Tech Talk for Thursday June 7th 2018

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.

Index futures were virtually unchanged following release of the Weekly Jobless Claims report at 8:30 AM EDT. Consensus was 225,000 versus 221,000 last week. Actual was 222,000.

JM Smucker dropped $7.82 to $98.70 after reporting lower than consensus fiscal fourth quarter sales and earnings.

Thomson Reuters added $2.44 to $42.00 after announcing a $1 billion addition to its stock buyback program.

AT&T slipped $0.19 to $33.19 after Piper Jaffray downgraded the stock to Hold from Buy.

Darden Restaurants (DRI $90.91) is expected to open higher after SunTrust upgraded the stock to Buy from Hold.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/06/06/stock-market-outlook-for-june-7-2018/

Note seasonality charts on Crude Oil Days of Supply, Gasoline Days of Supply, Crude Oil, Canadian Merchandise Exports and Canadian Merchandise Exports.

Observations

U.S. Dollar Index and its related ETF are rolling over from overbought levels.

Biotech was one of the leading sectors yesterday. Reverse Head & Shoulders pattern by BBH!

Junior Biotech ETF XBI moved to an all-time high.

'Tis the season for strength in the Biotech sector to at least the end of July!

StockTwits Released Yesterday @EquityClock

Global Timber iShares $WOOD moved above $82.90 to an all-time high extending an intermediate uptrend.

Base Metal stocks are responding to higher base metal prices. Breakouts by $TECK $RIO $FCX.

Editor's Note: First Quantum Minerals (FM.TO) joined the list of breakouts in late trading.

U.S. utilities stocks are responding to higher Treasury yields. Breakdowns by: $EIX $NI $PPL $XEL.

More Utilities break downs through intermediate support: $AEP $CMS $D $ED $AWK

Utilities SPDRs $XLU moved below $48.61 setting intermediate downtrend.

Boeing $BA, a Dow Jones Industrial stock moved above $369.76 to an all-time high extending an intermediate uptrend.

Healthcare SPDRs $XLV moved above $83.95 completing a double bottom pattern.

Materials SPDRs $XLB moved above $60.25 setting intermediate uptrend.

Interfor $IFP.CA moved above $26.50 to an all-time high extending an intermediate uptrend.

Corn ETN $CORN moved below $17.54 extending an intermediate downtrend.

Fertilizer stocks and related ETFs surged in late trading: $NTR.CA $MOS $SOIL $COW.CA

Trader's Corner

Daily Seasonal/Technical Equity Trends for June 6th 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for June 6th 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Sector Trends for June 6th 2018

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer added 5.48 to 67.00 yesterday. It remains intermediate overbought.

TSX Momentum Barometer

The Barometer slipped 1.25 to 69.58 yesterday. It remains intermediate overbought and showing signs of rolling over.

Disclaimer: Seasonality 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

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