Tech Talk for Friday June 17th 2022

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Pre-opening Comments for Friday June 17th

 

Editor’s Note

Tech Talk will appear on Monday despite the U.S. holiday.

U.S. equity index futures were higher this morning. S&P 500 futures were up 34 points in pre-opening trade.

Volume in U.S. equity markets are expected to be higher than average. Today is quadruple witching day when September equity and index options and September equity and index futures record their last trade date.

Adobe dropped $17.18 to $347.90 despite reporting higher than consensus quarterly revenues and earnings. The company also lowered guidance.

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US Steel added $1.08 to $20.66 after offering positive revenue and earnings guidance.

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American Eagle Outfitters slipped $0.12 to 11.74 after B Riley downgraded the stock from Buy to Neutral

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EquityClock’s Daily Comment

Headline reads “Looking out for the cues that would suggest selling exhaustion in order to flip back to risk-on in the equity market”.

Following is the link:

http://www.equityclock.com/2022/06/16/stock-market-outlook-for-june-17-2022/

 

Observations

The U.S. Dollar Index and its related ETN moved significantly lower yesterday, the largest one day drop in over two years.

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Gold, gold stocks and related ETFs responded with significant gains. ‘Tis the season for the sector to move higher!

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Technical Notes for Yesterday

S&P 100 and NASDAQ 100 stocks moving below intermediate support extending an intermediate downtrend included BLK, CMCSA, MAR, WBA, ALL, AXP, AVGO, ADI, AMD, LRCX, MA, QCOM, NXPI, VRSN, PAYX, CHTR, KMI, EMR

ETFs moving below intermediate support extending an intermediate downtrend included XLY, CARZ, ITA, XBM.TO

TSX 60 stocks moving below intermediate support extending an intermediate downtrend included TRP, RY, NA, BNS, FM, BAM, CNQ, CTC.A, BIP/UN and POW.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 16th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 16th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 16th 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 from Valued Providers

Greg Schell says “Recession Data Is Arriving

https://www.youtube.com/watch?v=2hPcTLrpmZ0

 

Tom Bowley says “I’m calling the bottom”.

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

 

S&P 500 Momentum Barometers

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The intermediate term Barometer dropped 4.00 to 2.00 yesterday, lowest level since March 2020. It remains extremely Oversold, but has yet to show signs of a short term bottom.

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The long term Barometer dropped another 5.20 to 13.00 yesterday. It remains Oversold, but has yet to show signs of a short term bottom.

 

TSX Momentum Barometers

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The intermediate term Barometer plunged 8.37 to 9.20 yesterday. It is extremely Oversold, but has yet to show signs of a short term bottom

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The long term Barometer dropped 2.93 to 25.52 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.




2 Responses to “Tech Talk for Friday June 17th 2022”

  1. RonBC Says:

    The Canadian dollar has tested the 77 cent level a few times now and is presently trading well below that support level in the 76 cent area. Failure to re-clear 77 would suggest another selloff to much lower levels. Price can’t stay below 77 for much longer as it is already testing the May lows.

    https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=5&mn=0&dy=0&id=p15033841527&a=820900908

  2. RonBC Says:

    Here is the Dow which is presently testing important support at the Feb/2020 high which is also the Weekly 200ema. “IF” this can’t hold as support for at least a descent bounce then it is in serious trouble. Geez, there must be some B.S. financial story out there to bounce this dead duck………….

    https://stockcharts.com/h-sc/ui?s=%24INDU&p=W&yr=5&mn=0&dy=0&id=p42709040541&a=673066175

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