Tech Talk for Friday December 2nd 2022

U.S. equity index futures were lower this morning. S&P 500 futures were down 60 points in pre-opening trade.

Index future moved strongly lower following release of the U.S. November Employment Report at 8:30 AM EST. Consensus for Non-farm Payrolls was an increase of 200,000 versus a gain of 261,000 in October. Actual was an increase of 263,000. Consensus for the November Unemployment Rate was 3.7% versus 3.7% in October. Actual was 3.7%. Consensus for November Average Hourly Earnings was an increase of 0.3% versus a gain of 0.4% in October. Actual was an increase of 0.6% On a year-over-year basis, consensus was an increase of 4.6% versus a gain of 4.7% in October. Actual was an increase of 5.1%.

The Canadian Dollar dropped to US74.11 cents following release of Canada's November Employment report at 8:30 AM EST. Consensus was an increase of 10,000 versus a gain of 108,300 in October. Actual was an increase of 10,100. Consensus for the November Unemployment Rate was an increase to 5.3% from 5.2% in October. Actual was a decrease to 5.1%.

Ulta Beauty $ULTA advanced $13.66 to $486.21 after reporting higher than consensus quarterly revenues.

Marvell Technology $MRVL dropped $3.20 to $42.20 after lowering guidance.

Asana $ASAN fell $2.31 $15.77 after reporting a quarterly loss. The company also lowered guidance.

EquityClock's Daily Comment

Headline reads "Treasury yields are breaking levels of long-term rising trendline support as we near the point where overweighting bonds over stocks is likely to become appropriate".

http://www.equityclock.com/2022/12/01/stock-market-outlook-for-december-2-2022/

Technical Notes

U.S. Dollar Index ETN $UUP moved below $28.52 extending an intermediate downtrend. Crude oil, base metals and gold prices responded by moving higher.

Gold stocks and ETFson both sides of the border followed a break by the gold bullion ETN $GLD above $166.23. Gold Miners ETF advanced 3.4%. Barrick $ABX.TO moved above Cdn$22.23 extending an intermediate uptrend.

Base metal equities and related ETFs also responded to U.S. Dollar weakness. Lundin Mining moved above $8.41 extending an intermediate uptrend.

Timber iShares $WOOD moved above $77.24 extending an intermediate uptrend.

India ETF $PIN moved above $25.81 extending an intermediate uptrend.

Biotech ETF $BBH moved above 168.37 and $168.48 extending an intermediate uptrend. NASDAQ Biotech iShares $IBB moved above $136.89 extending an intermediate uptrend.

S&P 500 stocks extending an intermediate uptrend included Netflix, Altria, Philip Morris International, Meta Platform, Bristol Myers, MasterCard and Procter & Gamble.

NASDAQ 100 stock extending an intermediate uptrend included Mondelez, Nvidia, Fiserv, Intuit, Splunk and Okta

TSX 60 stocks extending an intermediate uptrend included Waste Connections $WCN.TO on a move above 195.05 and Shopify $SHOP.TO on a move above $57.85.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for December 1st 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for December 1st 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for December 1st 2021

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 1.40 to 91.20. It remains Overbought.

The long term Barometer added 0.40 to 65.00. It remains Overbought. Trend remains up.

TSX Momentum Barometers

The intermediate term Barometer slipped 0.85 to 83.47. It remains Overbought.

The long term Barometer added 0.85 to 58.05. It remains Neutral. Trend remains 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