Tech Talk for Friday July 2nd 2021

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Pre-opening Comments for Friday July 2nd

U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade.

Index futures moved higher following release of economic news at 8:30 AM EDT. Consensus for June Non-farm Payrolls was an increase to 700,000 from 559,000 in May. Actual was 850,000. Consensus for June Unemployment Rate was a drop to 5.6% from 5.8% in May. Actual was an increase to 5.9%. Consensus for June Average Hourly Earnings was an increase of 0.4% versus a gain of 0.5% in May. Actual was an increase of 0.3% . Consensus for

The Canadian Dollar advance 0.20 to US80.74 cents following release of the May Canadian Trade Balance at 8:30 AM EDT. Consensus was a $700 million deficit versus a $590,000 surplus in April. Actual was a deficit of $1.39 billion.

Eli Lilly gained $0.87 to $232.00 after Truist raised its target price from $225 to $282. The stock was rated a Buy.

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Raytheon Technologies added $0.41 to $86.63 after winning a $2 billion U.S. Defense contract

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BRP (DOO Cdn$97.00) is expected to open higher after Raymond James initiated coverage with a Strong Buy rating.

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EquityClock’s Comments

Following is a link to the daily comment:

http://www.equityclock.com/2021/06/30/stock-market-outlook-for-july-2-2021/

Following is a link to a special July report:

http://www.equityclock.com/2021/07/01/stocks-that-have-gained-in-every-july/

 

Editor’s Note

Don Vialoux is a guest on Michael Campbell’s Money Talks radio show at approximately 9:00 AM Pacific time (Noon Toronto time) tomorrow (Saturday) at www.CKNW.com Discussion will focus on current equity market prospects.

 

Technical Notes released Yesterday at

StockTwits.com@EquityClock

Water Resource ETF $PHO moved above $53.85 to an all-time high extending an intermediate uptrend.

Editor’s Note: Seasonal influences for PHO are positive on a real and relative basis between now and the third week in September. See seasonality chart at www.equityclock.com

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Walgreens Boots $WBA a Dow Jones Industrial Average stock moved below $51.12 completing a double top pattern.

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O’Reilly Automotive $ORLY a NASDAQ 100 stock moved above $568.63 to an all-time high extending an intermediate uptrend. Seasonal influences are positive on a real and relative basis to the beginning of December. See equityclock.com/

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Brookfield Infrastructure $BIP a TSX 60 stock moved above US$56.27 to an all-time high extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 1st 2021

spx july 2

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for July 1st 2021

crb july 2

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 1st 2021

xlk july 2

Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index

 

Seasonality Chart of the Day

Seasonality on a real and relative basis (relative to the S&P 500 Index) for Crude Oil Futures changed from Positive on July 4th to Negative to December 7th. Gasoline futures have an identical seasonality pattern.

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S&P 500 Momentum Barometers

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The intermediate term Barometer added 7.21 to 55.91 yesterday. It remains Neutral.

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The long term Barometer added 0.40 to 91.98 yesterday. It remains Extremely Overbought.

 

Disclaimer: Seasonality 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




7 Responses to “Tech Talk for Friday July 2nd 2021”

  1. Larry/ON Says:

    AMZN – Looks interesting here after being range bound since Sept. It got up to resistance at the upper end where everyone is looking for a breakout but instead broke down for two days. The drop back down to 3400 did not discourage the bulls and the trend today seems to be resuming higher to once again try to take out the 3554 high. You certainly have seen the gap from the 200 day MA close during this long sideways consolidation. It seems like just a matter of what should be a short period of time until AMZN moves decisively higher to make new all-time highs.

  2. Ron/BC Says:

    GOOOOOOOOOOOOOOOO Lightning!!!!!!

    ONE MORE TO GO…………………….

  3. Dave/AB Says:

    Ron/BC

    Calling for a Sweeeeep.

  4. Ron/BC Says:

    Dave/AB

    Yes, I guess you could say SWEEEEEET too.

  5. bruce Says:

    more hope than brains as a Canadian and an ex Montrealer…….the Habs are definitely outclassed…..at least it isn’t Toronto playing…..maybe next year……

  6. Ron/BC Says:

    Bruce

    Many years ago I used to watch Montreal and other teams play and I swore the officiating was fixed in Montreal’s favour. Used to drive me crazy until I stopped watching them play. Even now I just want to see the highlights if they lose. The previous game I turned on the tv briefly just in time to see Montreal score a goal. I quickly turned it off. Then last night I saw the Lightning score just as I turned the tv on and thought I might be able to watch the rest of the game without being punished. Almost immediately Montreal scored so I shut it off. As long as I don’t watch the game the Lightning have a good chance of winning. But Montreal doesn’t have Evan Cournoyer or Larry Robinson, Steve Shutt, Guy Lafleur, Ken Dryden,Chris Chelios and many others to help them out anymore…….thankfully.

  7. bruce Says:

    ron
    I remember Les Canadiens in the 50s and even went to a few games…..in those days the Forum just held about 12,000 fans including standing…..season tickets were left in wills to be passed on….Yvon Cournoyer……Hopefully spellcheck on your i-pad decided Evan was correct……always proud to be a Canadian……Happy Independance Day to those below the 49th parallel……..

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