Pre-opening Comments for Thursday June 27th
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points at 8:35 AM EDT.
U.S. equity index futures recovered 5 points following release of economic news at 8:30 AM EDT: May Durable Goods Orders were expected to decrease 0.6% versus a gain of 0.7% in April. Actual was an increase of 0.1%. Updated U.S. first quarter annualized real GDP growth was expected to remain unchanged at 1.3%. Actual was a gain of 1.4%.
Micron dropped $7.61 to $134.75 after reporting fiscal third quarter revenue growth below consensus estimates.
Levi Straus dropped $2.78 to $20.34 after reporting less than consensus fiscal second quarter revenues.
Wallgreens Boots dropped $1.01 to $13.75 after reporting less than consensus fiscal first quarter results. The company also lowered guidance.
McCormick added $2.33 to $70.00 after reporting higher than consensus fiscal second quarter earnings.
EquityClock’s Market Outlook for June 27th 2024
Bring on the summer rally!
See: https://equityclock.com/2024/06/26/stock-market-outlook-for-june-27-2024/
Technical Notes
Timber and Forestry iShares $WOOD moved below intermediate support at $76.98 completing a double top pattern.
Water Resources ETF $PHO moved below $64.43 completing a double top pattern.
Amazon $AMZN an S&P 100 stock moved above $191.70 to an all-time high extending an intermediate uptrend.
FedEx $FDX an S&P 100 stock moved above $289.69 extending an intermediate uptrend.
Paccar $PCAR a NASDAQ 100 stock moved below $103.94 extending an intermediate downtrend.
Dollar Tree $DLTR a NASDAQ 100 stock moved below $102.77 extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for June 26th 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 26th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 26th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Cruise Line stocks just exploded. Here what you need to know: David Keller
Cruise Line Stocks Just Exploded! Here’s What You Need to Know – YouTube
Can The Stock Rally Survive Without Big Tech? Guy Adami and Dan Nathan
Can The Stock Rally Survive Without Big Tech? – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 3.80 to 47.40. It remains Neutral.
The long term Barometer dropped 2.00 to 68.20. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer was unchanged at 37.84. It remains Oversold.
The long term Barometer dropped 1.35 to 60.81. 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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June 27th, 2024 at 10:06 am
RE: David Burrows. You have to watch the Barometer web casts on Tuesdays to get an understanding of the research they do rather than whatever he may put on BNN as top picks. The webcasts are posted the next day on their website. They give me a better understanding of why the market behaves the way it does and as far as “stock tips” I will take what I want from them where it fits my own views. He has surprised me with winners that I eventually latched onto after gaining a greater understanding and for me a big one was FFH which I am out of now. Viewing them has helped my portfolio positioning but number one is Jim Cramer who is a genius.
June 27th, 2024 at 12:50 pm
Here is a 1 and 5 year chart of the big bank stocks ETF:ZEB.to. Note price broke below the 34.90 “area” on high volume forming a bearish M pattern and is sitting on its 200ema. No major technical damage yet but price does need to hold at this level to suggest higher prices. The MODIFIED MACD is bearish with its roll over. The next move should determine price direction.
https://stockcharts.com/sc3/ui/?s=ZEB.TO&a=1055739122&id=p88708776083
https://stockcharts.com/sc3/ui/?s=ZEB.TO&a=1040472218&id=p71956118516
June 27th, 2024 at 1:18 pm
Bman/Van
Don’t know if this is what you were looking for but here is what I came up with for relative performance charts. I started with a bar chart of RY.to and overlaid the other bank stocks as solid lines.
https://stockcharts.com/sc3/ui/?s=RY.TO&a=684980860&id=p66904653646
June 27th, 2024 at 5:26 pm
Hi Ron
The graphs were very helpful, it confirms what I have been seeing in the individual charts which is BMO, BNS, CM and TD are all breaking down. Short term BMO and BNS have broken support and the balance are on the edge of going over. Given seasonality, it may just delay a complete breakdown to next levels until mid-late July, but the market always keeps you guessing. What I have pegged for each as support is as follows;
TD 74, 70-71, 68, 63
CM 65, 62, 56, 48, 45
BMO 109, 102, 80
BNS 60, 58, 54, 48
Thanks
June 27th, 2024 at 5:27 pm
Larry
I will listen to next weeks web cast and see if that changes my outlook on Barometer. Have you read Cramer’s books?
Thanks
June 27th, 2024 at 6:09 pm
Bman/Van
I forgot to put TD.to on the RY.to bar chart. Big difference in the bank stocks.
https://stockcharts.com/h-sc/ui?s=RY.TO&p=D&yr=2&mn=0&dy=0&id=p87284713728&a=684980860
June 27th, 2024 at 6:18 pm
Bman/Van
I wouldn’t short anything bank related now as the Seasonality for bank stocks is very bullish in July. Here is RY.to Seasonality chart along with the entire group ZEB.to chart. While Seasonality isn’t the holy grail it is a factor worth paying attention to.
https://stockcharts.com/freecharts/seasonality.php?symbol=RY.TO
https://stockcharts.com/freecharts/seasonality.php?symbol=ZEB.TO
June 30th, 2024 at 7:36 pm
Hi Ron
I think I will put n 1/4 position here and add the balance in 2-3 weeks on the potential for seasonal strength to peak or be behind us. Will avoid RY and NA as they are not showing much weakness. Given the performance of the TSX and the continued economic numbers, I am a little skeptical we will see much seasonal strength. Thanks for the graphs and perspective, they are very helpful in evaluating a move.