Pre-opening Comments for Thursday June 29th
U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points at 8:35 AM EDT.
Index futures added were unchanged following release of final first quarter annualized estimate for U.S. real GDP at 8:30 AM EDT. Consensus was an increase of 1.4% versus a gain of 2.6% in the fourth quarter of 2022. Actual was an increase of 2.0%.
Major U.S Bank SPDRs $KBE added $0.43 to $36.00 and U.S. Regional Bank SPDRs $KRE gained $0.58 to $41.12 after the Federal Reserve confirmed that all 27 large U.S. banks passed their annual stress test. Passing the test opens the opportunity for major banks to increase their quarterly dividend. According to CNBC, news on dividend increases could appear as early as tomorrow.
![clip_image001[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0015-5.png "clip_image001[5]")
![clip_image002[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0025-5.png "clip_image002[5]")
Micron gained $1.56 to $68.63 after reporting higher than consensus fiscal third quarter results.
![clip_image003[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0035-5.png "clip_image003[5]")
Delta Airlines added $0.17 to $46.88 after Wolfe Research raised its target price from $43 to $51.
![clip_image004[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0045-2.png "clip_image004[5]")
EquityClock’s Daily Comment
Headline reads “The trade deficit in the US appears to be on the path towards expansion again thanks to the resilience of the consumer”.
http://www.equityclock.com/2023/06/28/stock-market-outlook-for-june-29-2023/
Technical Notes
India ETF $PIN moved above $22.79 resuming an intermediate uptrend.
Transportation iShares $IYT moved above $246.21 and $247.34 extending an intermediate uptrend.
Platinum ETN $PPLT moved below intermediate support at $84.15
Comcast $CMCSA an S&P 100 stock moved above $42.00 extending an intermediate uptrend.
Illumina $ILMN a NASDAQ 100 stock moved below $182.00 setting an intermediate downtrend.
Bristol-Myers Squib $BMY an S&P 100 stock moved below $63.07 extending an intermediate downtrend.
AbbVie ABBV an S&P 100 stock moved below $131.10 extending an intermediate downtrend.
Couche Tard $ATD.TO a TSX 60 stock moved above Cdn$68.40 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for June 28th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for June 28th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 28th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive seasonal ratings: www.equityclock.com
Links offered by valued providers
July has been a top month for stocks. Here’s what it will take for the market to rally again this summer.
Banks Pass Fed’s Stress Test, Easing Fears on Wall Street
Stocks Are Ready Surge | Greg Schnell, CMT | Your Daily Five (06.28.23)
https://www.youtube.com/watch?v=QG2yPZ1ZIxA
These Industries Are Rolling | Greg Schnell, CMT | Market Buzz (06.28.23)
https://www.youtube.com/watch?v=q13cN8_qAzs
Why Transports Are CRUCIAL in 2023 | David Keller, CMT | The Final Bar (06.27.23)
https://www.youtube.com/watch?v=8mtTGcBAYhg
S&P Momentum Barometers
The intermediate term Barometer dropped 2.60 to 62.80. It remains Overbought.
The long term Barometer dropped 2.00 to 59.40. It changed to Neutral from Overbought on a move below 60.00.
TSX Momentum Barometers
The intermediate term Barometer added 2.62 to 34.93. It remains Oversold. Daily trend is up.
The long term Barometer gained 4.37 to 50.65. It remains Neutral. Daily trend is up.
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
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June 30th, 2023 at 7:40 am
ZEB – I really like the extended one year base. The declining 200 day MA is now flattening. It looks like something you can accumulate and collect your dividends. We could be due for a short-term rally in sympathy with US banks. We may get more volatility in US banks with some greater temporary upside but looking at the charts Cdn banks have outperformed over longer terms.