Pre-opening Comments for Friday June 23^rd

U.S. equity index futures were lower this morning. S&P 500 futures were down 27 points at 8:30 AM EDT.

MMM advanced $3.59 to $103.78 after reaching a settlement valued at $10.3 billion on its “forever chemical” suit.

Smith & Wesson gained $0.36 to $11.60 after reporting higher than consensus fiscal fourth quarter results.

Block dropped $0.57 to $63.54 after Truist lowered its target price from $105 to $80.

Affirm added $0.04 to $14.93 after Truist raised its target price from $17 to $24.

 

EquityClock’s Daily Comment

Headline reads “VIX has printed the first 12-handle since the months prior to the pandemic as the market hovers on the edge of complacency”.

http://www.equityclock.com/2023/06/22/stock-market-outlook-for-june-23-2023/

 

Technical Notes

Solar ETF $TAN moved below $67.98 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 22^nd 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 22^nd 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 22^nd 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for positive seasonal ratings: www.equityclock.com

 

Links offered by valued providers

Sprott Uranium Report

Sprott Uranium Report: Uranium Remains Resilient, While Threats of Nationalism Rattle Equities

 

The Fed will ‘make the mistake’ of raising rates again this year, says Virtus’ Joe Terranova

The Fed will ‘make the mistake’ of raising rates again this year, says Virtus’ Joe Terranova – YouTube

 

Is the S&P 500 a Ticking Time Bomb? | Jeff Huge, CMT | Your Daily Five (06.22.23)

Is the S&P 500 a Ticking Time Bomb? | Jeff Huge, CMT | Your Daily Five (06.22.23) – YouTube

 

Opportunities Building As Profit Taking Kicks In | Trading Places | Tom Bowley (06.22.23)

Opportunities Building As Profit Taking Kicks In | Trading Places | Tom Bowley (06.22.23) – YouTube

 

U.S. stocks head for punishing selloff as ‘unknown unknowns’ could drag market lower, JPMorgan analysts warn

https://www.marketwatch.com/story/u-s-stocks-head-for-punishing-selloff-as-unknown-unknowns-could-drag-market-lower-jpmorgan-analysts-warn-d2d4c2c7?mod=newsviewer_click

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 4.80 to 59.80. It changed from Overbought to Neutral on a move below 60.00.

The long term Barometer dropped 3.20 to 59.40. It changed from Overbought to Neutral on a move below 60.00.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 6.13 to 26.20. It remains Oversold. Daily trend is down.

The long term Barometer dropped 3.75 to 43.23. It remains Neutral. Daily trend is down.

 

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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