Tech Talk for Thursday June 16th 2022

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Pre-opening Comments for Thursday June 16th

U.S. equity index futures were lower this morning. S&P 500 futures were down 84 points at 7:30 AM EDT. Index futures are responding to expectations that the Bank of England will increase its overnight lending rate today.

U.S. equity index futures were waiting for release of economic news at 8:30 AM EDT. Consensus for the June Philly Fed Index is an increase to 5.3 from 2.6 in May. Consensus for U.S. May Housing Starts is a drop to 1.700 million units from 1.734 million units in April.

Canadian National Railway (CNR.TO) is expected to open lower after the company received a strike notice from one of its unions.

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Twitter added $0.92 to $38.91 prior to a presentation by Elon Musk to the company and its employees later today.

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KLA Tencor dropped $4.79 to $319.00 despite announcing a 24% dividend increase and plans to enter into a $6 billion share buyback program.

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EquityClock’s Daily Comment

Headline reads “The Fed has stepped in to increase rates at a faster pace in order to cool demand.  Consumer data points to them being” too late. Following is a link:

http://www.equityclock.com/2022/06/15/stock-market-outlook-for-june-16-2022/

Responses to the FOMC report released at 2:00 PM EDT

The Federal Reserve increased the Fed Fund rate by 0.75% and projected a plan to lower the inflation rate to 3.80%. Responses were as follows:

S&P 500 Index moved higher

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NASDAQ 100 Index was stronger than the S&P 500 Index

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Yield on 10 year Treasuries eased slightly

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U.S. Dollar ETN moved lower

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The VIX Index initially moved lower, but closed stronger

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Gold and related ETN moved higher

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Gold equities and related ETFs moved higher.

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TSX Index moved higher.

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Technical Notes for yesterday

Fortis $FTS.TO a TSX 60 stock moved below US$59.00 extending an intermediate uptrend.

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Wheaton Precious Metals $WPM a TSX 60 stock moved below US$38.36 extending an intermediate downtrend.

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Seagen $SGEN a NASDAQ 100 stock moved above $147.41 setting an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 15th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 15th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 15th 2021

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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)

Links offered by Valued Providers

Links from Mark Bunting and www.uncommonsenseinvestor.com

Inflation & The $64,000 Question for Stocks – Uncommon Sense Investor

European Vacation: Boots on the Ground View of EU Economies & Multi-National Companies on Vimeo

 

S&P 500 Momentum Barometers

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The intermediate term Barometer added 1.19 to 6.00. It remains Oversold. The Barometer likely reached an intermediate low on Tuesday.

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The long term Barometer added 1.17 to 18.20 yesterday. It remains Oversold.

 

TSX Momentum Barometers

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The intermediate term Barometer added 0.78 to 17.57 yesterday. It remains Oversold.

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The long term Barometer added 1.18 to 28.45 yesterday. It remains Oversold.

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.




7 Responses to “Tech Talk for Thursday June 16th 2022”

  1. bruce Says:

    the AAII survey this week has the bulls at 19.4% vs 21.0 last week and 32.0% two weeks ago….historically 38%…..the bears are up to 58.3% this week from 46.9 last week and 37.1 two weeks ago…..historically the average is 30.5%…..this survey has been a fairly good contrary indicator in the past but certainly not for the past month or two….

  2. RonBC Says:

    Geez, not much of a “Bounce Back” in the market…………..She’s still a very sick puppy. But price on the Dow is right on the Fibonacci 38.2% retracement level which serves as a support point. That is also right at the Feb & Nov 2020 high. “Should be” a descent bounce back off these price points. Don’t expect a blast to the moon as this bear market isn’t done yet but a descent bounce back on some b.s. financial news story should be heard soon enough.

    https://stockcharts.com/h-sc/ui?s=%24INDU&p=D&yr=3&mn=0&dy=0&id=p42028589428&a=673066566

  3. RonBC Says:

    Here is the $SPX. Price bounced off of the Fibonacci 38.2% retracement level and bounced back about 350 points to the breakdown level at 4170 and sold off again. Price has now come down and broken below the Fib 38.2% retracement level. The next significant price point is the Fibonacci 50% retracement level at 3500. Sure glad I don’t own any of this…………….

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=3&mn=0&dy=0&id=p65916842220&a=1131926615

  4. bruce Says:

    Ron
    you’ve done an admirable job of advising us all and avoiding this mess……tnx for your time and inputs…

  5. Ron/bc Says:

    #4
    Thanks Bruce.
    I don’t know what the answer is to trading the markets as they are erratic and vulnerable to so many events, both real and imagined. That’s why I still to stock charts rather than stock stories. Thank you for the bullish/bearish stats as they tell us extremes in sentiment. Also very important.

  6. David Says:

    I’m not sure if it means anything but the 30 year US Treasury yield has hit resistance vs the spx500 on a monthly chart.

    https://schrts.co/gcjnFTBf

  7. David Says:

    IWM has also hit support

    https://schrts.co/pweuZEDE

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