Tech Talk for Tuesday June 25th 2024

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

The Canadian Dollar rose 0.20 to US73.32 cents following release of Canada's May Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.3% versus a gain of 0.5% in April. Actual was an increase of 0.6%. On a year-over-year basis, consensus was an increase of 2.6% versus a gain of 2.6% in April. Actual was an increase of 2.9%.

Pool Corp plunged $36.81 to $301.10 after the company offered earning guidance below consensus.

MicroStrategy added $42.85 to $1415.00. Semi-conductor stocks such as MicroStrategy moved higher in overnight trade.

FedEx advanced $4.23 to $256.51 prior to release of fiscal fourth quarter results after the close today.

Birkenstock dropped $1.98 to $57.80 after Goldman Sachs downgraded the stock from Buy to Neutral.

EquityClock's Stock Market Outlook for June 25th

Setting up for the summer rally, followed by the period of volatility for stocks, spanning the third quarter.
See: https://equityclock.com/2024/06/24/stock-market-outlook-for-june-25-2024/

Technical Notes

Biotech ETFs $BBH, $IBB and $FBT moved above intermediate resistance levels.

'Tis the season for Biotech ETFs to move higher to late September!

Seasonal Chart Analysis from www.EquityClock.com

Analysis of the iShares Nasdaq Biotechnology ETF (NASD:IBB) seasonal charts above shows that a Buy Date of May 10 and a Sell Date of September 21 has resulted in a geometric average return of 4.2% above the benchmark rate of the S&P 500 Total Return Index over the past 20 years. This seasonal timeframe has shown positive results compared to the benchmark in 15 of those periods. This is a good rate of success and the return strongly outperforms the relative buy-and-hold performance of the stock over the past 20 years by an average of 4.55% per year.

IBM $IBM a Dow Jones Industrial Average stock moved above intermediate resistance at $175.39.

Merck $MRK a Dow Jones Industrial Average stock moved above $132.31

Coca Cola Enterprises $CCEP a NASDAQ 100 stock moved above $75.43 to an all-time high extending an intermediate uptrend. Coca Cola $KO a Dow Jones Industrial Average stock also broke to an all-time high.

Roper Technologies $ROP a NASDAQ 100 stock moved above $563.45 to an all-time high extending an intermediate uptrend.

Baker Hughes $BKR moved above $34.39 extending an intermediate uptrend.

DexCom $DXCM moved below $113.05 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 24th 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 24th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 24th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Top Picks by Jeff Parent on BNN Bloomberg's "Market Call" on Monday

https://www.bnnbloomberg.ca/market-call/jeff-parent-s-top-picks~2946258

Goldman Sachs analyst sees potential for the U.S. Dollar

Goldman Sachs analyst sees potential for the U.S. dollar because of upcoming elections | Seeking Alpha

Weekly Update with Larry Berman – June 22, 2024

https://www.youtube.com/watch?v=aXNkhw2-a5U

Next Canadian Association for Technical Analysis Meeting

It will be offered on Thursday June 27th at 8:00 PM EDT. Speaker on Zoom is Victor Adair. Everyone is welcome. Not a member of CATA. Contact https://canadianata.ca/content.aspx?page_id=4&club_id=71614

S&P 500 Momentum Barometers

The intermediate term Barometer jumped 6.40 to 60.00. It changed from Neutral to Overbought on the move to/above60.00.

The long term Barometer added 1.00 to 71.80. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer jumped 11.25 to 41.89. It changed from Oversold to Neutral on a recovery above 40.00.

The long term Barometer jumped 9.91 to 67.12. It changed from Neutral to Overbought on the move above 60.00.

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