Tech Talk for Thursday June 16th 2022

U.S. equity index futures were lower this morning. S&P 500 futures were down 84 points at 7:30 AM EDT. Index futures are responding to expectations that the Bank of England will increase its overnight lending rate today.

U.S. equity index futures were waiting for release of economic news at 8:30 AM EDT. Consensus for the June Philly Fed Index is an increase to 5.3 from 2.6 in May. Consensus for U.S. May Housing Starts is a drop to 1.700 million units from 1.734 million units in April.

Canadian National Railway (CNR.TO) is expected to open lower after the company received a strike notice from one of its unions.

Twitter added $0.92 to $38.91 prior to a presentation by Elon Musk to the company and its employees later today.

KLA Tencor dropped $4.79 to $319.00 despite announcing a 24% dividend increase and plans to enter into a $6 billion share buyback program.

EquityClock's Daily Comment

Headline reads "The Fed has stepped in to increase rates at a faster pace in order to cool demand.  Consumer data points to them being" too late". Following is a link:

http://www.equityclock.com/2022/06/15/stock-market-outlook-for-june-16-2022/

Responses to the FOMC report released at 2:00 PM EDT

The Federal Reserve increased the Fed Fund rate by 0.75% and projected a plan to lower the inflation rate to 3.80%. Responses were as follows:

S&P 500 Index moved higher

NASDAQ 100 Index was stronger than the S&P 500 Index

Yield on 10 year Treasuries eased slightly

U.S. Dollar ETN moved lower

The VIX Index initially moved lower, but closed stronger

Gold and related ETN moved higher

Gold equities and related ETFs moved higher.

TSX Index moved higher.

Technical Notes for yesterday

Fortis $FTS.TO a TSX 60 stock moved below US$59.00 extending an intermediate uptrend.

Wheaton Precious Metals $WPM a TSX 60 stock moved below US$38.36 extending an intermediate downtrend.

Seagen $SGEN a NASDAQ 100 stock moved above $147.41 setting an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 15th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 15th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 15th 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

Links from Mark Bunting and www.uncommonsenseinvestor.com

Inflation & The $64,000 Question for Stocks – Uncommon Sense Investor

European Vacation: Boots on the Ground View of EU Economies & Multi-National Companies on Vimeo

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.19 to 6.00. It remains Oversold. The Barometer likely reached an intermediate low on Tuesday.

The long term Barometer added 1.17 to 18.20 yesterday. It remains Oversold.

TSX Momentum Barometers

The intermediate term Barometer added 0.78 to 17.57 yesterday. It remains Oversold.

The long term Barometer added 1.18 to 28.45 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.