Pre-opening Comments for Friday June 14^th

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.

Tesla added $0.53 to $183.00 after shareholders approved Musk’s bonus package valued at $56 billion.

Informatica added $0.77 to $30.33 after reporting higher than consensus fiscal fourth quarter results.

Hurco dropped $2.68 to $14.50 after the company suspended its quarterly dividend.

 

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 13^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 13^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 13^th 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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