{"id":157263,"date":"2022-07-07T02:22:00","date_gmt":"2022-07-07T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=157263"},"modified":"2022-07-07T08:55:24","modified_gmt":"2022-07-07T12:55:24","slug":"tech-talk-for-thursday-july-7th-2022","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2022\/07\/07\/tech-talk-for-thursday-july-7th-2022\/","title":{"rendered":"Tech Talk for Thursday July 7th 2022"},"content":{"rendered":"

Pre-opening Comments for Thursday July 7th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning.<\/b> S&P 500 futures were up 12 points in pre-opening trade. <\/em><\/p>\n

U.S. equity index futures were virtually unchanged following release of the U.S. May Trade Deficit report at 8:30 AM EDT<\/b>. 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.<\/em><\/p>\n

The Canadian Dollar was virtually unchanged at US76.91 cents following release of Canada\u2019s May Merchandise Trade report at 8:30 AM EDT.<\/b> 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<\/em><\/p>\n

Seagen added 7.87 to $183.00<\/b> on news that Merck is negotiating a possible takeover of the company at a cost estimated at $40 billion.<\/em><\/p>\n

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Game Stock advanced $10.46 to $127.89<\/b> after the company announced a four for one stock split.<\/em><\/p>\n

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Bed Bath & Beyond gained $0.31 to $4.78<\/b> following release of an insider purchase filing. <\/em><\/p>\n

EquityClock\u2019s Daily Comment<\/strong><\/font><\/em><\/p>\n

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Headline reads \u201cWhile May\u2019s 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<\/strong>\u201d. Following is a link:<\/em><\/p>\n

http:\/\/www.equityclock.com\/2022\/07\/06\/stock-market-outlook-for-july-7-2022\/<\/em><\/a><\/p>\n

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Response to FOMC Meeting Minutes at 2:00 PM EDT<\/font><\/p>\n

U.S. equity indices moved higher.<\/p>\n

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The U.S. Dollar was virtually unchanged.<\/p>\n

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Long term bond prices dipped slightly<\/p>\n

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Gold and gold equity prices recovered from deeply oversold levels. <\/p>\n

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Technical Notes Yesterday<\/strong><\/font><\/p>\n

Costco $COST a NASDAQ 100 stock moved above $484.24 setting an intermediate uptrend. <\/p>\n

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O\u2019Reilly Automotive $ORLY a NASD 100 stock moved above $652.30 setting an intermediate uptrend. <\/p>\n

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Thomson Reuters $TRI.TO a TSX 60 stock moved above $137.07 extending an intermediate uptrend. <\/p>\n

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Canadian National Railway $CNR.TO a TSX 60 stock moved above intermediate resistance at $148.32<\/p>\n

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Loblaw Companies $L.TO a TSX 60 stock moved above $119.15 to an all-time high extending an intermediate uptrend. <\/p>\n

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Dollarama $DOL.TO a TSX 60 stock moved above $76.80 to an all-time high extending an intermediate uptrend.<\/p>\n

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Waste Connections $WCN.TO a TSX 60 stock moved above intermediate resistance at $164.75.<\/p>\n

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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.<\/p>\n

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Trader\u2019s Corner<\/strong><\/font><\/p>\n

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Equity Indices and Related ETFs<\/font><\/b><\/p>\n

Daily Seasonal\/Technical Equity Trends for July 6th<\/sup> 2022<\/p>\n

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Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

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Commodities<\/font><\/b><\/p>\n

Daily Seasonal\/Technical Commodities Trends for July 6th<\/sup> 2022<\/p>\n

\"clip_image016\"<\/a> Green: Increase from previous day<\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

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Sectors<\/font><\/b><\/p>\n

Daily Seasonal\/Technical Sector Trends for July 6th<\/sup> 2022<\/p>\n

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Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

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All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX)<\/em><\/p>\n

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Links offered by valued providers<\/strong><\/font><\/p>\n

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Link from Mark Bunting<\/strong><\/em><\/font> and www.uncommonsenseinvestor.com<\/a><\/p>\n

Q3 Equity Strategy Outlook – Uncommon Sense Investor<\/a><\/p>\n

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Greg Schnell<\/em><\/strong><\/font> is \u201cLooking for rotation\u201d<\/p>\n

Looking for Rotation | Greg Schnell, CMT | Your Daily Five (07.06.22) \u2013 YouTube<\/a><\/p>\n

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David Keller<\/strong><\/em><\/font> discusses \u201cDecent bounce for Tech and Consumer stocks\u201d<\/p>\n

Decent Bounce for Tech and Consumer | David Keller, CMT | The Final Bar (07.05.22) \u2013 YouTube<\/a><\/p>\n

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S&P 500 Momentum Barometers<\/strong><\/font><\/p>\n

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The intermediate term Barometer added 4.20 to 26.80 yesterday. It remains Oversold. Trend is up.<\/p>\n

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The long term Barometer slipped 0.80 to 21.60 yesterday. It remains Oversold. <\/p>\n

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TSX Momentum Barometers<\/strong><\/font><\/p>\n

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The intermediate term Barometer dropped 1.57 to 17.99 yesterday. It remains Oversold. <\/p>\n

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The long term Barometer slipped 0.84 to 22.18 yesterday. It remains Oversold. <\/p>\n

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Disclaimer:<\/b> Seasonality and technical ratings offered in this report and at<\/em><\/p>\n

www.equityclock.com<\/em><\/a> 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.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-opening Comments for Thursday July 7th 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 […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-157263","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/157263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/comments?post=157263"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/157263\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=157263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=157263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=157263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}