Pre-opening Comments for Friday June 20^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 17 points at 8:35 AM EDT.

Volume on U.S. exchanges today is expected to be higher than average. Today is Quadruple Day for the last trade day for listed June equity and index options and futures

S&P 500 futures added 8 points following release of the June Philly Fed Manufacturing Survey at 8:30 AM EDT Consensus was -2.0 versus -4.0 in May. Actual was -4.0

Carmax gained $6.81 to $71.14 after reporting higher than consensus first quarter revenues and earnings.

GMS advanced $21.99 to $103.00 on takeover rumors

Tesla added $5.70 to $327.77 after the company launched its Robotaxi service

EquityClock’s Market Outlook for June 20^th

The spread between 10-year and 3-month treasury yields is remaining eerily tight right around 0, which is a healthy place, for now. See:

https://equityclock.com/2025/06/18/stock-market-outlook-for-june-20-2025/

Responses to the FOMC decision on interest rates

At 2:00 PM EDT on Wednesday, the FOMC announced that it will maintain its Fed Fund Rate at 4.25%-4.50%. Responses by markets were as follows:

S&P 500 Index dropped

Prices of major U.S. Bank stocks and related ETFs were notably lower.

Yield on 10 year Treasuries increased

The U.S. Dollar Index ETN moved higher

The Canadian Dollar moved lower

Gold and gold equity ETFs in U.S. Dollars moved lower

Technical Notes

Bank of New York Mellon (BK) an S&P 100 stock moved above $90.62 to an all-time high extending an intermediate uptrend.

Charles Schwab (SCHB) an S&P 100 stock moved above $89.85 extending an intermediate uptrend. Seasonal influences are favourable until the end of July. See: https://charts.equityclock.com/schwab-us-broad-market-etf-nyseschb-seasonal-chart

McDonald’s (MCD) a Dow Jones Industrial Average stock moved below $288.86 completing a double top pattern.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 18^th 2025

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 18^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 18^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

3 S&P 500 Charts That Point to the Next Big Move: Frank Capperelli

3 S&P 500 Charts That Point to the Next Big Move – YouTube

Expect a period of pullback over the summer: Lewenza

Expect a period of pullback over the summer: Lewenza – YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 1.80 to 66.40. It remains Overbought. Daily trend has turned down.

The long term Barometer slipped 0.40 to 48.60. It remains Neutral.

TSX Momentum Barometers

The intermediate term Barometer dropped 2.30 to 87.10. It remains Overbought and has rolled over.

The long term Barometer slipped 0.92 to 74.65. It remains Overbought and has rolled over.

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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