Pre-opening Comments for Thursday June 25^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 63 points at 8:35 AM EDT.

S&P 500 futures added 17 points following release of economic news at 8:30 AM EDT. May Core PCE Index was expected to increase 0.3% versus a 0.2% increase in April. Actual was a 0.3% increase. On a year-over-year basis, the Index was expected to increase 3.4% versus a 3.3% increase in April. Actual was a 3.4% increase. May U.S. Durable Goods Orders were expected to record a 4.0% drop versus a 7.9% gain in April. Actual was a 4.9% drop. Revised Next First Quarter U.S. GDP was expected to remain unchanged at a 1.6% annualized gain. Actual was a 2.1% increase. May Personal Income was expected to improve to 0.4% versus no change in April. Actual was a 0.7% increase. May Personal Spending was expected to increase 0.6% versus a 0.5% gain in April. Actual was a 0.7% increase.

Micron (MU) added $141.38 to $1189.89 after reporting higher than consensus fiscal third quarter results.

Qualcomm (QCOM) advanced $27.59 to $225.00 after projecting strong earnings gains through to 2029.

JP Morgan Chase (JPM) added $1.80 to $335.25 after announcing a $50 billion share buyback program. The Bank also raised its dividend by 10%.

EquityClock’s Market Outlook for June 25^th

The conditions are improving for the pending summer rally period. See:

https://equityclock.com/2026/06/24/stock-market-outlook-for-june-25-2026/

Technical Notes

Base metals stocks and related ETFs were notably weaker: Teck Resources (TECK) dropped below US$59.20 and US$58.39 (Cdn$82.54 and Cdn$80.44) completing a short term Head & Shoulders patterns. BHP Group (BHP) moved below US$82.49 and US$80.98 completing a short term Head & Shoulders pattern.

Canadian Natural Resources (CNQ.TO) a TSX 60 stock moved below Cdn$56.94 completing a double top pattern.

Precision Drilling (PD.TO) a TSX 60 stock moved below Cdn$112.17 and US$82.18 completing a double top pattern

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 24^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for June 24^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 24^th 2026

Green: Increase from previous day

Red: Decrease from previous day

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These Stocks Are Flashing the Same Signal: Joe Rabil

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Canadian Association for Technical Analysis Presentation

Time: 8:00 PM EDT Tonight

Speaker is Mark Kelly

Available to members! Not a member? New members are welcome. Contact Home – Canadian Association for Technical Analysis (canadianata.ca)

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.60 to 63.60. It remained Overbought.

The short term (20 days) Barometer added 5.60 to 60.80. It changed from Neutral to Overbought on a move above 60.00.

The long term (200 days) Barometer added 2.00 to 63.80. It remained Overbought.

TSX Momentum Barometers

The intermediate term Barometer slipped 0.91 to 46.82. It remained Neutral.

The short term (20 days) Barometer slipped 0.91 to 38.18. It remained Oversold

The long term Barometer slipped 0.45 to 61.82. It remained Overbought.

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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