Pre-opening Comments for Friday July 11^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 35 points at 8:35 AM EDT. Index futures turned lower last night after President Trump announced his intention to impose an additional 35% tariffs on imports from Canada effective August 1^st

The Canadian Dollar was unchanged at US73.20 following two news events: President Trump announcement on Canadian import tariffs and Canada’s June Employment Report released at 8:30 AM EDT. Consensus for June Employment was a 900 increase versus an 8,800 increase in May. Actual was an 83,100 increase. Consensus for Canada’s June Unemployment Rate was an increase to 7.1%, up from 7.0% in May. Actual was a drop to 6.9%.

Bitcoin surged to an all-time high at US$117,766.71 following Trump’s announcement on Canadian tariffs.

Levi Straus added $1.15 to $20.88 after reporting higher than consensus fiscal second quarter results.

PriceSmart gained $5.80 to $108.50 after reporting higher than consensus fiscal third quarter results.

EquityClock’s Market Outlook for July 11^th

The abnormal decline in the US Dollar Index through the first half of the year has driven the above average gains in stocks year-to-date, but this tailwind may be fading. See:

https://equityclock.com/2025/07/10/stock-market-outlook-for-july-11-2025/

Michael Campbell’s Money Talks

Don Vialoux is a guest on the July 12^th show to be released at 8:30 AM Pacific time on Saturday. Topic is “North American Equity Markets Outlook for remainder of 2025”. After the show is released, click on

https://mikesmoneytalks.ca/category/mikes-content/complete-show/

Technical Notes

S&P Equal Weight 500 ETF (RSP) moved above $185.85 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable until the end of July. See seasonal chart at www.equityclock.com

Southern Companies (SO) an S&P 100 stock moved above $92.87 to an all-time high.

Metals & Mining SPDRs (XME) moved above $70.23 to an all-time high extending an intermediate uptrend. Seasonal influences are favourable until the end of July. See seasonal chart at www.equityclock.com

BHP one of the world’s largest base metals producers moved above $51.05 and $51.48 completing a reverse Head & Shoulders pattern.

Amex Biotech ETF (FBT) moved above $162.08 extending an intermediate uptrend.

West Fraser Timber (WFB.TO) Canada’s largest forest product company moved above $US$77.86 completing a base building pattern. Other Canadian forest product stocks also moved significantly higher including Canfor (CFP.TO) and Interfor (IFP.TO). Interfor completed a double bottom pattern on a move above Cdn$13.67. Seasonal influences for the group are favourable until the end of August. See seasonality chart for each at www.EquityClock.com

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 10^th 2025

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 10^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 10^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Morgan Stanley’s Mike Wilson: A weaker dollar is an under-appreciated tailwind for stocks

Morgan Stanley’s Mike Wilson: A weaker dollar is an under-appreciated tailwind for stocks – YouTube

Jeff deGraaf: Don’t think there’s too much market complacency

Jeff deGraaf: Don’t think there’s too much market complacency – YouTube

Small Caps Are Rotating In — Here’s Why It Matters

Small Caps Are Rotating In — Here’s Why It Matters – YouTube

Fairlead’s Katie Stockton on market bounce from April lows and where we could still see a breakout

Fairlead’s Katie Stockton on market bounce from April lows and where we could still see a breakout – YouTube

‘Huge tailwind’ for copper likely to continue as tariff threat looms: strategist

https://www.bnnbloomberg.ca/investing/commodities/2025/07/09/huge-tailwind-for-copper-likely-to-continue-as-tariff-threat-looms-strategist/

Expect summer rally with correction in September: Thorne

https://www.bnnbloomberg.ca/video/shows/the-close/2025/07/10/expect-summer-rally-with-correction-in-september-thorne/

Editor’s Note: Call on North American equity markets is similar to Tech Talk’s call

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.40 to 74.80. It remains Overbought.

The long term Barometer added 1.80 to 64.40. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer dropped 2.35 to 81.69. It remains Overbought. Daily downtrend has resumed.

The long term Barometer added 0.94 to 80.75. It remains Overbought.

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.

More from the network: Stock Market Outlook for July 11, 2025 Stock Market Outlook for July 10, 2025 Stock Market Outlook for July 9, 2025 US Employment Situation for June Stock Market Outlook for July 8, 2025