3.95 to 51.32. 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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July 7th, 2023 at 6:15 pm
Ron B/C,
In response to your comment on monday. Glad to see you are doing well. Thank you for your response. I haven’t had much time in the past year to read this blog. I appreciate your comment about you not playing the market. I’ve been more active in the market in the past year, lost some won some. However, your charting and tips have always been great to have.
I too have switched some of my $ around into term deposits, but still have portions that I can play with.
Would be interesting to see your daily chart analysis of Natgas and WTI sometime. NG is very erratic of course. I’m interested in playing TOU, OVV and ALA based on natgas movements. I dont day trade.
Cheers,
KC
July 8th, 2023 at 2:28 pm
KC
Nat gas can be a basket case. Here is $NATGAS CONTINUOUS CONTRACT WITH TOU.TO, OVV,TO AND ALA.TO OVERLAID TO SHOW RELATIVE STRENGTH.
TOU.to tracks Nat gas the best as the blue line indicates. As far as chart patterns go it “appears” as if Nat gas has once again bottomed and is building a base to bounce off of as before. TOU.to looks like the best candidate as it didn’t pull back as much as Nat Gas did. The seasonal trend is strong for July and especially August as well.
https://stockcharts.com/h-sc/ui?s=%24NATGAS&p=D&yr=10&mn=0&dy=0&id=p25295034928&a=1248123427
https://stockcharts.com/freecharts/seasonality.php?symbol=%24NATGAS
https://stockcharts.com/h-sc/ui?s=%24NATGAS&p=D&yr=10&mn=0&dy=0&id=p25295034928&a=1248123427
July 8th, 2023 at 3:40 pm
The Fear and Greed Indicator is always a good guide to track.
https://www.cnn.com/markets/fear-and-greed