Tech Talk for Thursday June 30th 2022

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Editor’s Note: Tech Talk will be available tomorrow July 1st and Monday July 4th

Pre-opening Comments for Thursday June 30th

U.S. equity index futures were lower this morning. S&P 500 futures were down 41 points in pre-opening trade.

Index futures recovered slightly following release of the May PCE Price Index at 8:30 AM EDT. Consensus was an annual increase of 6.6% versus a gain of 6.3% in April. Actual was an increase of 6.3%. Excluding food and energy, consensus for May PCE Price Index was an increase of 4.9% versus a gain of 4.9% in April. Actual was an increase of 4.7%.

The Canadian Dollar was virtually unchanged at US77.48 cents following release of Canada’s April GDP at 8:30 AM EDT. Consensus was an increase of 0.3% versus a gain of 0.7% in March. Actual was an increase of 0.3%

Bed Bath & Beyond dropped $0.22 to $4.77 after Wedbush and KeyBanc Capital lowered their target price on the stock.

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Wallgreens Boots fell $1.45 to $39.42 after the company lowered revenue and earnings guidance.

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Constellation Brands added $0.87 to $244.50 after reporting higher than consensus fiscal first quarter revenues and earnings.

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EquityClock’s Daily Comment

Headline reads “As the market prices in the risk of recession, inflation expectations are peaking”. Following is a link:

http://www.equityclock.com/2022/06/29/stock-market-outlook-for-june-30-2022/

 

Technical Note for yesterday

ProShares Inflation Expectations ETF $RINF moved below $31.82 completing a double top pattern. Units are anticipating a favourable PCE Price Index report released at 8:30 AM EDT.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 29th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 29th 2022

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for June 29th 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

Greg Schnell links:

Rough Seas Leave Investors Frustrated | The Canadian Technician | StockCharts.com

The Benefits of Relative Strength | Greg Schnell, CMT | Market Buzz (04.27.22) – YouTube

 

Mark Bunting and www.uncommonsenseinvestor.com links:

11 Reasons to Get More Bullish on Equities – Uncommon Sense Investor

 

S&P 500 Momentum Barometers

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The intermediate term Barometer added 0.20 to 15.00 yesterday. It remains Oversold.

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The long term Barometer added 0.40 to 23.40 yesterday. It remains Oversold.

 

TSX Momentum Barometers

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The intermediate term Barometer slipped 2.51 to 12.55 yesterday. It remains Oversold.

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The long term Barometer eased 1.87 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.




3 Responses to “Tech Talk for Thursday June 30th 2022”

  1. bruce Says:

    this week the AAII bulls are at 22.8% vs 18.2 last week…..still well below the historical average of 38%….the bears are 46.7% vs 59.3 and above the historical average of 30.5%….at the time of this writing the futures are down 58….the AAII hasn’t been a very reliable contrary indicator lately……

  2. bruce Says:

    For what it’s worth ZWB is currently yielding 7.15%…….

  3. Ron/BC Says:

    Bruce

    Yes, a lot of investors/traders are still messing their pants………………

    https://www.cnn.com/markets/fear-and-greed

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