Tech Talk for Friday October 7th 2022
U.S equity index futures were mixed this morning. S&P 500 futures were down 26 points in pre-opening trade.
Index futures moved lower following release of the September Employment Report at 8:30 AM EDT. September U.S. Non-farm Payrolls released at 8:30 AM was expected to slip to 250,000 from 315,000 in August. Actual was 263,000. September Unemployment Rate was expected to remain unchanged from August at 3.7%. Actual was a drop to 3.5% September Average Hourly Earnings were expected to increase 0.3% versus a gain of 0.3% in August. Actual was an increase of 0.3%.
The Canadian Dollar slipped 0.10 to US72.78 cents following release of Canada's September Employment report at 8:30 AM EDT. September Employment was expected to increase 20,000 versus a drop of 39,700 in August. Actual was an increase of 21,100. September Unemployment Rate was expected to remain unchanged at 5.4%. Actual was a drop to 5.2%.
Advanced Micro Devices $AMD dropped $2.75 to $65.10 after the company lowered its third quarter revenue forecast by $1billion.
CVX Health $CVS plunged $4.09 to $94.49 after rating on Medicare plans administered by the company was lowered.
Levi Straus dropped $0.69 to $15.24 after the company lowered guidance for revenues and earnings.
EquityClock's Daily Comment
Headline reads "If the change in Non-Farm Payrolls merely comes in around the September average of 0.4% (~600,000), the economy will have gained back all of the jobs that were lost during the pandemic".
http://www.equityclock.com/2022/10/06/stock-market-outlook-for-october-7-2022/
Next Tech Talk report
Tech Talk will resume on Tuesday. Monday is an official holiday in Canada and a partial holiday in the U.S. In the U.S, the NYSE and NASDAQ are open, but the bond market and banks are closed. Volume on U.S. equity exchanges are expected to be greatly diminished.
Technical Notes for yesterday
Xcel Energy $XEL a NASDAQ 100 stock moved below $63.16 and $62.51 extending an intermediate downtrend.
DexCom $DXCM a NASDAQ 100 stock moved above $94.60 extending an intermediate uptrend.
Activision $ATVI, a NASDAQ 100 stock moved below $73.71 extending an intermediate downtrend.
Canadian food distributor and related stocks moved lower after a court ruling allowed food distributors to charge a fee for credit card transactions.
Loblaw Companies $L.TO a TSX 60 stock moved below $107.91 extending an intermediate downtrend.
George Weston $WN.TO a TSX 60 stock moved below $141.92 extending an intermediate downtrend.
Metro $MRU.TO a TSX 60 stock moved below intermediate support at $68.68/ extending an intermediate downtrend.
Marijuana stocks and related ETFs responded to a comment by President Biden who is considering a pardon for people previously convicted of possession. He also ordered a review of U.S. pot laws with consideration of legalizing possession
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for October 6th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for October 6th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 6th 2021
Green: Increase from previous day
Red: Decrease from previous day
Links offered by a valued provider
Michael Brush says "That's investors' cue to enter the stock market".
S&P 500 Momentum Barometers
The intermediate term Barometer slipped 3.60 to 18.40 yesterday. It remains Oversold.
The long term Barometer eased 2.20 to 20.40 yesterday. It remains Oversold.
TSX Momentum Barometers
The intermediate term Barometer slipped 2.12 to 41.10 yesterday. It remains Neutral.
The long term Barometer was unchanged at 31.36 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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