Tech Talk for Tuesday June 18th 2024

Daily Reports Add comments

Pre-opening Comments for Tuesday June 18th

U.S. equity index futures were mixed this morning. S&P 500 futures were up 1 point at 8:35 AM EDT.

U.S. equity index futures were unchanged following release of May U.S. Retail Sales at 8:30 AM EDT. Consensus was an increase of 0.2% versus revised down 0.2% in April. Actual was a 0.1% increase.

Lennar dropped $2.81 to $153.70 despite reporting higher than consensus fiscal second quarter revenues and earnings. The company also offered guidance below consensus.

clip_image001[1]

La Z Boy gained $3.41 to $37.50 after reporting higher than consensus fiscal fourth quarter results.

clip_image002[1]

Merck gained $0.50 to $128.00 after the FDA approved its vaccine designed to protect adults from bacteria that can cause pneumonia and serious infections.

clip_image003[1]

Silk Road Medical advanced $5.11 to $26.78 after Boston Scientific offered to acquire the company at $27.50 per share.

clip_image004[1]

 

EquityClock’s Stock Market Outlook for June 18th

Emerging markets are increasingly showing an appealing setup compared to developed market equities.

See: https://equityclock.com/2024/06/17/stock-market-outlook-for-june-18-2024/

 

Technical Notes

Taiwan iShares $EWT moved above $53.63 to an all-time high extending an intermediate uptrend.

clip_image001

Colgate Palmolive $CL an S&P 100 stock moved above $95.59 to an all-time high extending an intermediate uptrend.

clip_image002

Ross Stores $ROST a NASDAQ 100 stock moved above $150.36 to an all-time high extending an intermediate uptrend.

clip_image003

TSX Cap REIT iShares $XRE.TO moved below $14.37 extending an intermediate downtrend

clip_image004

Waste Connections $WCN.TO a TSX 60 stock moved above Cdn$234.50 to an all-time high extending an intermediate uptrend.

clip_image005

Canadian National Railway $CNR.TO moved below Cdn$164.43 extending an intermediate downtrend.

clip_image006

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 17th 2024

clip_image008

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 17th 2024

clip_image010

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 17th 2024

clip_image012

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

3 Things To Watch In The Stock Market This Week: Guy Adami

3 Things To Watch In The Stock Market This Week – YouTube

 

Shorts take aim at Canadian dollar: BNN Bloomberg

Shorts take aim at Canadian dollar – YouTube

 

Live Market Analysis: New $SPY Highs & Bond Volatility: Guy Adami and Danny Moses

Live Market Analysis: New $SPY Highs & Bond Volatility – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.60 to 46.20. It remains Neutral

clip_image013

The long term Barometer added 1.60 to 68.60. It remains Overbought.

clip_image014

 

TSX Momentum Barometers

The intermediate term Barometer dropped 4.96 to 31.53. It remains Oversold. Daily trend remains down.

clip_image015

The long term Barometer dropped 0.90 to 60.81. It remains Overbought. Daily trend is down.

clip_image016

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




One Response to “Tech Talk for Tuesday June 18th 2024”

  1. Larry/ON Says:

    The best quote this morning was from Sam Stovall of CFRA who said that the market is like a jumbo jet flying on only one engine and you have to ask how long it can keep it up. He’s looking for a 5% pullback. He described how stretched the market is. Right now energy is trying to put in a bottom and maybe financials. Seasonally late June is supposed to be a weak period followed by a summer rally in July so maybe Stovall’s pullback comes soon.

Entries RSS Comments RSS Log in