Tech Talk for Thursday June 13th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 24 points at 8:35 AM EDT

S&P 500 futures added 10 points following release of the May Producer Price Index at 8:30 AM EDT Consensus was an increase of 0.2% versus a gain of 0.5% in April. Actual was down 0.2%. On a year-over-year basis, consensus was an increase of 2.2% versus a gain of 2.3% in April. Actual was 2.2%. Excluding food and energy, May PPI was expected to increase 0.3% versus a gain of 0.5% in April. Actual was unchanged. On a year-over-year basis core May PPI was expected to increase 2.3% versus a gain of 2.4% in April. Actual was an increase of 2.3%.

Broadcom advanced $184.49 to $1,680.00 after reporting higher than consensus second quarter revenues and earnings. The company also announced a ten for one stock split.

Dave and Busters dropped $4.50 to $45.85 after reporting less than consensus first quarter results.

GE Aerospace added $0.11 to $161.16 after receiving a $1.1 billion U.S. Army contract for turbine engines.

Korn Ferry gained $2.49 to $65.90 after reporting higher than consensus quarterly profits.

Equity Clock – Market Outlook for June 13, 2024

The need to tailor portfolios towards those groups that have pricing power and are not feeling the push-back from a more discerning consumer is more important now than it has been in a long time.

See: https://equityclock.com/2024/06/12/stock-market-outlook-for-june-13-2024/

Responses to the FOMC Interest Rate Decision

The FOMC at 2:00 PM EDT maintained its Fed Fund Rate at 5.25%-5.50%. Responses by key markets were as follows:

S&P 500 Index moved slightly lower

U.S. Dollar Index ETN moved slightly higher

Yield on 10 year Treasury Notes increased slightly

Regional Bank SPDRs moved lower

Canadian Dollar moved lower

Gold ETN moved lower

Technical Notes

Consumer Discretionary SPDRs $XLY moved above $180.28 setting an intermediate uptrend.

Microsoft $MSFT a Dow Jones Industrial Average stock moved above $433.60 to an all-time high.

Alphabet $GOOG a NASDAQ 100 stock moved above 179.75 to an all-time high extending an intermediate uptrend.

Lam Research $LRCX a NASDAQ 100 stock moved above $1,005.23 to an all-time high extending an intermediate uptrend.

Oracle $ORCL an S&P 100 stock moved above $132.35 to an all-time high extending an intermediate uptrend.

ASML $ASML a NASDAQ 100 stock moved above $1,054.12 to an all-time high extending an intermediate uptrend.

National Bank $NA.TO a TSX 60 stock moved below Cdn$112.86 and Cdn$109.67 setting an intermediate downtrend. It has offered to acquire Canadian Western Bank in a deal valued at $5 billion.

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Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 12th 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 12th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 12th 2024

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.20 to 48.60. It remains Neutral.

The long term Barometer added 1.00 to 69.00. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 3.15 to 49.10. It remains Neutral.

The long term Barometer added 3.15 to 66.67. 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