Pre-opening Comments for Wednesday June 22^nd

U.S. equity index futures were lower this morning. S&P 500 futures were down 61 points in pre-opening trade.

Investors are waiting for testimony on monetary policy by Federal Reserve Chairman Powell to Congressional leaders today and tomorrow starting at 10:00 AM EDT.

The Canadian Dollar was virtually unchanged at US77.06 cents following release of Canada’s May Consumer Price Index at 8:30 AM EDT. Consensus was an increase 0.5% versus a gain of 0.6% in April. Actual was up 1.4%..On a year-over-year basis May CPI was expected to increase 7.3% versus a gain of 6.8% in April. Actual was an increase of 7.7%. Excluding food and energy, Canada’s May Consumer Price Index was expected to increase 0.4% versus a gain of 0.7% in April. Actual was an increase of 0.9%. .

Crude oil dropped $6.09 to US$103.43 in pre-opening trade.

La-z-boy advanced $2.33 to $25.06 after reporting higher than consensus fourth quarter revenues and earnings.

Nike dropped $2.32 to $106.36 after Seaport Research downgraded the stock from Buy to Neutral.

 

EquityClock’s Daily Comment

 

Headline reads “Key test for the health of the real estate market ahead following the largest May increase to home inventory on record”. Following is a link:

http://www.equityclock.com/2022/06/21/stock-market-outlook-for-june-22-2022/

Technical Notes for yesterday

Natural Gas ETN $UNG moved below $23.17 extending an intermediate downtrend.

Wheat ETN $WEAT) moved below $10.39 and $10.35 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 21^st 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 21^st 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 21^st 2021

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)

 

Seasonality Chart of the Day

Period of seasonal strength on a real and relative basis for Silver is from June 22^nd to Sept 3rd

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.20 to 5.20 yesterday. It remains Extremely Oversold but shows early signs of bottoming.

The long term Barometer added 4.40 to 17.20 yesterday. It remains Oversold, but shows early signs of bottoming

 

TSX Momentum Barometers

The intermediate term Barometer added 2.09 to 11.30 yesterday. It remains Oversold, but shows early signs of bottoming.

The long term Barometer added 1.67 yesterday. It remains Oversold, but shows early signs of bottoming.

 

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.

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