Tech Talk for Tuesday June 7th 2022
U.S. equity index futures were lower this morning. S&P 500 futures were down 36 points in pre-opening trade.
Target Stores dropped $12.78 to $146.89 after the company cut its profit estimate for the second quarter.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/06/clip_image0011-4.png "clip_image001[1]")
JM Smucker fell $3.76 to $119.50 after lowering its fiscal first quarter guidance.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/06/clip_image0021-3.png "clip_image002[1]")
McKesson added $2.41 to $320.20 after Deutsche Bank upgraded its rating from Hold to Buy.
AmerisourceBergen gained $1.24 to $148.51 after Deutsche Bank raised its rating from Hold to Buy.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/06/clip_image0041.png "clip_image004[1]")
EquityClock's Daily Comment
Headline reads "Stability in the crypto market is lending itself to increased risk-taking in the equity market". Following is the link:
http://www.equityclock.com/2022/06/06/stock-market-outlook-for-june-7-2022/
Technical Notes for yesterday
Pinduoduo $PDD a NASDAQ 100 stock moved above $55.38 extending an intermediate uptrend.
Natural gas stocks continue to respond to higher natural gas prices. Freehold Royalties $FRU.TO a Canadian "gassy" stock moved above Cdn$16.03 extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for June 6th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for June 6th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 6th 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)
S&P 500 Momentum Barometers
The intermediate term Barometer added 4.01 to 41.28 yesterday. It changed from Oversold to Neutral on a recovery above 40.00.
The long term Barometer added 0.80 to 35.27 yesterday. It remains Oversold.
TSX Momentum Barometers
The intermediate term Barometer slipped 1.33 to 35.56 yesterday. It remains Oversold.
The long term Barometer added 0.89 to 41.33 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.
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