Tech Talk for Friday January 6th 2023

January 06, 2023 / www.timingthemarket.ca / Article Link

U.S equity index futures were higher this morning. S&P 500 futures were up 20 point in pre-opening trade.

Index futures moved higher following release of the December Non-Farm Payrolls at 8:30 AM EST. Consensus was an increase of 200,000 versus a downwardly revised gain of 256,000 in November. Actual was an increase of 223,000. December Unemployment Rate was expected to remains unchanged from November at 3.7%. Actual was a drop to 3.5%. December Average Hourly Earnings were expected to increase 0.4% versus a gain of 0.6% in November. Actual was an increase of 0.3%. On a year-over-year basis, December Average Hourly Earnings were expected to increase 5.0% versus a gain of 5.1% in November. Actual was an increase of 4.6%.

The Canadian Dollar recovered slightly to US73.46 cents following release of the December Canadian Employment report at 8:30 AM. Consensus was an increase of 5,000 versus a gain of 10,100 in November. Actual was an increase of 104,000. Consensus for the December Canadian Unemployment Rate was an increase to 5.2% from 5.1% in November. Actual was a drop to 5.0%.

Costco advanced $12.81 to $463.00 after announcing higher than consensus sales in December.

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Tesla dropped $6.82 to $103.52 after the company lowered the price of its model 3 cars sold in China.

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Southwest Airlines dropped $0.68 to $32.85 after the company announced expectations for a fourth quarter loss.

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EquityClock's Daily Comment

Headline reads "After a 130% gain in our Short Natural Gas trade, we are taking our profits and stepping aside now that the commodity has found itself back at support at last winter's lows".

http://www.equityclock.com/2023/01/05/stock-market-outlook-for-january-6-2023/

 

Technical Notes

Pinduoduo $PDD a NASDAQ 100 stock moved above $93.16 extending an intermediate uptrend.

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Seagen $SGEN a NASDAQ 100 stock moved above $135.20 completing a reverse Head & Shoulders pattern.

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Eli Lilly $LLY an S&P 100 stock moved below $354.61 completing a double top pattern.

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Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for January 5th 2023

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for January 5th 2023

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for January 5th 2023

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Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Larry Williams offers his outlook for 2023

https://www.youtube.com/watch?v=FEerD4AP4sw

 

Seasonality Points to a Weak Start for 2023! | Julius de Kempenaer | Sector Spotlight (01.03.23)

https://www.youtube.com/watch?v=bKtXEoyrOWc&t=185s

 

Greg Schnell discusses "Setting up 2023 Charts and Settings"

Setting Up 2023 Charts and Settings | Greg Schnell, CMT | Market Buzz (01.04.23) - YouTube

 

S&P 500 Momentum Barometers

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The intermediate term Barometer dropped 11.40 to 46.00. It remains Neutral.

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The long term Barometer dropped 4.20 to 49.00. It remains Neutral.

 

TSX Momentum Barometers

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The intermediate term Barometer dropped 5.08 to 50.86. It remains Neutral.

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The long term Barometer slipped 0.85 to 48.73. 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


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