Pre-opening Comments for Wednesday June 7^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points at 8:35 AM EDT.

Index futures were virtually unchanged following release of the U.S. April Trade report at 8:30 AM EDT. Consensus was a deficit of $75.6 billion. Actual was a deficit of $74.6 billion.

The Canadian Dollar added 0.04 to US74.65 cents following release of Canada’s April Merchandise Trade Balance report. Consensus was a surplus of $0.20 billion versus a surplus of $0.97 billion in March. Actual was a surplus of $1.94 billion

Casey’s dropped $10.13 to $214.13 after reporting less than consensus fiscal fourth quarter revenues and earnings.

Campbell Soup dropped $1.19 to $49.40 after offering earnings guidance below consensus.

United Natural Foods plunged $7.02 to $20.55 after reporting less than consensus fiscal third quarter earnings. The company also lowered guidance for the fourth quarter.

UnitedHealth Group added $1.43 to $489.00 after raising its dividend by 14%.

 

EquityClock’s Daily Comment

Headline reads “S&P 500 Index testing an important Fibonacci retracement level of last year’s decline”.

http://www.equityclock.com/2023/06/06/stock-market-outlook-for-june-7-2023/

 

Technical Notes

Brazil iShares $EWZ moved above $30.60 extending an intermediate uptrend.

South Korea iShares $EWY moved above $65.62 extending an intermediate uptrend.

Atlassian $TEAM a NASDAQ 100 stock moved above $188.57 extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 6^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 6^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 6^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

Larry Williams Special: Market Correction is Coming

(Larry is calling for weakness in U.S. equity markets into June followed by resumption of an intermediate uptrend by mid-July).

Larry Williams Special – Market Correction is Coming (06.06.23) – YouTube

 

2023 Potentially A Very Good Year For Stocks | John Kosar, CMT | Your Daily Five (06.06.23)

2023 Potentially A Very Good Year For Stocks | John Kosar, CMT | Your Daily Five (06.06.23) – YouTube

 

S&P 500 Momentum Barometers

Intermediate term Barometer added 3.20 to 52.40. It remains Neutral.

The long term Barometer added 1.60 to 54.20. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer added 5.17 to 45.69. It remains Neutral.

The long term Barometer slipped 0.43 to 53.02. 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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