Tech Talk for Thursday June 9th 2022

U.S. equity index futures were higher this morning. S&P 500 futures were up 22 points at 7:30 AM EDT

The European Central Bank is scheduled to update its monetary policy this morning at 7:45 AM EDT. It is expected to end its simulating monetary policy.

Tesla advanced $26.25 to $751.82 after UBS upgraded the stock to Buy.

Target gained $1.64 to $158.34 after the company announced a 20% increase in its dividend.

Scotts Miracle Grow dropped another $1.81 to $91.32 after JP Morgan lowered its target price from $130 to $95.

EquityClock's Daily Comment

Headline reads "Despite record high gas prices, demand for the commodity has rebounded and is now at the high of the year". Following is a link:

http://www.equityclock.com/2022/06/08/stock-market-outlook-for-june-9-2022/

Technical Notes for yesterday

"Gassy" stocks continue to advance. Advantage Oil and Gas $AAV.TO moved above Cdn$11.75 to a 14 year high extending an intermediate uptrend.

Oil services stocks on both sides of the border continue to move higher. Precision Drilling $PD.TO moved above Cdn$107.67 to a five year high extending an intermediate uptrend.

JD.com $JD a NASDAQ 100 stock moved above intermediate resistance at $63.68

Altria Group $MO an S&P 100 stock moved below $50.60 completing a double top pattern.

Rogers Communications $RCI.B.TO a TSX 60 stock moved below Cdn$62.67 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 8th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 8th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 8th 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

Mark Bunting and www.uncommonsenseinvestor.com offers the following:

Six Reasons for Optimism About the Economy & Stocks – Uncommon Sense Investor

Greg Schnell discusses "Starting principles for analyzing price".

https://www.youtube.com/watch?v=a1HOQa9A4ks&feature=youtu.be

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 11.90 to 36.60 yesterday. It returned to Oversold from Neutral on a drop below 40.00.

The long term Barometer dropped 3.61 to 34.87 yesterday. It remains Oversold.

TSX Momentum Barometers

The intermediate term Barometer dropped 3.42 to 33.63 yesterday. It remains Oversold.

The long term Barometer slipped 0.71 to 41.26 yesterday. It remains Neutral.

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.