{"id":177106,"date":"2024-06-07T02:22:00","date_gmt":"2024-06-07T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=177106"},"modified":"2024-06-07T08:54:30","modified_gmt":"2024-06-07T12:54:30","slug":"tech-talk-for-friday-june-7th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/06\/07\/tech-talk-for-friday-june-7th-2024\/","title":{"rendered":"Tech Talk for Friday June 7th 2024"},"content":{"rendered":"

Pre-opening Comments for Friday June 7th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning.<\/b> S&P 500 futures were down 17 points at 8:35 AM EDT<\/em><\/p>\n

S&P 500 futures dropped 19 points following release of the May U.S. employment report at<\/b> 8:30 AM EDT. <\/b>May Non-farm Payrolls were expected to increase 186,000 versus a downwardly revised gain of 165,000 in April. Actual was a gain of 272,000 May Unemployment Rate was expected to remain unchanged from April at 3.9%. Actual was an increase to 4.0%. May Average Hourly Earnings were expected to increase 0.3% versus a gain of 0.2% in April. Actual was an increase of 0.4%. On a year-over-year basis May Average Earnings were expected to increase 3.9% versus a gain of 3.9% in April. Actual was a 4.1% increase.<\/em><\/p>\n

The Canadian Dollar dropped 0.24 to US72.87 cents following release of the May Canadian employment report<\/b> at 8:30 AM EDT<\/b>. May employment was expected to increase 22,500 versus a gain of 90,400 in April. Actual was an increase of 27,800 May Unemployment Rate was expected to increase to 6.2% from 6.1% in April. Actual was an increase to 6.2%.<\/em><\/p>\n

Vail<\/b> dropped $10.95 to $183.00 after reporting lower than consensus fiscal third quarter results. The company also lowered guidance. <\/em><\/p>\n

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DocuSign<\/b> dropped $3.45 to $51.15 after lowering second quarter guidance.<\/em><\/p>\n

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Biomea Fusion<\/b> plunged $6.97 to $4.30 after its clinical trials on Diabetes were placed on hold. <\/em><\/p>\n

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 <\/p>\n

Equity Clock\u2019s Stock Market Outlook for June 7th<\/sup> 2024<\/strong><\/font><\/em><\/p>\n

Watch the reaction of the US Dollar Index following the release of May\u2019s payroll results given that the positive tilt of the currency has recently been acting as a headwind against stocks.<\/em><\/b><\/p>\n

See: <\/em>https:\/\/equityclock.com\/2024\/06\/06\/stock-market-outlook-for-june-7-2024\/<\/em><\/a><\/p>\n

 <\/p>\n

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

JP Morgan Chase<\/b> $JPM a Dow Jones Industrial Average stock moved below $196.07 completing a double top pattern.<\/p>\n

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GE Healthcare<\/b> $GEHC a NASDAQ 100 stock moved below $76.08 extending an intermediate downtrend.<\/p>\n

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Match Group<\/b> $MTCH a NASDAQ 100 stock moved above $32.14 completing a double bottom pattern. <\/p>\n

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Constellation Software<\/b> $CSU.TO a TSX 60 stock moved above $3,854.60 to an all-time high extending an intermediate uptrend.<\/p>\n

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TC Energy<\/b> $TRP.TO a TSX 60 stock moved above Cdn$55.01 extending an intermediate uptrend.<\/p>\n

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Pembina Pipeline<\/b> $PPL.TO a TSX 60 stock moved above Cdn$58.97 to an all-time high extending an intermediate uptrend. <\/p>\n

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Magna International<\/b> $MG.TO a TSX 60 stock moved below Cdn$60.14 to a 3 year low extending an intermediate downtrend.<\/p>\n

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Bank of Montreal<\/b> $BMO.TO a TSX 60 stock moved below Cdn$118.09 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 6th<\/sup> 2024<\/p>\n

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

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

Source for all positive seasonality ratings: <\/em>www.EquityClock.com<\/em><\/a><\/p>\n

 <\/p>\n

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

Daily Seasonal\/Technical Commodities Trends for June 5th<\/sup> 2024<\/p>\n

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

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

 <\/p>\n

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

Daily Seasonal\/Technical Sector Trends for June 6th<\/sup> 2024<\/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

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

3 Keys to Finding Stock Reversals BEFORE They Happen: Joe Rabil<\/b><\/p>\n

Interesting comment on Agnico Eagle<\/b><\/p>\n

3 Keys to Finding Stock Reversals BEFORE They Happen \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Why banks are bracing for a mortgage renewal cliff: CBC TV<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=42dIpVTzV04<\/a><\/p>\n

 <\/p>\n

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

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 <\/p>\n

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<\/u><\/p>\n

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

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

The intermediate term Barometer added 0.80 to 49.80. It remains Neutral.<\/p>\n

\"clip_image017\"<\/a><\/p>\n

The long term Barometer slipped 0.40 to 70.40. It remains Overbought.<\/p>\n

 <\/p>\n

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

\"clip_image018\"<\/a><\/p>\n

The intermediate term Barometer jumped 5.65 to 60.81. It changed from Neutral to Overbought on a move above 60.00.<\/p>\n

\"clip_image019\"<\/a><\/p>\n

The long term Barometer slipped 0.59 to 69.37. It remains Overbought.<\/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 7th U.S. equity index futures were higher this morning. S&P 500 futures were down 17 points at 8:35 AM EDT S&P 500 futures dropped 19 points following release of the May U.S. employment report at 8:30 AM EDT. May Non-farm Payrolls were expected to increase 186,000 versus a downwardly revised […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-177106","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/177106","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=177106"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/177106\/revisions"}],"predecessor-version":[{"id":177114,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/177106\/revisions\/177114"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=177106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=177106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=177106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}