Pre-opening Comments for Tuesday June 27^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points at 8:35 AM EDT.

Index futures added 5 points following release of May Durable Goods Orders at 8:35 AM EDT. Consensus was a drop 1.3% versus gain of 1.1% in April. Actual was an increase of 1.7%.

The Canadian Dollar was unchanged at US76.02 cents following release of Canada’s May Consumer Price Index on a year-over-year basis at 8:30 AM EDT. Consensus was an increase 4.2% versus a gain of 4.4% in April. Actual was an increase of 3.4%.

Illumina added $0.32 to $192.20 after the company announced plans to reduce its work staff .

Walgreens Boots dropped $2.09 to $29.50 after reporting less than consensus fiscal third quarter earnings. The company also lowered earnings guidance for the full fiscal year.

Snowflake gained $6.00 to $175.84 after confirming partnership with Nvidia and Microsoft.

Delta Airlines added $0.57 to $43.71 after raising guidance for 2023.

EquityClock’s Daily Comment

Headline reads “The average summer rally period is at our doorstep”.

http://www.equityclock.com/2023/06/26/stock-market-outlook-for-june-27-2023/

 

Technical Notes

Shanghai Composite Index at 3,150.82 moved below 3,168.57 completing a Head & Shoulders pattern.

Natural Gas ETN $UNG moved above $7.72 extending a base building pattern.

Wheat ETN $WEAT moved above another resistance level at $7.35 extending an intermediate uptrend.

Take Two $TTWO a NASDAQ 100 stock moved above $141.96 extending an intermediate uptrend.

Carnival $CCL reported higher than consensus second quarter results, but offered third quarter guidance below consensus.

Pfizer $PFE a Dow Jones Industrial Average stock moved below $36.17 extending an intermediate downtrend. The company is discontinuing clinical tests on its oral version of a drug related to weight control.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 26^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 26^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 26^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for positive seasonal ratings: www.equityclock.com

 

Links offered by valued providers

Market Insight Indicates Pullback Mode | Erin Swenlin | Your Daily Five (06.26.23)

Market Insight Indicates Pullback Mode | Erin Swenlin | Your Daily Five (06.26.23) – YouTube

 

There are parts of the market that are in a bubble, says Rosenberg Research founder

There are parts of the market that are in a bubble, says Rosenberg Research founder – YouTube

 

Relative Strength Breakdowns | Pete Carmasino | Halftime by Chaikin Analytics (06.26.23)

Relative Strength Breakdowns | Pete Carmasino | Halftime by Chaikin Analytics (06.26.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 5.00 to 58.40. It remains Neutral.

The long term Barometer added 2.40 to 58.00. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer added 3.93 to 24.89. It remains Oversold.

The long term Barometer added 3.06 to 43.67. It remains Neutral.

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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