Tech Talk for Tuesday June 28th 2022

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Pre-opening Comments for Tuesday June 28th

U.S. equity index futures were higher this morning. S&P 500 futures added 11 points in pre-opening trade.

Goldman Sachs added $3.22 to $304.00 after the company raised its dividend by 25%.

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Wells Fargo advanced $0.23 to $40.47 after the company raised its dividend by 20%.

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State Street dropped $0.51 to $64.70 after Deutsche Bank downgraded the stock from Buy to Hold.

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Ovintiv gained $2.50 to US$49.78 after JP Morgan upgraded the stock to Overweight.

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EquityClock’s Daily Comment

Headline readsDuring the often volatile third quarter for the equity market, investing in defense can be an ideal way to become defensive in investment portfolios. Following is a link:

http://www.equityclock.com/2022/06/27/stock-market-outlook-for-june-28-2022/

Interesting headline from Market Watch

Headline reads “A slumping stock market may be due for a seasonal pick-me-up history shows”. In a search for ‘silver linings,’ Bespoke finds historically best day for 2-week returns arrives this week. Following is the link:

https://www.marketwatch.com/story/a-slumping-stock-market-may-be-due-for-a-seasonal-pick-me-up-history-shows-11656357609?mod=home-page

Technical Notes for yesterday

Merck $MRK a Dow Jones Industrial Average stock moved above $94.15 extending an intermediate uptrend.

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UnitedHealth Group $UNH a Dow Jones Industrial Average stock moved above intermediate resistance at $503.98.

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China Large Cap iShares $FXI moved above $34.15 extending an intermediate uptrend.

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JD.com $JD a NASDAQ 100 stock moved above $67.72 completing a bullish reversal pattern.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 27th 2022

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Green: Increase from previous day

Red: Decrease from previous day


Commodities

Daily Seasonal/Technical Commodities Trends for June 27th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 27th 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)

 

S&P 500 Momentum Barometers

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The intermediate term Barometer slipped 0.40 to 22.00 yesterday. It remains Oversold.

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The long term Barometer added 0.80 to 24.80 yesterday. It remains Oversold. Trend is up.

 

TSX Momentum Barometers

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The intermediate term Barometer added 0.84 to 15.48 yesterday. It remains Oversold. Trend is up.

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The long term Barometer added 1.26 to 27.20 yesterday. It remains Oversold. Trend is up.

 

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.




3 Responses to “Tech Talk for Tuesday June 28th 2022”

  1. Ron/BC Says:

    Here is a long term Weekly chart of Copper with the $SPX overlaid in blue. All I’ve ever heard is about Dr.Copper and where it goes the stock market goes. While there is “some” truth to this, note from 2011 to 2016 they traded inverse to each other. And other times the rate of correlation was mild to say the least. I’ve never been very impressed with this Dr.Copper story myself….The story makes sense but the charts don’t really back it up enough to trade with.

    https://stockcharts.com/h-sc/ui?s=%24COPPER&p=W&yr=20&mn=0&dy=0&id=p89820050250&a=1194290822

  2. Paula Says:

    Ron/BC,
    Thanks for the $Copper chart compared to $SPX. That is a good example of how the story is not confirmed by the charts. Another example is higher interest rates being good for financials. There is not a consistent correlation:

    https://schrts.co/ttdpfxUS

    Very quiet on this site lately.

  3. Ron/BC Says:

    Paula
    Quiet yes! That’s what traders do when getting their ass kicked.!

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