Tech Talk for Friday June 10th 2022

Daily Reports Add comments

Pre-opening Comments for Friday June 10th

U.S. equity index futures were lower this morning. S&P 500 futures were down 44 points in pre-opening trade.

U.S. equity index futures moved lower following release of the May Consumer Price Index at 8:30 AM EDT. May U.S. Consumer Price Index to be released at 8:30 AM EDT on Friday was expected to increase 0.7% versus a gain of 0.3% in April. Actual was an increase of 1.0%. On a year-over-year basis May Consumer Price Index is expected to increase 8.3% versus a gain of 8.3% in April. Actual was an increase of 8.6%. Excluding food and energy, May Consumer Price Index was expected to increase 0.5% versus a gain of 0.6% in April. Actual was an increase of 0.6%. On a year-over-year basis, May Consumer Price Index excluding food and energy was expected to increase 5.9% versus a gain of 6.2% in April. Actual was an increase of 6.0%.

The Canadian Dollar slipped 0.17 to US 78.37 cents following release of Canada’s May Employment Report at 8:30 AM EDT. Consensus was an increase in employment by 27,500 versus a gain of 15,300 in April. Actual was an increase of 39,800. Consensus for May Unemployment Rate was unchanged from April at 5.2%. Actual was a slip to 5.1%.

DocuSign plunged$18.15 to $69.00 after reporting less than consensus first quarter results. The company also lowered guidance.

clip_image001[1]

Vail Resorts advanced $18.03 to $263.53 after reporting higher than consensus quarterly results. The company also raised its dividend.

clip_image002[1]

StitchFix dropped $1.37 to $6.41 after reporting lower than consensus quarterly results.

clip_image003[1]

 

EquityClock’s Daily Comment

Headline reads “While the fundamental backdrop still leans bullish for the price of Natural Gas, the period of seasonal weakness ahead for the commodity could take the commodity off of its positive trend”. Following is a link:

http://www.equityclock.com/2022/06/09/stock-market-outlook-for-june-10-2022/

Technical Notes for Yesterday

Soybean ETN $SOYB moved above $27.11 to an all-time high extending an intermediate uptrend.

clip_image001

Turkey ETF $TUR moved below $19.92 setting an intermediate downtrend.

clip_image002

Regeneron $REGN a NASDAQ 100 stock moved below $597.76 setting an intermediate downtrend.

clip_image003

Intel $INTC a Dow Jones Industrial Average stock moved below $40.31 extending an intermediate downtrend.

clip_image004

Peloton $PTON a NASDAQ 100 stock moved below $11.25 extending an intermediate downtrend.

clip_image005

Xcel Energy $XEL a NASDAQ 100 stock moved below intermediate support at $71.02.

clip_image006

Nikkei Average moved above 28,338.81 setting an intermediate uptrend.

clip_image007

 

Trader’s Corner

 

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 9th 2022

clip_image009

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 9th 2022

clip_image011

Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for June 9th 2021

clip_image013

Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX)

 

S&P 500 Momentum Barometers

clip_image014

The intermediate term Barometer plunged 14.28 to 24.00 yesterday. It changed from Neutral to Oversold on a move below 40.00.

clip_image015

The long term Barometer dropped 5.27 to 29.40 yesterday. It remains Oversold.

 

TSX Momentum Barometers

clip_image016

The intermediate term Barometer dropped 1.36 to 32.27 yesterday. It remains Oversold.

clip_image017

The long term Barometer dropped 4.89 to 36.36 yesterday. It changed from Neutral to Oversold on a move below 40.00.

Disclaimer: Seasonality 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.




15 Responses to “Tech Talk for Friday June 10th 2022”

  1. RonBC Says:

    Slowly but surely we are getting there……………….

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=W&yr=20&mn=0&dy=0&id=p40726079194&a=673066405

  2. Paula Says:

    Ron/BC,

    Interesting price action on the gold stocks today. Here is one of your charts I saved of GDX. The 50EMA is crossing below the 200EMA on this GDX chart but the price is moving above the 20EMA. This is one of the few green charts today.

    https://schrts.co/vkDirNsB

  3. Ron/BC Says:

    Paula

    It looks for some time now that we are going to hell in a handbasket. BUTTTTTTTTTTTTTT, it may be that I’m becoming more pessimistic. I do lean in that direction much of the time as it does save me from joining the herd over the cliff often enough. There will always be good buys now and again though looking at the charts but many of them will be short lived.

  4. RonBC Says:

    Paula

    Here is another Gold stock chart but of XGD.to. You can see it has been outperforming GDX since last October. It is set up nicely to breakout above the $19.44-$19.50 area. A breakout there should see price rally to $21. It’s one of the few markets looking “reasonably” bullish.

    https://stockcharts.com/h-sc/ui?s=XGD.TO&p=D&yr=1&mn=0&dy=0&id=p04695087981&a=673066137

    https://stockcharts.com/freecharts/seasonality.php?symbol=XGD.TO

  5. Paula Says:

    Ron/BC
    Thanks for the charts. It is curious that XGD is outperforming GDX since among the top ten holdings of GDX, seven are Canadian companies. Mind you the top holding at of GDX with ~ 16% allocation is NEM, a US company. On XGD, NEM is ~ 22% so maybe just trade NEM. It trade millions of shares a day and had a dividend yield over 3%. I think the FX might be messing with the ratio of XGD.TO:GDX.

    I tried making a chart of NEM using your ratio chart and it looks like it might be breaking down relative to GDX. What do you think? Maybe you can correct my lines.

    https://schrts.co/JBYchFJW

  6. DM/ON Says:

    RE: #5
    Paula,
    XGD is in CAD and because USD is recently (last few days) strengthening (simultaneously with gold and miners reversal on Friday) XGD has greater increase. Rate of exchange plays quite a bit of role in valuing the stocks especially with the degree of volatility they recently have. I’m wondering if CAD vs USD somewhat increases on Monday while miners idle, may produce little better opportunity to buy XGD, then, expecting USD continues its bias, but gold and miners continue to strengthen as well thus preserving our Canadian portfolio value.
    I guess, we’ll see.

  7. Paula Says:

    DM/ON
    Thanks for your comments. I thought FX might be the issue with the ratio chart of XGD.TO:GDX but having trouble wrapping my head around it. Ron/BC shows XGD outperforming since last October, so it’s not a short term thing. USD has been strengthening over that time.

    https://schrts.co/wxFBKgVw

  8. Ron/BC Says:

    Paula

    Here is a 2 year Daily chart of NEM with GDX and XGD.to overlaid in blue and orange. Note how well both overlays stick together as they are both a combination of Gold stocks so will act far more radically than the single long term stock of NEM. So far more price action with the ETFs.
    The seasonal trend 2nd chart shows GDX outperforming NEM ahead but I think it will always outperform NEM due to the structure of the ETFs.
    NEM also bounced off of support with a high close.

    https://stockcharts.com/h-sc/ui?s=NEM&p=D&yr=2&mn=0&dy=0&id=p75798596863&a=673066208

    https://stockcharts.com/freecharts/seasonality.php?symbol=NEM&compare=gdx

  9. Ron/BC Says:

    Paula
    The chart in #8 shows NEM outperforming GDX and XGD.to over that time frame But you have to keep in mind NEM has been in a steady uptrend the entire time with higher highs and the two ETFs have just been trading sideways with stronger sell offs. So NEM will look to be a better buy.

  10. Paula Says:

    Ron/BC,
    Thanks for all your input.Very helpful.
    As usual lots to think about.

  11. Ron/BC Says:

    Paula

    I think I’ll see what XGD.to does tomorrow to see if it can breakout over resistance. Unfortunately I live in Pacific Time so am late the the stock party all the time.

  12. FishFat Says:

    re: #7
    The value of the US Dollar is normally based on a basket of six foreign currencies (Euro, Yen, Pound Sterling, Cdn Dollar, Swedish Krona, and Swiss Franc. According to Wikipedia, in this basket the Euro makes up 57.6% and Canada 9.1%. Assuming the USD chart in Stockcharts reflects this convention it is not a good comparison directly to the Cdn Dollar.

    A better chart for portfolios valued in Cdn Dollars may be the chart of the $USDCAD pairs trade. I have attached the weekly Stockchart. It shows that the value of the USD has been in a tight trading range relative to the Cdn Dollar for nearly a year.

    https://schrts.co/jHrfvvnD

  13. Paula Says:

    Ron/BC,
    I used to wonder if you got up really early to see the open but then I realized that you were not that interested. LOL

  14. Paula Says:

    Fishfat,
    Re # 12.
    Thanks for the different perspective.

  15. RonBC Says:

    Paula

    Long ago I used to get up at the crack of dawn to see the open and perhaps make a trade until as time went on I realized the markets tend to get an explosive open from all the eager beavers trying to get a jump on things. Not a good bunch to follow. I can’t recall the analyst’s name but someone I respected then said, “The amateur’s determine the open and the professionals determine the close.” That I can believe. So get up when I get up now, lol. Right now the markets are getting their butts kicked……….again……………….

Entries RSS Comments RSS Log in