Tech Talk for Wednesday July 5th 2023
U.S. equity index futures were lower this morning. S&P 500 futures were down 23 points at 8:30 AM EDT
United Parcel Services dropped $2.64 to $181.13 after labour negotiations met an impasse.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/07/clip_image0015.png "clip_image001[5]")
Netflix added $3.08 to $444.52 after Goldman Sachs upgraded the stock from Sell to Neutral.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/07/clip_image0025.png "clip_image002[5]")
Rivian added $1.28 to $20.84 after announcing a triple increase in second quarter production.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/07/clip_image0035.png "clip_image003[5]")
EquityClock's Daily Comment
Headline reads "July is the second strongest month of the year for stocks with the S&P 500 Index averaging a gain of 2.2% and 75% of periods have closed higher".
http://www.equityclock.com/2023/07/01/stock-market-outlook-for-july-5-2023/
Technical Notes
Retail SPDRs $XRT moved above intermediate resistance at $63.82 and $64.06 resuming an intermediate uptrend. Strength was triggered partially by strength in Walmart $WMT to an all-time high
Steel ETF $SLX moved above $63.97 and $64.67 setting an intermediate uptrend. Steel stocks and related equities and ETFs (e.g. PAVE) are responding to the federal infrastructure bill.
Wells Fargo $WFC an S&P 100 stock moved above $43.34 extending an intermediate uptrend.
United Parcel Services $UPS an S&P 100 stock moved above $180.27 extending an intermediate uptrend.
American Tower $AMT an S&P 100 stock moved above $194.95 setting an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 4th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for July 4th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 4th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive seasonal ratings: www.equityclock.com
Links offered by valued providers
Top 10 Stocks to Watch July 2023, Part 1 | David Keller, CMT | The Final Bar (07.03.23)
Top 10 Stocks to Watch July 2023, Part 1 | David Keller, CMT | The Final Bar (07.03.23) - YouTube
Two Sectors Hitting New All-Time Closing High | Julius de Kempenaer | Sector Spotlight (07.03.23)
Three Key Signals That This Market Will Go Higher | Mary Ellen McGonagle | The MEM Edge (06.30.23)
S&P 500 Momentum Barometers
The intermediate term Barometer added 4.20 to 78.20. It remains Overbought. Daily trend remains up.
The long term Barometer added 2.20 to 68.40. It remains Overbought. Daily trend is up.
TSX Momentum Barometers
The intermediate term Barometer added 2.63 to 50.44. It remains Neutral. Daily trend remains up.
The long term Barometer added 1.32 to 55.70. It remains Neutral. Daily 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
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