Pre-opening Comments for Friday July 5th
U.S. equity index futures were mixed this morning. S&P 500 futures were up 6 points at 8:35 AM EDT.
S&P 500 futures added 4 points following release of the June U.S. Non-farm Payrolls report at 8:30 AM EDT. Consensus was a drop to 189,000 from 272,000 in May. Actual was a drop to 206,000. June Unemployment Rate was expected to remain unchanged from May at 4.0%. Actual was an increase to 4.1%. June Average Hourly Earnings were expected to increase 0.3% versus a gain of 0.4% in May. Actual was an increase of 0.3%.
Bitcoin dropped $3,081 to $55,210 in overnight trading.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/07/clip_image0011-2.png "clip_image001[1]")
EquityClock’s Stock Market Outlook for July 5th
Metal prices on the move again, which bodes well for the stocks of the miners.
See: Metal prices on the move again, which bodes well for the stocks of the miners. (equityclock.com)
Technical Notes
Goldman Sachs $GS a Dow Jones Industrial Average stock moved above $468.64 to an all-time high extending an intermediate uptrend.
Bank of New York Mellon $BK an S&P 100 stock moved above $60.87 to an all-time high extending an intermediate uptrend.
Citigroup $C an S&P 100 stock moved above $64.98 extending an intermediate uptrend.
Check Point $CHKP a NASDAQ 100 stock moved above $168.92 to an all-time high extending an intermediate uptrend.
Manulife Financial $MFC.TO a TSX 60 stock moved above Cdn$36.60 to an all-time high extending an intermediate uptrend.
Metro $MRU.TO a TSX 60 stock moved above Cdn$77.46 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 3rd 2024
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for July 3rd 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 3rd 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Should You Be Worried About Poor Market Breadth? David Keller
https://www.youtube.com/watch?v=9GXq_SW_D6s
Gold Set for a Breakout on the Charts: June Jobs Report Could Be the Catalyst – Gary Wagner: Kitco News
https://www.youtube.com/watch?v=gKnxC8H_ycg
Stock Market Correction or CRASH Coming in Q3? Jeff Huge https://www.youtube.com/watch?v=Vg2qzVyVUK0
How do U.S. stocks usually perform after the July 4 holiday? MarketWatch
Tesla Drives S&P 500 to RECORD HIGH! Tom Bowley
Editor’s Note: See seasonality comment on Dow Jones Transports
https://www.youtube.com/watch?v=qKyvZicqWc0
Timing the Market with Don Vialoux: Michael Campbell’s Money Talks
https://www.youtube.com/watch?v=3WrpSjazsec
S&P 500 Momentum Barometers
The intermediate term Barometer was unchanged at 46.80. It remains Neutral.
The long term Barometer was unchanged at 66.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer jumped 10.18 to 61.95. It changed from Neutral to Overbought on a move above 60.00. Daily trend is up.
The long term Barometer added 3.10 to 71.68. It remains Overbought. Daily trend is 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
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July 5th, 2024 at 11:37 am
US gains over 200K jobs while Canada loses 1,400 jobs and our unemployment rate goes up to 6.4% which is the highest in more than two years. Don’t worry. Trudeau and Freeland are “listening to Canadians” and “working harder to make life better and bring fairness to all.” The BOC needs to lower rates at their meeting on July 24th. We are going to be in deeper you know what in another six months. When worse and worse economic data comes out how can Trudeau stay in office? In 2025 the torches and pitchforks are going to be headed for Parliament Hill.
AAPL, AMZN, GOOGL – Really doing well.
July 6th, 2024 at 1:53 pm
Larry/ON
There are GIG workers who qualify for UE. There are more now due to students competing for these jobs during the summer months.
July 7th, 2024 at 6:32 pm
Ron
Hope your weekend is going well. Other perspectives are always helpful, they often help you see your bias or blind spots when making an investment. I find the best investment returns have often been vetted by a number of other perspectives before proceeding. While the season of strength has produced a positive return so far, it does make me wonder how weak markets will be on the other side. For BMO, that chart keeps looking better and better to short.
July 7th, 2024 at 9:29 pm
BMan/Van
I read that the entire S&P5OO Index is being supported by 10 stocks. I can believe it. Too many happy traders out there for my liking.
July 7th, 2024 at 9:39 pm
BMan/Van
BMO.to has a huge positive divergence on the RSI 8 so I wouldn’t short it. Price action looks like it will bounce back to 118 on some B.S. story. But yes, overall the chart is bearish.
https://stockcharts.com/h-sc/ui?s=BMO.TO&p=D&yr=2&mn=0&dy=0&id=p42292977150&a=673066221