Tech Talk for Thursday July 13th 2023

U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points at 8:35 AM EDT.

S&P 500 futures were virtually unchanged following release of the U.S. June Producer Price Index at 8:30 AM EDT. Consensus called for an increase 0.2% versus a drop of-0.3% in May. Actual was an increase of 0.1%. Excluding food and energy, June Producer Price Index was expected to increase 0.2% versus a gain of 0.2% in in May. Actual was an increase of 0.1%. On a year-over-year basis, core PPI was expected to increase 2.8% versus a gain of 2.8% in May. Actual was a gain of 2.6%.

Delta Airlines added $2.19 to $50.14 after reporting higher than consensus second quarter revenues and earnings.

Pepsico advanced $4.42 to $187.59 after reporting higher than consensus second quarter results. The company also raised guidance.

Netflix added $1.80 to $445.85 after JP Morgan raised its target price from $470 to $495.

EquityClock's Daily Comment

Headline reads "Precious metals and emerging markets: Our list of Accumulate candidates just got a boost from June's CPI report".

http://www.equityclock.com/2023/07/12/stock-market-outlook-for-july-13-2023/

Technical Notes

U.S. Dollar ETN $UUP moved below intermediate support at $28.09. The Canadian Dollar $CDW in U.S. Dollars responded by advancing.

Eurozone iShares $EZU moved above $45.91 extending an intermediate uptrend.

Invesco QQQ Trust $QQQ moved above $372.34 to an 18 month high extending an intermediate uptrend.

S&P Bank SPDRs $KBE moved above $38.17 completing a reverse Head & Shoulders pattern.

Consumer Discretionary SPDRs $XLY moved above $173.04 extending an intermediate uptrend.

Auto ETF $CARZ moved above $57.28 extending an intermediate uptrend.

Agriculture ETF $MOO moved above $83.15 extending an intermediate uptrend.

Global Timber iShares $WOOD moved above $73.67 extending an intermediate uptrend.

Steel ETF $SLX moved above $64.67 extending an intermediate uptrend.

First Trust Natural Gas ETF $FCG moved above $24.02 setting an intermediate uptrend.

American Express $AXP a Dow Jones Industrial Average stock moved above $176.40 extending an intermediate uptrend.

Salesforce.com $CRM a Dow Jones Industrial Average stock moved above $225.00 extending an intermediate uptrend.

Blackrock $BLK an S&P 100 stock moved above $716.35 resuming an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 12th 2023

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for July 12th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 12th 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for positive seasonal ratings: www.equityclock.com

Links offered by valued providers

Bullish Pause For Major Indices | Leslie Jouflas, CMT | Your Daily Five (07.12.23)

https://www.youtube.com/watch?v=7PeeJFJYR3g

The Gold Standard Is Back: BRICS To Intro Gold-Backed Reserve Currency

The Gold Standard Is Back: BRICS To Intro Gold-Backed Reserve Currency - BMG (bmg-group.com)

U.S. Dollar Index chart breakdown warns that further losses loom

https://www.marketwatch.com/story/u-s-dollar-index-chart-breakdown-warns-that-further-losses-loom-18dc96aa?mod=mw_latestnews

Will Global Indexes Weigh on America’s Optimism? | Market Buzz (07.12.23)

Will Global Indexes Weigh on America’s Optimism? | Market Buzz (07.12.23) - YouTube

Here’s what could send Canadian dollar higher this year Financial Post

Here’s what could send Canadian dollar higher this year - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 4.20 to 84.00. It remains Overbought. Daily Trend is up.

The long term Barometer added 2.20 to 72.60. It remains Overbought. Daily trend is up.

TSX Momentum Barometers

The intermediate term Barometer gained 7.89 to 57.02. It remains Neutral. Daily trend is up.

The long term Barometer added 3.51 to 56.58. It remains Neutral. Daily trend is 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