Pre-opening Comments for Wednesday June 12^th

U.S. equity index futures are waiting for release of the May U.S. Consumer Price Report at 8:30 AM EDT. Consensus is an increase of 0.2% versus a gain of 0.3% in April. On a year-over-year basis, May CPI is expected to increase 3.4% versus a gain of 3.4% in April. Excluding food and energy, May CPI is expected to increase 0.3% versus a gain of 0.3% in April. On a year-over-year basis, core May CPI is expected to increase 3.5% versus a gain of 3.6% in April.

An Economic Statement is released by the FOMC at 2:00 PM EDT. Press conference is offered at 2:30 PM EDT. Consensus calls for no change in the Fed Fund Rate at 5.25%-5.50%.

Oracle gained $5.00 to $129.00 despite reporting less than consensus fiscal fourth quarter results. The company also announced a partnership with Alphabet and offered positive guidance for fiscal 2025.

Spot U.S. Natural Gas ETN advanced $1.35 to $21.53 to a five month closing high at $21.53 on forecasts for extreme heat entering the U.S. mid-west this weekend.

Rubrik advanced $3.12 to $38.44 after reporting higher than consensus first quarter results.

 

EquityClock’s Stock Market Outlook for June 12^th

The US Dollar Index warrants scrutiny through the days ahead as a positive tilt continues to evolve, providing a headwind to broader equity prices.

See: The US Dollar Index warrants scrutiny through the days ahead as a positive tilt continues to evolve, providing a headwind to broader equity prices. (equityclock.com)

 

Technical Notes

Apple $AAPL a Dow Jones Industrial Average stock moved above $199.10 to an all-time high extending an intermediate uptrend.

Broadcom $AVGO an S&P 100 stock moved above $1,445.40 to an all-time high extending an intermediate uptrend.

Global Metals iShares $PICK plunged below intermediate support at $41.28. Responded to lower copper prices

Pepsico $PEP a NASDAQ 100 stock moved below $164.73 setting an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 11^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 11^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 10^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

NVDA Stock Split Launches S&P 500 Higher: Dave Keller

https://www.youtube.com/watch?v=vcjw13sHxdw

 

Market Volatility & Fed Predictions: The Most Important Week of the Year for Stocks

Guy Adami and Liz Young Thomas

https://www.youtube.com/watch?v=OZq2vl1l8iM

 

Live Trade Ideas: $AAPL, $JPM, $C, $GLD & $BTC: Guy Adami, Dan Nathan and Carter Worth

Live Trade Ideas: $AAPL, $JPM, $C, $GLD & $BTC – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 4.40 to 45.40. It remains Neutral.

The long term Barometer dropped 1.00 to 68.00. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 6.31 to 45.95. It remains Neutral

The long term Barometer dropped 4.95 to 63.51. 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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