{"id":166688,"date":"2023-06-02T02:22:00","date_gmt":"2023-06-02T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=166688"},"modified":"2023-06-02T08:57:32","modified_gmt":"2023-06-02T12:57:32","slug":"tech-talk-for-friday-june-2nd-2023","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2023\/06\/02\/tech-talk-for-friday-june-2nd-2023\/","title":{"rendered":"Tech Talk for Friday June 2nd 2023"},"content":{"rendered":"

Pre-opening Comments for Friday June 2nd<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning<\/b> following Senate approval last night on a new Debt Ceiling bill. S&P 500 futures were up 22 points at 8:35 AM EDT.<\/em><\/p>\n

S&P 500 futures added 3 points following release of the May Non-farm Payrolls<\/b> report at 8:30 AM EDT. Consensus was a drop to 195,000 from 253,000 in April. Actual was an increase to 339,000. Consensus for May Unemployment Rate was an increase to 3.5% from 3.4% in April. Actual was an increase to 3.7%. Consensus for May Average Hourly Earnings was an increase 0.4% versus a gain of 0.5% in April. Actual was an increase of 0.3%.<\/em><\/p>\n

Lulu Lemon $LULU advanced $36.95 $365.30<\/b>.after reporting higher than consensus first quarter revenues and earnings. The company also raised guidance.<\/em><\/p>\n

\"image\"<\/a><\/p>\n

Broadcom $AVGO advanced $7.55 to $795.00<\/b> after reporting higher than second quarter revenues and earnings.<\/em><\/p>\n

\"image\"<\/a><\/p>\n

Laurentian Bank $LB.TO Cdn$31.94 is expected to open higher<\/b> after reporting higher than consensus fiscal second quarter earnings. <\/em><\/p>\n

\"image\"<\/a><\/p>\n

Costco dropped $5.23 to $507.38<\/b> after reporting that May on-line sales dropped 8%.<\/em><\/p>\n

\"image\"<\/a><\/p>\n

<\/em><\/p>\n

EquityClock\u2019s Daily Comment<\/em><\/strong><\/font><\/p>\n

Headline reads \u201cThe parabolic trend in the technology sector is prone to mean-reverting before the end of the quarter<\/strong>\u201d.<\/em><\/p>\n

http:\/\/www.equityclock.com\/2023\/06\/01\/stock-market-outlook-for-june-2-2023\/<\/em><\/a><\/p>\n

<\/em><\/p>\n

Hap Sneddon from <\/font>CastleMoore <\/strong><\/font><\/em><\/p>\n

           on Market Call on Monday<\/font><\/strong><\/font><\/em><\/p>\n

Be sure to tune in.    Hap appears on BNNBloomberg at 12 Noon on Monday. <\/em><\/p>\n

 <\/p>\n

Technical Notes <\/strong><\/font><\/p>\n

Starbucks $SBUX a Dow Jones Industrial Average stock moved below $96.71 extending an intermediate downtrend. <\/p>\n

\"clip_image001\"<\/a><\/p>\n

Cameco $CCO.TO a TSX 60 stock moved above Cdn$39.80 and Cdn$40.89 to a 16 year high extending an intermediate uptrend. <\/p>\n

\"clip_image002\"<\/a><\/p>\n

GlobalX Uranium ETF $URA moved above $21.12 extending an intermediate uptrend.<\/p>\n

\"clip_image003\"<\/a><\/p>\n

 <\/p>\n

Trader\u2019s Corner<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Equity Indices and Related ETFs<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Equity Trends for June 1st<\/sup> 2023<\/p>\n

\"clip_image005\"<\/a><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/em><\/p>\n

 <\/p>\n

Commodities<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Commodities Trends for June 1st<\/sup> 2023<\/p>\n

\"clip_image007\"<\/a><\/b><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

 <\/p>\n

Sectors<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Sector Trends for June 1st<\/sup> 2023 <\/p>\n

\"clip_image009\"<\/a><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

Source for positive seasonal ratings: <\/em>www.equityclock.com<\/em><\/a><\/p>\n

 <\/p>\n

<\/em><\/p>\n

Links offered by valued providers<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

A New Era: How Critical Minerals are Driving the Global Energy Transition<\/p>\n

(includes favourable comments on the nuclear power industry)<\/p>\n

Sprott May 2023 White Paper A New Era How Critical Minerals are Driving the Global Energy Transition (sprottetfs.com)<\/a><\/p>\n

 <\/p>\n

Chart of the Day<\/strong><\/font>: <\/p>\n

         Apple prior to annual conference on Monday<\/strong><\/font><\/p>\n

Apple has a history of moving higher just prior to its World Development Conference followed by a brief dip. The stock is testing its all-time at $181.13. Technical score currently is 6:<\/p>\n

2 for trend, 2 for relative strength, 1for above 20 day MA and 1 for daily momentum.<\/p>\n

\"clip_image002[1]\"<\/a><\/p>\n

\"clip_image003[1]\"<\/a><\/p>\n

 <\/p>\n

S&P 500 Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image010\"<\/a><\/p>\n

The intermediate term Barometer gained 5.60 to 35.60. It remains Oversold.<\/p>\n

\"clip_image011\"<\/a><\/p>\n

The long term Barometer added 2.20 to 43.00. It remains Neutral.<\/p>\n

 <\/p>\n

TSX Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image012\"<\/a><\/p>\n

The intermediate term Barometer added 0.86 to 30.50. It remains Oversold.<\/p>\n

\"clip_image013\"<\/a><\/p>\n

The long term Barometer added 1.29 to 49.57. It remains Neutral.<\/p>\n

<\/b><\/p>\n

Disclaimer:<\/b> Seasonality ratings and technical ratings offered in this report and at<\/em><\/p>\n

www.equityclock.com<\/em><\/a> 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<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-opening Comments for Friday June 2nd U.S. equity index futures were higher this morning following Senate approval last night on a new Debt Ceiling bill. S&P 500 futures were up 22 points at 8:35 AM EDT. S&P 500 futures added 3 points following release of the May Non-farm Payrolls report at 8:30 AM EDT. Consensus […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-166688","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/166688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/comments?post=166688"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/166688\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=166688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=166688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=166688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}