Pre-opening Comments for Friday June 21st 2024
U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points at 8:30 AM EDT.
Today is “Quadruple Witching Day”, the last trade day for U.S. listed June equity and index options and futures. Volume and volatility in U.S. markets are expected to be higher than usual.
Delta Airlines added $0.02 to $49.63 after announcing a 50% increase in its dividend.
![clip_image001[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/06/clip_image0015-3.png "clip_image001[5]")
CarMax gained $0.84 to $72.20 after reporting higher than consensus first quarter earnings.
![clip_image002[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/06/clip_image0025-2.png "clip_image002[5]")
FactSet is expected to open higher after reporting higher than consensus fiscal third quarter earnings.
![clip_image003[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/06/clip_image0035-3.png "clip_image003[5]")
Sarepta advanced $45.81 to $169.31 after receiving approval for Elevidys.
![clip_image004[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/06/clip_image0045-2.png "clip_image004[5]")
EquityClock’s Stock Market Outlook for June 21st
The Technology sector has become the most overbought since September of 2020 and near-term digestion of strength attributed to the end of quarter mean reversion period is certainly reasonable.
See: https://equityclock.com/2024/06/20/stock-market-outlook-for-june-21-2024/
Technical Notes
Honeywell $HON a Dow Jones Industrial Average stock moved above $213.87 to a three year high extending an intermediate uptrend.
Accenture $ACN a NASDAQ 100 stock moved above $313.40 setting an intermediate uptrend.
Gilead $GILD a NASDAQ 100 stock moved above intermediate resistance at $67.54 on announcement of its HIV prevention treatment.
Dow Holdings $DOW an S&P 100 stock moved below $54.39 completing a double top pattern.
Bank of Nova Scotia $BNS.TO a TSX 60 stock moved below Cdn$62.56 completing a double top pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for June 20th 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 20th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 20th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Chart Check on S&P, Energy & Retail: Guy Adami and Carter Worth
Editor’s Note: See technical comments on the energy sector at the 16 minute mark
Chart Check on S&P, Energy & Retail – YouTube
Who’s telling the truth about the capital gains tax? | About That
Who’s telling the truth about the capital gains tax? | About That – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 2.60 to 52.20. It remains Neutral.
The long term Barometer added 1.20 to 69.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 6.31 to 35.59. It remains Oversold.
The long term Barometer was unchanged at 58.56. 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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June 23rd, 2024 at 9:34 pm
Ron
Would be interested in your thoughts on TSX direction and support levels as well as TSX financials. I am thinking 20750-21000 as next stop with financials down 5-10%.
Thanks
June 24th, 2024 at 2:11 am
Bman/Van
Here is the $TSX which has formed a bearish M pattern. But price is still holding onto the 21500 support level. A break below this level could see a selloff of 1000 points to 20500 support. First support if present level is broken is 21250 which is also the 200ema level. As the chart shows the $TSX has been far weaker than the $SPX for a year and a half now with no let up in the selloff. I couldn’t find the $TSX Financial Index chart.
https://stockcharts.com/sc3/ui/?s=%24TSX&a=673066492&id=p26587039830