{"id":166911,"date":"2023-06-09T02:22:00","date_gmt":"2023-06-09T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=166911"},"modified":"2023-06-09T08:45:38","modified_gmt":"2023-06-09T12:45:38","slug":"tech-talk-for-friday-june-9th-2023","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2023\/06\/09\/tech-talk-for-friday-june-9th-2023\/","title":{"rendered":"Tech Talk for Friday June 9th 2023"},"content":{"rendered":"

Pre-opening Comments for Friday June 9th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were mixed this morning<\/b>. S&P 500 futures were unchanged at 8:35 AM EDT.<\/em><\/p>\n

The Canadian Dollar dropped 0.13 to US74.88 cents following release of Canada\u2019s May Employment report at 8:30 AM EDT. <\/b>Consensus called for a gain of 21,300 employees versus an increase of 41,400 in April. Actual was a drop of 17,300. Consensus called for an increase in the May Unemployment Rate to 5.1% from 5.0% in April. Actual was an increase to 5.2%.<\/em><\/p>\n

General Motors <\/b>advanced $0.96 to 36.81 after announcing plans to access Tesla\u2019s charge stations starting next year.<\/em><\/p>\n

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Vail Resorts<\/b> dropped $5.39 to $252.65 after reporting less than consensus fiscal third quarter earnings.<\/em><\/p>\n

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DocuSign<\/b> added $3.62 to $62.10 after reporting higher than consensus first quarter revenues. <\/em><\/p>\n

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Corning<\/b> added $1.02 to $32.70 after Morgan Stanley upgraded the stock from Equal Weight to Overweight. Target was lifted from $35 to $38.<\/em><\/p>\n

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 <\/p>\n

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

Headline reads \u201cThe shallowest year-to-date decline for jobless claims in decades certainly signifies a labor market that is not as robust as it once was<\/strong>\u201d.<\/em><\/p>\n

http:\/\/www.equityclock.com\/2023\/06\/08\/stock-market-outlook-for-june-9-2023\/<\/em><\/a><\/p>\n

 <\/p>\n

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

Aerospace & Defense ETF $PPA moved above $82.49 to an all-time high extending an intermediate uptrend.<\/p>\n

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PACCAR $PCAR a NASDAQ 100 stock moved above $76.45 to an all-time high extending an intermediate uptrend.<\/p>\n

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Mercadolibre $MELI a NASDAQ 100 stock moved below $1,196.16 completing a double top pattern.<\/p>\n

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Moderna $MRNA a NASDAQ 100 stock moved below $122.56 extending an intermediate downtrend.<\/p>\n

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Palladium ETN $PALL moved below $125.59 extending an intermediate downtrend.<\/p>\n

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 <\/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 8th<\/sup> 2023<\/p>\n

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

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

 <\/p>\n

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

Daily Seasonal\/Technical Commodities Trends for June 8th<\/sup> 2023<\/p>\n

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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 8th<\/sup> 2023 <\/p>\n

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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

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

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

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

Bullish Rotation Lifts Small and Mid Caps | Tom Bowley<\/font><\/em><\/strong> | Trading Places (06.08.23)<\/p>\n

Bullish Rotation Lifts Small and Mid Caps | Tom Bowley | Trading Places (06.08.23) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Charles Schwab’s Liz Ann Sonders<\/font><\/em><\/strong>: ‘Too soon’ to say market breadth is too wide<\/p>\n

Charles Schwab’s Liz Ann Sonders: ‘Too soon’ to say market breadth is too wide \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

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

Are we seeing early \u201cgreen shoots\u201d in selected sectors other than the technology sector?<\/b> As noted above, the Aerospace and Defense ETF (Symbol: PPA) moved to an all-time high yesterday. Strength is occurring at a time just before the sector enters a period of seasonal strength in the last week in June. <\/p>\n

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 <\/p>\n

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

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The intermediate term Barometer dropped 1.60 to 57.60. It remains Neutral. <\/p>\n

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The long term Barometer added 0.20 to 57.60. It remains Neutral. Daily momentum continues to trend higher.<\/p>\n

 <\/p>\n

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

\"clip_image016\"<\/a><\/p>\n

The intermediate term Barometer dropped 2.16 to 40.09. It remains Neutral.<\/p>\n

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The long term Barometer slipped 0.86 to 52.16. 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 9th U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:35 AM EDT. The Canadian Dollar dropped 0.13 to US74.88 cents following release of Canada\u2019s May Employment report at 8:30 AM EDT. Consensus called for a gain of 21,300 employees versus an increase of 41,400 […]<\/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-166911","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/166911","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=166911"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/166911\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=166911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=166911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=166911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}