Tech Talk for Wednesday June 21st 2023
U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points at 8:35 AM EDT.
Focus today is on Federal Reserve Chairman Powell's Congressional testimony on U.S. monetary policy starting at 10:00 AM EDT.
The Canadian Dollar added $0.05 to US76.67 cents after release of Canada's April Retail Sales at 8:30 AM EDT. Consensus was an increase of 0.4%. Actual was an increase of 1.1%.
FedEx dropped $7.40 to $224.25 after reporting less than consensus fiscal fourth quarter results. The company also lowered fiscal first quarter guidance.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0015-3.png "clip_image001[5]")
La-Z-Boy dropped $1.11 to $26.35 after reporting less than consensus fiscal fourth quarter results. The company also lowered fiscal first quarter guidance.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0025-3.png "clip_image002[5]")
Patterson Companies advanced $2.44 to $30.68 after reporting higher than consensus fiscal fourth quarter results. The company also offered positive guidance.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0035-3.png "clip_image003[5]")
Winnebago dropped $2.08 to $62.10 after reporting lower than consensus fiscal third quarter revenues.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0045-1.png "clip_image004[5]")
EquityClock's Daily Comment
Headline reads "Emerging market equities presenting a rotation candidate as they start to move higher from bottoming patterns".
http://www.equityclock.com/2023/06/20/stock-market-outlook-for-june-21-2023/
Technical Notes
Gold and gold related equities and Exchange Traded Funds dominated the list of securities moving below support extending intermediate downtrends. Among well-known ETFs, GLD moved below $180.09 and GDXJ moved below $35.79.
Gold equities in the TSX 60 moving below support and extending intermediate downtrends included ABX.TO, WPM, FNV and AEM.
Canadian Natural Resources $CNQ.TO a TSX 60 stock moved below Cdn$71.92 extending an intermediate downtrend.
CCL Industries $CCL.B.TO a TSX 60 stock moved below Cdn$61.28 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for June 20th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for June 20th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 20th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive seasonal ratings: www.equityclock.com
Links offered by valued providers
CAUTION Is This Week’s Word | Tom Bowley | Trading Places (06.20.23)
CAUTION Is This Week’s Word | Tom Bowley | Trading Places (06.20.23) - YouTube
Are Equities Overheated? | Greg Harmon, CMT | Your Daily Five (06.20.23)
Are Equities Overheated? | Greg Harmon, CMT | Your Daily Five (06.20.23) - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 5.80 to 64.40. It remains Overbought. Daily trend has started to roll over.
The long term Barometer dropped 4.20 to 61.50. It remains Overbought. Daily trend has started to roll over.
TSX Momentum Barometers
The intermediate term Barometer dropped 5.17 to 32.76. It became oversold on Monday on a move below 40.00.
The long term Barometer dropped 4.74 to 46.55. It remains Neutral. Daily trend is down.
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
| More from the network: |