Pre-opening Comments for Friday June 7^th

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

S&P 500 futures dropped 19 points following release of the May U.S. employment report at 8:30 AM EDT. May Non-farm Payrolls were expected to increase 186,000 versus a downwardly revised gain of 165,000 in April. Actual was a gain of 272,000 May Unemployment Rate was expected to remain unchanged from April at 3.9%. Actual was an increase to 4.0%. May Average Hourly Earnings were expected to increase 0.3% versus a gain of 0.2% in April. Actual was an increase of 0.4%. On a year-over-year basis May Average Earnings were expected to increase 3.9% versus a gain of 3.9% in April. Actual was a 4.1% increase.

The Canadian Dollar dropped 0.24 to US72.87 cents following release of the May Canadian employment report at 8:30 AM EDT. May employment was expected to increase 22,500 versus a gain of 90,400 in April. Actual was an increase of 27,800 May Unemployment Rate was expected to increase to 6.2% from 6.1% in April. Actual was an increase to 6.2%.

Vail dropped $10.95 to $183.00 after reporting lower than consensus fiscal third quarter results. The company also lowered guidance.

DocuSign dropped $3.45 to $51.15 after lowering second quarter guidance.

Biomea Fusion plunged $6.97 to $4.30 after its clinical trials on Diabetes were placed on hold.

 

Equity Clock’s Stock Market Outlook for June 7^th 2024

Watch the reaction of the US Dollar Index following the release of May’s payroll results given that the positive tilt of the currency has recently been acting as a headwind against stocks.

See: https://equityclock.com/2024/06/06/stock-market-outlook-for-june-7-2024/

 

Technical Notes

JP Morgan Chase $JPM a Dow Jones Industrial Average stock moved below $196.07 completing a double top pattern.

GE Healthcare $GEHC a NASDAQ 100 stock moved below $76.08 extending an intermediate downtrend.

Match Group $MTCH a NASDAQ 100 stock moved above $32.14 completing a double bottom pattern.

Constellation Software $CSU.TO a TSX 60 stock moved above $3,854.60 to an all-time high extending an intermediate uptrend.

TC Energy $TRP.TO a TSX 60 stock moved above Cdn$55.01 extending an intermediate uptrend.

Pembina Pipeline $PPL.TO a TSX 60 stock moved above Cdn$58.97 to an all-time high extending an intermediate uptrend.

Magna International $MG.TO a TSX 60 stock moved below Cdn$60.14 to a 3 year low extending an intermediate downtrend.

Bank of Montreal $BMO.TO a TSX 60 stock moved below Cdn$118.09 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 6^th 2024

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 5^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 6^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

3 Keys to Finding Stock Reversals BEFORE They Happen: Joe Rabil

Interesting comment on Agnico Eagle

3 Keys to Finding Stock Reversals BEFORE They Happen – YouTube

 

Why banks are bracing for a mortgage renewal cliff: CBC TV

https://www.youtube.com/watch?v=42dIpVTzV04

 

Chart of the Day

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.80 to 49.80. It remains Neutral.

The long term Barometer slipped 0.40 to 70.40. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer jumped 5.65 to 60.81. It changed from Neutral to Overbought on a move above 60.00.

The long term Barometer slipped 0.59 to 69.37. It remains Overbought.

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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