Tech Talk for Friday June 28th 2024

U.S equity index futures were higher this morning. S&P 500 futures were up 18 points at 8:35 AM EDT.

S&P 500 futures slipped 4 points following release of economic news at 8:30 AM EDT.

Core May PCE Price Index was expected to increase 0.1% versus a gain of 0.2% in April. Actual was unchanged. On a year-over-year basis, Core May PCE Price Index was expected to drop to 2.6% from 2.8% in April. Actual was 2.6%. May Personal Income was expected to increase 0.4% versus a gain of 0.3% in April. Actual was a 0.5% increase. May Personal Spending was expected to increase 0.3% versus a gain of 0.2% in April. Actual was a 0.2% increase.

Nike dropped $9.19 to $85.00 after reporting fiscal fourth quarter revenues below consensus. The company also offered fiscal 2025 guidance below consensus.

Infinera gained $1.05 to $6.31 after Nokia agreed to purchase the company at $6.65 per share. Value of the offer is $2.3 billion.

Trump Media and Technology advanced $4.20 to $40.93 amid consensus that Trump beat Biden in the debate last night.

EquityClock's stock-market-outlook-for-june-28th 2024

If there is a foreseeable influence that could derail the summer rally, it could be the appreciation of the US Dollar.

See: https://equityclock.com/2024/06/27/stock-market-outlook-for-june-28-2024/

Next Tech Talk report

Although Monday, July 1st is a national statutory holiday here in Canada, Tech Talk will be published.  (*Important economic news from the U.S. is scheduled for release (i.e. June ISM Manufacturing PMI and May Construction Spending at 10:00 AM EDT).

Technical Notes

Salesforce.com $CRM a Dow Jones Industrial Average stock moved above $246.75 completing double bottom pattern.

Walgreens Boots $WBA an S&P 100 stock moved below $14.62 extending an intermediate downtrend.

Kinross Gold $KGC a TSX 60 stock moved above US$8.24 to a four year high extending an intermediate uptrend. Seasonal influences are positive from July 8th to October 15th .

Rogers Communications $RCI.B.TO a TSX 60 stock moved below Cdn$50.54 extending an intermediate downtrend.

Michael Campbell's Money Talks

Don Vialoux is scheduled to appear on the show starting at 11:30 AM EDT on Saturday. Connect at https://mikesmoneytalks.ca/

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 27th 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 27th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 27th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Two Consumer Stocks Popping to New Swing Highs! Dave Keller

Two Consumer Stocks Popping to New Swing Highs! - YouTube

Stock Picks & Trading Opportunities for Earnings Season! Danielle Shay

Stock Picks & Trading Opportunities for Earnings Season! - YouTube

MASSIVE Market Leadership Rotation Happening RIGHT NOW! Tom Bowley

MASSIVE Market Leadership Rotation Happening RIGHT NOW! - YouTube

Is a summer sell-off coming? Guy Adami and Dan Nathan

Is A Summer Sell-Off Coming? - YouTube

Inflation is going to fall like a rock, says Fundstrat’s Tom Lee

Inflation is going to fall like a rock, says Fundstrat’s Tom Lee - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.00 to 50.40. It remains Neutral.

The long term Barometer added 0.20 to 68.40. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer jumped 9.95 to 47.79. It changed from Oversold to Neutral on a recovery above 40.00.

The long term Barometer advanced 5.12 to 65.93. 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