Pre-opening Comments for Thursday July 14^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 50 points in pre-opening trade.

Index futures were virtually unchanged after release of the June CPI report at 8:30 AM EDT. Consensus was an increase 0.8% versus a gain of 0.8% in May. Actual was an increase of 1.1%. Year-over-year, June PPI was expected to increase 10.8% versus a gain of 10.8% in May. Actual was a gain of11.3%. Excluding food and energy, June PPI was expected to increase 0.5% versus a gain of 0.5% in May. Actual was an increase of 0.4%. Year-over-year, June core PPI was expected to increase 8.6% versus a gain of 8.3% in May. Actual was an increase of 8.2%.

JP Morgan dropped $2.75 to $109.16 after reporting lower than consensus second quarter results. The bank also suspended its share buyback program.

Morgan Stanley fell $1.36 to $73.62 after reporting lower than consensus second quarter results.

Conagra added $0.19 to $35.93 after reporting higher than consensus adjusted fourth quarter results.

Taiwan Semiconductor gained $1.35 to $82.64 after reporting higher than consensus second quarter revenues and earnings.

 

EquityClock’s Daily Comment

Headline reads “The lack of concern in the bond market following the latest Consumer Price Index report suggests that we may be at a turning point in the prevailing negative trend of bond prices”. Following is a link:

http://www.equityclock.com/2022/07/13/stock-market-outlook-for-july-14-2022/

Technical Notes for yesterday

Emerging Markets iShares $EEM moved below $38.62 extending an intermediate downtrend.

Walt Disney $DIS a Dow Jones Industrial Average stock moved below $92.01 extending an intermediate downtrend.

Metlife $MET an S&P 100 stock moved below $60.21 extending an intermediate downtrend.

Workday $WDAY a NASDAQ 100 stock moved below $134.53 extending an intermediate downtrend.

Match $MTCH a NASDAQ 100 stock moved below $67.25 extending an intermediate downtrend.

Fastenal $FAST a NASDAQ 100 stock moved below $48.10 extending an intermediate downtrend.

QualComm $QCOM a NASDAQ 100 stock moved above $136.45 completing a double bottom pattern.

Sun Life Financial $SLF.TO a TSX 60 stock moved below $57.21 extending an intermediate downtrend.

Loblaw Companies $L.TO a TSX 60 stock moved above $119.15 to an all-time high and George Weston $WN.TO a related TSX 60 stock moved above intermediate resistance at $156.22

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 13^th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for July 13^th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 13^th 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

Link from Mark Bunting and www.uncommonsenseinvestor.com

Wall Street’s Sudden Pessimism a Sign of Hope – Uncommon Sense Investor

 

Greg Schnell says “Whoozy at best.” Following is a link:

Woozy At Best | Greg Schnell, CMT | Market Buzz (07.13.22) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 1.40 to 19.80 yesterday. It remains Oversold.

The long term Barometer eased 1.00 to 20.00 yesterday. It remains Oversold.

 

TSX Momentum Barometers

The intermediate term Barometer slipped 0.42 to 20.59 yesterday. It remains Oversold.

The long term Barometer added $0.42 to 22.69 yesterday. It remains Oversold. Trend is up.

 

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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