Tech Talk for Friday August 5th 2022

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Pre-opening Comments for Friday August 5th

 

U.S. equity index futures were lower this morning. S&P 500 futures were down 29 points in pre-opening trade.

U.S. equity index futures moved lower following release of the July Employment Report at 8:30 AM EDT. Consensus was a drop to 250,000 from upwardly revised 398,000 in June. Actual was an increase to 528,000. Consensus for the July Unemployment Rate was unchanged from June at 3.6%. Actual was a drop to 3.5%. Consensus for July Average Hourly Earnings was an increase of 0.3% versus unchanged in June. Actual was an increase of 0.5%.

The Canadian Dollar dropped 0.37 to US77.26 cents following release of Canada’s July Employment Report at 8:30 AM EDT. Consensus was an increase of 15,000 versus a gain of 43,200 in June. Actual was a loss of 30,600. Consensus for the July Unemployment Rate was an increase to 5.0% from 4.9% in June. Actual was unchanged at 4.9%

Block dropped $5.07 to $84.63 after lowering guidance.

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Carvana gained $3.71 to $37.25 after the company issued positive guidance.

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Beyond Meat slipped $0.39 to $31.00 after the company announced layoff of 4% of its employees

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EquityClock’s Daily Comment

Headline reads “Gold miners perking up within a short-term bottoming pattern, potentially lining up for a trade through the remainder of August”. Following is a link:

http://www.equityclock.com/2022/08/04/stock-market-outlook-for-august-5-2022/

David Keller notes “Broad leadership in technology sector”.

https://www.youtube.com/watch?v=zjsPXS6xsq8

Technical Notes for yesterday

Dow Jones Transportation Average iShares $IYT moved above $236.45 extending an intermediate uptrend.

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CSX $CSX a NASDAQ 100 stock moved above intermediate resistance at $32.63

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NextEra Energy $NEE an S&P 100 stock moved above $87.02 extending an intermediate uptrend.

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Copart $CPRT a NASDAQ 100 stock moved above $130.90 extending an intermediate uptrend.

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Open Text $OTEX a TSX 60 stock moved above US$41.58 setting an intermediate uptrend.

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CGI Group $GIB a TSX 60 stock moved above US$86.28 extending an intermediate uptrend.

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Sun Life Financial $SLF.TO a TSX 60 stock moved above intermediate resistance at Cdn$60.37.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 4th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for August 4th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 4th 2021

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Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX)

 

Links offered by valued providers

Gold anyone? Comments by Carter Worth

https://www.youtube.com/watch?v=4lK4OLPDdL4

 

Lawrence McMillan says “The S&P 500 is so close to crossing this crucial level and challenging the bear market trend line”.

https://www.marketwatch.com/story/the-s-p-500-is-so-close-to-crossing-this-crucial-level-and-challenging-the-bear-markets-trend-line-01659622869?itm_source=parsely-api&mod=mw_pushly&send_date=20220804

 

S&P 500 Momentum Barometers

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The intermediate term Barometer dropped 3.00 to $72.40 yesterday. It remains Overbought and showing early signs of rolling over.

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The long term Barometer slipped 0.40 to 35.80. It remains Oversold.

 

TSX Momentum Barometers

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The intermediate term Barometer added 2.94 to 57.98 yesterday. It remains Neutral.

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The long term Barometer slipped 0.42 to 36.55 yesterday. It remains Oversold.

 

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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