Technical Notes for yesterday
Quebecor $QBR.B.TO moved above $29.17 setting an intermediate uptrend on news that the company plans to purchase Freedom Mobile from Rogers/Shaw for $2.85 billion.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for June 20th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for June 20th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 20th 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)
Seasonality chart of the day
Seasonal influences for the NASDAQ 100 trading in Canadian Dollars are favourable between May 21st and August 31st. Investment choices for Canadian investors using Canadian Dollars are ZQQ.TO and XQQ.TO.
Strength in ZQQ.TO and XQQ.TO relative to the S&P 500 Index have just turned positive at a time when the S&P 500 Index is starting to show early signs of a possible technical bottom. Both units track the NASDAQ 100 Index with a currency hedge relative to the U.S. Dollar.
Watching inflation expectations in the U.S.
Larry Berman on Berman’s Call yesterday mentioned an important chart that is useful for measuring inflation expectations in the U.S. In recent weeks, investors have been anticipating an increase in CPI and PPI and have marked down U.S. equity indices accordingly. A drop in inflation expectations likely will be the trigger for an intermediate term recovery in U.S. equity indices. Larry noted that an ETF is available that measures inflation expectation. Symbol is RINF. The ETF shows that inflation expectations likely peaked early last week. Additional weakness and potentially completion of a double top pattern on a move below $31.83 will add to U.S. equity index strength. Keep this ETF on your radar screen!
TSX Momentum Barometers
The intermediate term Barometer increased 2.93 to 9.21 yesterday. It remains Oversold, but is showing early signs of a bottom.
The long term Barometer increased 1.26 to 24.69 yesterday. It remains Oversold, but is showing early signs of a bottom.
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.
