Tech Talk for Wednesday July 12th 2023

U.S. equity index futures were higher this morning. S&P 500 futures were up 32 points at 8:35 AM EDT.

S&P 500 futures jumped 22 points following release of the U.S. June Consumer Price Index at 8:30 AM EDT Consensus was an increase of 0.3% versus a gain of 0.1% in May. Actual was an increase of 0.2%. On a year-over-year basis, June CPI was expected to increase 3.1% versus a gain of 4.0% in May. Actual was an increase of 3.0%. Excluding food and energy, June Consumer Price Index was expected to increase 0.3% versus 0.4% in May. Actual was an increase of 0.2%. On a year-over-year basis, Core June CPI was expected to increase 5.0% versus a gain of 5.3% in May. Actual was an increase of 4.8%.

Bank of Canada updates monetary policy at 10:00 AM EDT on Wednesday. Consensus calls for an increase in the Bank's rate available for Canada's major banks from 4.75% to 5.00%.

JP Morgan slipped $0.24 to $147.18 after Citigroup downgraded the stock from Buy to Neutral.

InMode added $1.61 to $42.35 after the company raised second quarter guidance.

Raytheon Technologies added $0.07 to $98.11 after receiving a $5.5 billion contract from the U.S. Air Force.

EquityClock's Daily Comment

Headline reads "The put-call ratio has fallen to the lowest level since the start of 2022 at the previous market peak".

http://www.equityclock.com/2023/07/11/stock-market-outlook-for-july-12-2023/

Technical Notes

Swiss Franc $FXF moved above 100.80 to a two year high reflecting weakness in the U.S. Dollar Index

Aerospace & Defense iShares $ITA moved above $117.59 to an all-time high extending an intermediate uptrend.

Russell 2000 iShares $IWM moved above $189.24 extending an intermediate uptrend.

Booking Holdings $BKNG a NASDAQ 100 stock moved above $2,786.85 to an all-time high extending an intermediate uptrend.

O'Reilly Automotive $ORLY moved above $964.58 to an all-time high extending an intermediate uptrend.

Caterpillar $CAT a Dow Jones Industrial Average stock moved above $250.89 extending an intermediate uptrend.

eBay $EBAY a NASDAQ 100 stock moved above $46.54 extending an intermediate uptrend.

Match Group $MTCH a NASDAQ 100 stock moved above $44.50 extending an intermediate uptrend.

Electronic Arts $EA a NASDAQ 100 stock moved above $132.91 and $135.02 extending an intermediate uptrend.

Activision Blizzard $ATVI a NASDAQ 100 stock moved above $87.01 extending an intermediate uptrend. Received approval for the takeover by Microsoft!

Mondelez $MDLZ a NASDAQ 100 stock moved below $71.48 extending an intermediate downtrend.

Coca Cola $KO a Dow Jones Industrial Average stock moved below $58.92 setting an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 11th 2023

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for July 11th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 11th 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for positive seasonal ratings: www.equityclock.com

Links offered by valued providers

S&P 500 could surge 100 points this week on inflation data, says Fundstrat's Lee

https://www.marketwatch.com/story/s-p-500-could-surge-100-points-this-week-on-inflation-data-says-fundstrats-lee-d41063f2?itm_source=parsely-api&mod=mw_pushly&send_date=20230711

Screening For The Strongest Oversold Bullish Stocks | Halftime by Chaikin Analytics (07.10.23)

Screening For The Strongest Oversold Bullish Stocks | Halftime by Chaikin Analytics (07.10.23) - YouTube

Is The 10-Year Treasury Yield Topping? | Tom Bowley | Trading Places (07.11.23)

Is The 10-Year Treasury Yield Topping? | Tom Bowley | Trading Places (07.11.23) - YouTube

Nasdaq 100 rebalancing will add volatility to tech earnings, KKM’s Jeff Kilburg

Nasdaq 100 rebalancing will add volatility to tech earnings, KKM’s Jeff Kilburg - YouTube

Jim Grant explains why investors may be getting a ‘whiff of stagflation’ following June’s job report

Jim Grant explains why investors may be getting a ‘whiff of stagflation’ following June’s job report - YouTube

Gold Forecast Video for 12.07.23 by Bruce Powers

Gold Forecast Video for 12.07.23 by Bruce Powers - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer gained 5.60 to 79.80. It remains Overbought. Daily trend is up.

The long term Barometer added 3.40 to 70.40. It remains Overbought. Daily trend is up.

TSX Momentum Barometers

Intermediate term Barometer added 3.51 to 49.12. It remains Neutral. Daily trend is up.

Long term Barometer slipped 0.88 to 53.07. It remains Neutral.

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