Tech Talk for Friday June 24th 2022

Wolf on Bay Street

Tech Talk is a guest on Wolf on Bay Street at 7:00 PM EDT Saturday available on Radio Corus 640. Focus is on the outlook for North American equity markets based on seasonality.

Technical Notes for yesterday

Verizon $VZ a Dow Jones Industrial Average company moved above $51.96 extending an intermediate uptrend. Seasonal influences are favourable from June 5th to October 22nd. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/verizon-communications-inc-nysevz-seasonal-chart

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Corn ETN $CORN moved below $27.20 extending an intermediate downtrend.

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Soybean ETN $SOYB moved below $27.11 completing a double top pattern.

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Weakness in Soybean and Corn prices quickly translated into weakness in ETFs serving the Agriculture sector (i.e. MOO and COW.TO

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Energy SPDRs $XLE moved below intermediate support at $70.21

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Oil and Gas Exploration SPDRs $XOP moved below intermediate support at $123.26 Individual energy stocks moving below intermediate support included ConocoPhillips $COP) and Imperial Oil ($IMO.TO)

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Base metal equities remain under technical pressure. BHP, a major base metals producer moved below $54.13 setting an intermediate downtrend.

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Another base metals breakdown! Teck Resources $TECK a TSX 60 stock moved below US$34.03 and US$32.94 and TECK.B.TO moved below Cdn$43.51 and Cdn$42.49 setting an intermediate downtrend.

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Booking $BKNG an S&P 100 stock moved below $1,796.45 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 23rd 2022

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 23rd 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 23rd 2021

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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)

Interesting report from Bloomberg

This morning Bloomberg reported…

“In the view of JPMorgan Chase & Co. strategists, the reason why this may be the end of the bear market is that investors are holding way too much cash.”

JPMorgan also supplied the chart as part of the analysis

The chart is JPMorgan’s estimate of global cash held by non-bank investors as a percentage of total holdings of equities, bonds, M2 by non-bank investors.

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S&P 500 Momentum Barometers

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The intermediate term Barometer added 5.00 to 10.80 yesterday. It remains Oversold. Short term trend is up.

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The long term Barometer added 2.60 to 20.00 yesterday. It remains Oversold. Short term trend is up.

TSX Momentum Barometers

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The intermediate term Barometer added 1.67 to 8.79 yesterday. It remains Oversold and showing early signs of bottoming.

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The long term Barometer slipped 2.51 to 22.18 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.

 

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