Tech Talk for Friday July 1st 2022
Happy Canada Day
U.S. equity index futures were lower this morning S&P 500 futures were down 16 points in pre-opening trade.
Economic focus today is on release of the June ISM Manufacturing PMI report at 10:00 AM EDT. Consensus calls for a decline to 55.0 from 56.1 in May.
Micron dropped $2.78 to $52.50 after the company lowered sales and revenue guidance.
Kohl's dropped $6.59 to $29.10 after takeover discussion were terminated.
FedEx dropped $4.55 to $222.16 after Berenberg downgraded the stock from Buy to Hold.
Media Appearances
Media interviews with Don Vialoux were completed last week with Investors Digest and Mike's Money Talks. Investors Digest is published electronically to subscribers this weekend. Mike's Money Talks is distributed electronically tomorrow (Saturday) at 8:30 AM Vancouver time/ 11:30 AM Toronto time. Link is www.mikesmoneytalks.ca
Technical Notes for yesterday
Gasoline ETN $UGA moved below $68.11 completing a Head & Shoulders pattern.
Retail SPDRs $XRT moved below $57.69 extending an intermediate downtrend.
Semiconductor ETFs extended their downtrend. SMH moved below intermediate support at $201.06 and SOXX moved below intermediate support at $345.42.
Wallgreens Boots $WBA an S&P 100 stock moved below $39.14 extending an intermediate downtrend.
Silver ETN $SLV moved below $19.01 extending an intermediate downtrend.
Italy iShares $EWI moved below $24.08 extending an intermediate downtrend.
Magna International $MG.TO a TSX 60 stock moved below Cdn$69.60 extending an intermediate downtrend.
Franco-Nevada $FNV.TO a TSX 60 stock moved below Cdn$170.73 and US$132.87 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for June 30th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for June 30th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 30th 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)
Links offered by valued providers
Tom Bowley says "Technology Relative Strength is Encouraging".
Technology Relative Strength is Encouraging | Tom Bowley | Trading Places (06.30.22) - YouTube
Market Watch says "Raging U.S. inflation is starting to cool, key price gauge signals"
Editor's Note: RINF, an ETF that measures inflation expectations continues, to plunge.
S&P 500 Momentum Barometers
The intermediate term Barometer was unchanged at 15.00 yesterday. It remains Oversold.
The long term Barometer slipped 1.00 to 22.40 yesterday. It remains Oversold.
TSX Momentum Barometers
The intermediate term Barometer was unchanged at 12.55 yesterday. It remains Oversold.
The long term Barometer slipped 1.00 to 22.40 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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