Tech Talk for Thursday June 20th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 17 points at 8:35 AM EDT.

S&P 500 futures slipped 2 points following release of economic news at 8:30 AM EDT. Consensus for May U.S. Housing starts was an increase to 1.380 million units from 1.360 million units in April. Actual was a drop to 1.277 million units. Consensus for the June Philly Fed Index was an increase in May to 4.9 from 4.5 in April. Actual was a drop to 1.3.

KB Homes added $1.55 to $69.60 after reporting higher than consensus fiscal second quarter results. The company also raised guidance.

Empire Companies is expected to open higher after reporting higher than consensus quarterly results. The company also raised its dividend.

Winnebago dropped $3.20 to $53.50 after reporting less than consensus fiscal third quarter earnings.

Darden Restaurants gained $3.51 to $155.47 after reporting higher than consensus quarterly results. The company also raised its dividend.

Equity Clock – Market Outlook for June 20, 2024

Retailer inventories are showing the second strongest increase through the first four months of the year in the past two decades, highlighting the disconnect between supply and demand that is contributing to disinflationary pressures for discretionary goods.

See: https://equityclock.com/2024/06/18/stock-market-outlook-for-june-20-2024/

Technical Notes

BMO Emerging Markets ETF $ZEM.TO moved above Cdn$21.40 extending an intermediate uptrend.

'Tis the season for ZEM.TO to move higher to the end of July!

Fortis $FTS.T0 a TSX 60 stock moved below Cdn$52.62 setting an intermediate downtrend.

Emera $EMA.TO a TSX 60 stock moved below Cdn$44.86 setting an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 19th 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 19th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 19th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Recent Shopify pullback makes attractive entry point: Mahaney: BNN

Recent Shopify pullback makes attractive entry point: Mahaney - YouTube

Markets are due for a 5% downturn in 2024: Strategist: Sam Stovall

Markets are due for a 5% downturn in 2024: Strategist - YouTube

NVDA Wreaks Havoc on Technology Benchmark: David Keller

NVDA Wreaks Havoc on Technology Benchmark - YouTube

Warning! Market Correction Possible Amid Record Highs: John Kosar

Editor's comment: Note seasonality chart for S&P 500 in the month of June

Warning! Market Correction Possible Amid Record Highs - YouTube

A little worried about markets on a short-term sentiment basis, says BMO Capital’s Brian Belski

A little worried about markets on a short-term sentiment basis, says BMO Capital’s Brian Belski - YouTube

The Bifurcated Market; Chart Check on Bitcoin & Copper: Carter Worth and Guy Adami

Editor's Comment: Note comment on copper and copper stocks.

The Bifurcated Market; Chart Check on Bitcoin & Copper - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.40 to 49.60 on Tuesday. It remains Neutral.

The long term Barometer slipped 0.20 to 68.40 on Tuesday. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer plunged another 4.95 to 29.28. It remains Oversold. Daily trend continues down.

The long term Barometer dropped 2.25 to 58.56. It changed from Overbought to Neutral on a drop below 60.00. Daily trend continues down.

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