Pre-opening Comments for Friday June 14th
U.S. equity index futures were lower this morning. S&P 500 futures were down 24 points at 8:35 AM EDT.
Adobe advanced $66.45 to $525.19 after reporting higher than consensus second quarter results. The company also offered positive guidance.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/06/clip_image0011-5.png "clip_image001[1]")
Tesla added $0.53 to $183.00 after shareholders approved Musk’s bonus package valued at $56 billion.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/06/clip_image0021-7.png "clip_image002[1]")
Informatica added $0.77 to $30.33 after reporting higher than consensus fiscal fourth quarter results.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/06/clip_image0031-5.png "clip_image003[1]")
Hurco dropped $2.68 to $14.50 after the company suspended its quarterly dividend.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/06/clip_image0041-5.png "clip_image004[1]")
Equity Clock – Market Outlook for June 14, 2024
The reports on Consumer and Producer prices have instantly shifted the market’s expectation for the trajectory of inflationary pressures moving forward.
See: https://equityclock.com/2024/06/13/stock-market-outlook-for-june-14-2024/
Wolf on Bay Street
Don Vialoux was interviewed on Wolf on Bay Street. An overview on equity markets was offered (including comments for a possible Summer Rally this year). The show is released a 7:00 PM EDT on Saturday on Corus Radio (Radio 640).
Technical Notes
Lithium ETN $LIT moved below intermediate support at $41.49.
BMO Equal Weight Canadian Bank ETF $ZEB moved below Cdn$38.79 completing a double top pattern.
GE Aerospace $GE an S&P 100 stock moved below $157.36 completing a double top pattern.
Zoom $ZM a NASDAQ 100 stock moved below $58.87 extending an intermediate downtrend
Warner Brothers Discovery $WBD a NASDAQ 100 stock moved below $7.34 extending an intermediate downtrend.
Power Corp $POW.TO a TSX 60 stock moved below Cdn$38.79 completing a double top pattern.
Sun Life Financial $SLF.TO a TSX 60 stock moved below Cdn$65.50 extending an intermediate downtrend.
Barrick Gold $ABX.TO a TSX 60 stock moved below $21.99 setting a double top pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for June 13th 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 13th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 13th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
A New Copper Supercycle Is Emerging: Sprott
Sprott Energy Transition Materials Monthly: A New Copper Supercycle Is Emerging
S&P 500 Above 5400: Economic Optimism or Irrational Exuberance? David Keller
S&P 500 Above 5400: Economic Optimism or Irrational Exuberance? – YouTube
Poilievre says new capital gains tax is a "nothing short of economic vandalism"
Poilievre says new capital gains tax is a "nothing short of economic vandalism" – YouTube
Live Trades & Stock Market Analysis: $SPY, $AAPL, $AVGO & ADBE: Guy Adami, Dan Nathan, Carter Worth
https://www.youtube.com/watch?v=ijcV2B1II6U
S&P 500 Momentum Barometers
The intermediate term Barometer slipped 1.40 to 47.20. It remains Neutral.
The long term Barometer slipped 0.40 to 68.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 8.56 to 40.54. It remains Neutral. Daily trend is down.
The long term Barometer dropped 2.25 to 64.41. 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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June 14th, 2024 at 9:41 am
There is risk of a pullback here to fill the gap in the SPX chart and maybe bring us back to the 20dayMA. RSI is rolling over from overbought on SPX
June 14th, 2024 at 11:12 am
Larry
I am thinking the TSX at the very least will test previous resistance of 20750, being taken down largely by financials, energy and other cyclical areas (although there will be some losses in other areas). Looking at the charts the financial, energy and cyclical expect to test the 200 MA so 10% or more downward possible. Once we get through this, we may finally get a good buying opportunity (last one being in Oct 2023).