Pre-opening Comments for Friday June 9^th

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

The Canadian Dollar dropped 0.13 to US74.88 cents following release of Canada’s May Employment report at 8:30 AM EDT. Consensus called for a gain of 21,300 employees versus an increase of 41,400 in April. Actual was a drop of 17,300. Consensus called for an increase in the May Unemployment Rate to 5.1% from 5.0% in April. Actual was an increase to 5.2%.

General Motors advanced $0.96 to 36.81 after announcing plans to access Tesla’s charge stations starting next year.

Vail Resorts dropped $5.39 to $252.65 after reporting less than consensus fiscal third quarter earnings.

DocuSign added $3.62 to $62.10 after reporting higher than consensus first quarter revenues.

Corning added $1.02 to $32.70 after Morgan Stanley upgraded the stock from Equal Weight to Overweight. Target was lifted from $35 to $38.

 

EquityClock’s Daily Comment

Headline reads “The shallowest year-to-date decline for jobless claims in decades certainly signifies a labor market that is not as robust as it once was”.

http://www.equityclock.com/2023/06/08/stock-market-outlook-for-june-9-2023/

 

Technical Notes

Aerospace & Defense ETF $PPA moved above $82.49 to an all-time high extending an intermediate uptrend.

PACCAR $PCAR a NASDAQ 100 stock moved above $76.45 to an all-time high extending an intermediate uptrend.

Mercadolibre $MELI a NASDAQ 100 stock moved below $1,196.16 completing a double top pattern.

Moderna $MRNA a NASDAQ 100 stock moved below $122.56 extending an intermediate downtrend.

Palladium ETN $PALL moved below $125.59 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 8^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 8^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 8^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 Rotation Lifts Small and Mid Caps | Tom Bowley | Trading Places (06.08.23)

Bullish Rotation Lifts Small and Mid Caps | Tom Bowley | Trading Places (06.08.23) – YouTube

 

Charles Schwab’s Liz Ann Sonders: ‘Too soon’ to say market breadth is too wide

Charles Schwab’s Liz Ann Sonders: ‘Too soon’ to say market breadth is too wide – YouTube

 

Chart of the Day

Are we seeing early “green shoots” in selected sectors other than the technology sector? As noted above, the Aerospace and Defense ETF (Symbol: PPA) moved to an all-time high yesterday. Strength is occurring at a time just before the sector enters a period of seasonal strength in the last week in June.

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 1.60 to 57.60. It remains Neutral.

The long term Barometer added 0.20 to 57.60. It remains Neutral. Daily momentum continues to trend higher.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 2.16 to 40.09. It remains Neutral.

The long term Barometer slipped 0.86 to 52.16. 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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