Pre-opening Comments for Thursday June 15^th

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

Equity index futures were unchanged following release of economic news at 8:30 AM EDT. Consensus for May Retail Sales was a drop of 0.1% versus a gain of 0.4% in April. Actual was an increase of 0.3%. Excluding auto sales, consensus for May Retail Sales was an increase of 0.1% versus a gain of 0.4% in April. Actual was an increase of 0.1% Consensus for the June Empire State Manufacturing Survey was -16.00 versus -31.80 in May. Actual was +6.6. Consensus for June Philly Fed Index was -13.5 versus -10.4 in May. Actual was -13.7

Lennar advanced $2.55 to $117.30 after reporting higher than consensus fiscal second quarter revenues and earnings. The company also offered positive guidance.

Domino’s Pizza gained $6.73 to $312.45 after Stifel Nicolaus upgraded the stock from Hold to Buy.

Kohl’s added $0.30 to $23.39 after TD Cowen upgraded the stock from Market Perform to Outperform.

 

EquityClock’s Daily Comment

Headline reads “The key to the breadth expansion in the market could rely on the banks, which are struggling around previous significant support, now resistance”.

http://www.equityclock.com/2023/06/14/stock-market-outlook-for-june-15-2023/

 

Responses to FOMC News at 2:00 PM EDT Yesterday

As expected, the Federal Reserve chose to maintain the Fed Fund Rate at 5.00%-5.25%. Based on the current “dot plots” offered by FOMC members, the Fed Fund Rate is projected to increase by another 0.50% in future meetings. Following were reactions by key markets:

The US Dollar Index ETN initially moved sharply higher after 2:00 PM, but closed virtually unchanged.

The Canadian Dollar initially moved sharply lower, but recovered and closed slightly lower.

S&P 500 Index initially moved lower, but closed virtually unchanged.

Long term Bond prices were mixed

Large cap U.S. bank ETF initially moved lower and remained lower.

Gold ETN initially moved lower and closed near its low.

Gold equity ETF initially moved lower, but closed virtually unchanged.

 

Technical Notes

Note that no additional technical changes indicated below occurred after 2:00 PM EDT

Brazil iShares EWZ moved above $31.41 extending an intermediate uptrend.

UnitedHealth Group $UNH a Dow Jones Industrial Average stock moved below $472.54 and $457.59 after issuing lower second quarter guidance.

CSX $CSX a NASDAQ 100 stock moved above $33.09 extending an intermediate Up

ANSYS $ANSS a NASDAQ 100 stock moved above $333.89 extending an intermediate uptrend.

Shopify $SHOP.TO a TSX 60 stock moved Cdn$87.53 extending an intermediate uptrend.

Dollarama $DOL.TO a TSX 60 stock moved above $85.75 to an all-time high extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 14^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 14^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 14^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

Bullish Upside Breakouts | Leslie Jouflas, CMT | Your Daily Five (06.14.23)

https://www.youtube.com/watch?v=OUWAUrc61OM

 

Time For A Holiday? | Greg Schnell, CMT | Market Buzz (06.14.23)

https://www.youtube.com/watch?v=yxoayu8U5tc

 

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 1.80 to 62.40. It remains Overbought.

The long term Barometer eased 1.00 to 60.00. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer added 0.86 to 40.95. It remains Neutral.

The long term Barometer slipped 0.43 to 52.15. 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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