Pre-opening Comments for Thursday June 23^rd

U.S. equity index futures were higher at 7:30 AM EDT. S&P 500 futures were up 31 points in pre-opening trade.

Federal Reserve Chairman continues his testimony today at 10:00 AM EDT before a House of Representative Committee

Tesla slipped $1.77 to $706.49 after Morgan Stanley lowered its target price from $1300 to $1200. Also, the company announced plans to increase production in China.

KB Homes added $0.76 to $26.99 after reporting higher than consensus fiscal second quarter earnings.

 

EquityClock’s Daily Comment

Headline reads “Downside leadership is seen fading as the average summer rally period nears”.

 

Following is a link:

http://www.equityclock.com/2022/06/22/stock-market-outlook-for-june-23-2022/

 

Technical Notes for yesterday

Biogen $BIIB a NASDAQ 100 stock moved above $208.49 setting an intermediate uptrend.

Zoom $ZM a NASDAQ 100 stock moved above $116.90 resuming an intermediate uptrend.

First Trust Natural Gas ETF $FCG moved below intermediate support at $22.78.

Uranium ETF $URA moved below $18.60 extending an intermediate downtrend.

Copper Miners ETF $COPX moved below $23.93 setting an intermediate downtrend. Most of the weakness came from Rio Tinto $RIO on a move below $63.17, Vale $VALE on a move below $14.52 and Southern Copper $SCCO on a move below $52.80.

Metro $MRU.TO a TSX 60 stock moved below $65.76 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 22^nd 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 22^nd 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 22^nd 2021

Green: 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 Schnell discusses “An investor’s look back for 2022”

An Investors Look Back For 2022 | The Canadian Technician | StockCharts.com

 

Greg Schnell discusses “My favourite indicator: Percent Price Oscillator”

My Favorite Indicator: Percentage Price Oscillator | Greg Schnell, CMT | Market Buzz (06.22.22) – YouTube

 

Hedgeye’s newest long idea: an investment in China

How The Hedgeye #Process Found Our Newest Long Idea – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.60 to 5.80 yesterday. It remains Oversold. Technical sign of a bottom has arrived.

The long term Barometer added 0.20 to 17.40 yesterday. It remains Oversold. Technical sign of a bottom has arrived.

 

TSX Momentum Barometers

The intermediate term Barometer eased 4.18 to 7.11 yesterday. It remains Oversold.

The long term Barometer slipped 1.67 to 24.69 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.

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