Pre-opening Comments for Thursday June 22^nd

U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points at 8:35 AM EDT.

Bank of England increased its interest rate for United Kingdom banks by 0.50% to 5.00%.

Federal Reserve Chairman Powell continues his testimony to Congress starting at 10:00 AM EDT.

Boeing dropped $7.33 to $204.75 after its biggest component supplier, Spirit Aero Systems received a strike notice from its union employees.

Darden Restaurants dropped $7.41 to $159.00 despite reporting higher than consensus fiscal fourth quarter revenues and earnings. The company also raised its dividend.

KB Homes dropped $1.23 to $50.73 despite reporting higher than consensus fiscal second quarter results.

 

EquityClock’s Daily Comment

Headline reads “Looking for rotation during the quarter ahead into some of this year’s laggards in the most cyclically sensitive segments of the market”.

http://www.equityclock.com/2023/06/21/stock-market-outlook-for-june-22-2023/

 

Technical Notes

Gold equities and related ETF extended their intermediate downtrend. Kinross Gold $KGC a TSX 60 stock moved below US$4.59. Gold Miners ETF moved below $30.11.

CGI Group $GIB.A.TO a TSX 60 stock moved below intermediate support at Cdn$134.07.

Okta $OKTA a NASDAQ 100 stock moved below $70.20 setting an intermediate downtrend

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 21^st 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 21^st 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 21^st 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for positive seasonal ratings: www.equityclock.com

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.20 to 64.60. It remains Overbought.

The long term Barometer added 1.20 to 62.60. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer slipped 0.43 to 32.33. It remains Oversold.

The long term Barometer added 0.43 to 46.98. It remains Neutral.

Disclaimer: Seasonality ratings 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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