Pre-opening Comments for Tuesday June 18th
U.S. equity index futures were mixed this morning. S&P 500 futures were up 1 point at 8:35 AM EDT.
U.S. equity index futures were unchanged following release of May U.S. Retail Sales at 8:30 AM EDT. Consensus was an increase of 0.2% versus revised down 0.2% in April. Actual was a 0.1% increase.
Lennar dropped $2.81 to $153.70 despite reporting higher than consensus fiscal second quarter revenues and earnings. The company also offered guidance below consensus.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/06/clip_image0011-6.png "clip_image001[1]")
La Z Boy gained $3.41 to $37.50 after reporting higher than consensus fiscal fourth quarter results.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/06/clip_image0021-8.png "clip_image002[1]")
Merck gained $0.50 to $128.00 after the FDA approved its vaccine designed to protect adults from bacteria that can cause pneumonia and serious infections.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/06/clip_image0031-6.png "clip_image003[1]")
Silk Road Medical advanced $5.11 to $26.78 after Boston Scientific offered to acquire the company at $27.50 per share.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/06/clip_image0041-6.png "clip_image004[1]")
EquityClock’s Stock Market Outlook for June 18th
Emerging markets are increasingly showing an appealing setup compared to developed market equities.
See: https://equityclock.com/2024/06/17/stock-market-outlook-for-june-18-2024/
Technical Notes
Taiwan iShares $EWT moved above $53.63 to an all-time high extending an intermediate uptrend.
Colgate Palmolive $CL an S&P 100 stock moved above $95.59 to an all-time high extending an intermediate uptrend.
Ross Stores $ROST a NASDAQ 100 stock moved above $150.36 to an all-time high extending an intermediate uptrend.
TSX Cap REIT iShares $XRE.TO moved below $14.37 extending an intermediate downtrend
Waste Connections $WCN.TO a TSX 60 stock moved above Cdn$234.50 to an all-time high extending an intermediate uptrend.
Canadian National Railway $CNR.TO moved below Cdn$164.43 extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for June 17th 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 17th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 17th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
3 Things To Watch In The Stock Market This Week: Guy Adami
3 Things To Watch In The Stock Market This Week – YouTube
Shorts take aim at Canadian dollar: BNN Bloomberg
Shorts take aim at Canadian dollar – YouTube
Live Market Analysis: New $SPY Highs & Bond Volatility: Guy Adami and Danny Moses
Live Market Analysis: New $SPY Highs & Bond Volatility – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 2.60 to 46.20. It remains Neutral
The long term Barometer added 1.60 to 68.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 4.96 to 31.53. It remains Oversold. Daily trend remains down.
The long term Barometer dropped 0.90 to 60.81. It remains Overbought. Daily trend is down.
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 18th, 2024 at 10:57 am
The best quote this morning was from Sam Stovall of CFRA who said that the market is like a jumbo jet flying on only one engine and you have to ask how long it can keep it up. He’s looking for a 5% pullback. He described how stretched the market is. Right now energy is trying to put in a bottom and maybe financials. Seasonally late June is supposed to be a weak period followed by a summer rally in July so maybe Stovall’s pullback comes soon.