Pre-opening Comments for Thursday June 20th
U.S. equity index futures were higher this morning. S&P 500 futures were up 17 points at 8:35 AM EDT.
S&P 500 futures slipped 2 points following release of economic news at 8:30 AM EDT. Consensus for May U.S. Housing starts was an increase to 1.380 million units from 1.360 million units in April. Actual was a drop to 1.277 million units. Consensus for the June Philly Fed Index was an increase in May to 4.9 from 4.5 in April. Actual was a drop to 1.3.
KB Homes added $1.55 to $69.60 after reporting higher than consensus fiscal second quarter results. The company also raised guidance.
![clip_image001[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/06/clip_image0015-2.png "clip_image001[5]")
Empire Companies is expected to open higher after reporting higher than consensus quarterly results. The company also raised its dividend.
Winnebago dropped $3.20 to $53.50 after reporting less than consensus fiscal third quarter earnings.
![clip_image003[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/06/clip_image0035-2.png "clip_image003[5]")
Darden Restaurants gained $3.51 to $155.47 after reporting higher than consensus quarterly results. The company also raised its dividend.
![clip_image004[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/06/clip_image0045-1.png "clip_image004[5]")
Equity Clock – Market Outlook for June 20, 2024
Retailer inventories are showing the second strongest increase through the first four months of the year in the past two decades, highlighting the disconnect between supply and demand that is contributing to disinflationary pressures for discretionary goods.
See: https://equityclock.com/2024/06/18/stock-market-outlook-for-june-20-2024/
Technical Notes
BMO Emerging Markets ETF $ZEM.TO moved above Cdn$21.40 extending an intermediate uptrend.
‘Tis the season for ZEM.TO to move higher to the end of July!
Fortis $FTS.T0 a TSX 60 stock moved below Cdn$52.62 setting an intermediate downtrend.
Emera $EMA.TO a TSX 60 stock moved below Cdn$44.86 setting an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for June 19th 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 19th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 19th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Recent Shopify pullback makes attractive entry point: Mahaney: BNN
Recent Shopify pullback makes attractive entry point: Mahaney – YouTube
Markets are due for a 5% downturn in 2024: Strategist: Sam Stovall
Markets are due for a 5% downturn in 2024: Strategist – YouTube
NVDA Wreaks Havoc on Technology Benchmark: David Keller
NVDA Wreaks Havoc on Technology Benchmark – YouTube
Warning! Market Correction Possible Amid Record Highs: John Kosar
Editor’s comment: Note seasonality chart for S&P 500 in the month of June
Warning! Market Correction Possible Amid Record Highs – YouTube
A little worried about markets on a short-term sentiment basis, says BMO Capital’s Brian Belski
The Bifurcated Market; Chart Check on Bitcoin & Copper: Carter Worth and Guy Adami
Editor’s Comment: Note comment on copper and copper stocks.
The Bifurcated Market; Chart Check on Bitcoin & Copper – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 3.40 to 49.60 on Tuesday. It remains Neutral.
The long term Barometer slipped 0.20 to 68.40 on Tuesday. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer plunged another 4.95 to 29.28. It remains Oversold. Daily trend continues down.
The long term Barometer dropped 2.25 to 58.56. It changed from Overbought to Neutral on a drop below 60.00. Daily trend continues 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 20th, 2024 at 11:59 am
Moody’s Says Biden Better Than Trump For The Economy – I regard the MAGA camp as a group of economic and political arsonists. Trump will trigger a recession next year with massive tariff increases. He will make debt surge and cause high unemployment. You have to ask yourself if this is true at what point will the market want to price in a 2025 recession into stock prices if Trump leads in the polls.
https://www.usatoday.com/story/money/2024/06/20/biden-vs-trump-economy/74077301007/
June 20th, 2024 at 12:31 pm
SMH – The candlestick at this point in time indicates a key day reversal but the day is not over yet.