Editor’s Note: The Toronto Exchange is closed on Monday, July 3^rd

 

Pre-opening Comments for Friday June 30^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 28 points in pre-opening trade.

S&P 500 futures gained 7 points following release of economic news at 8:30 AM EDT:

May Core PCE Price Index was expected to increase 0.3% versus a gain of 0.4% in April. Actual was an increase of 0.3%. On a year-over-year basis, the Index was expected to increase 4.7% versus a gain of 4.7% in April. Actual was an increase of 4.6%.

May Personal Income released was expected to increase 0.3% versus a gain of 0.4% in April. Actual was an increase of 0.4%. May Personal Spending was expected to increase 0.2% versus a gain of 0.8% in April. Actual was an increase of 0.1%.

The Canadian Dollar was unchanged at U.S. 75.38 cents after release of Canada’s April GDP at 8:30 AM EDT Consensus was a gain of 0.2% versus unchanged in March. Actual was unchanged. On a year-over-year basis, April GDP advanced 1.7% versus consensus gain of 1.9%.

Nike dropped $4.83 to $108.54 after reporting less than consensus fiscal fourth quarter earnings.

Merus gained $0.53 to $26.81 after receiving a favourable statement from the FDA on its cancer drug aimed at treating pancreatic cancer.

Progress Software added $0.55 to $55.11 after reporting higher than consensus fiscal second quarter results.

 

EquityClock’s Daily Comment

Headline reads “The seasonal adjustment factor doesn’t appear to know what to do with the new Juneteenth holiday”.

http://www.equityclock.com/2023/06/29/stock-market-outlook-for-june-30-2023/

Technical Notes

Airline ETF $JETS moved above 21.24 extending an intermediate uptrend.

Keurig Dr. Pepper $KDP a NASDAQ 100 stock moved above $32.28 extending an intermediate uptrend.

Simon Properties $SPG an S&P 100 stock moved above intermediate resistance at $113.06.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 29^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 29^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 29^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

5 Charts Point To Skyrocketing S&P 500! | Tom Bowley | Your Daily Five (06.29.23)

https://www.youtube.com/watch?v=9OL-eMV9_bk

 

Seasonality Chart of the Day

TSX 60 Index and its related ETF, XIU.TO have a history of moving higher in the month of July. During the past 20 periods, units have advanced 17 periods. Average gain per period: 2.2%.

Technical score on XIU.TO improved from -4 to -2 yesterday when units moved above their 20 day moving average. Daily momentum indicators turned higher earlier this week.

 

S&P 500 Momentum Barometers

The intermediate term Barometer advanced 6.60 to 69.40. It remains Overbought. Daily trend is up.

The long term Barometer added 4.60 to 64.00. It changed from Neutral to Overbought on a move above 60.00.

 

TSX Momentum Barometers

The intermediate term Barometer added 5.24 to 40.17. It changed from Oversold to Neutral. Daily trend is up.

The long term Barometer advanced 2.18 to 52.84. 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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