Tech Talk for Tuesday June 5th 2018
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.
Twitter advanced $1.52 to $39.40 after the company was selected to replace Monsanto in the S&P 500 Index.
Starbucks slipped $0.57 to $56.50 after Executive Chairman Howard Schultz announced his resignation.
Navistar gained $1.69 to $40.20 after reporting higher than consensus second quarter sales and earnings. The company also raised its guidance.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2018/06/04/stock-market-outlook-for-june-5-2018/
Note seasonality charts on Consumer Discretionary vs Consumer Staples and Value of Manufacturers' New Orders.
Don Vialoux on HiFi Radio with The Wolf On Bay Street
Following is a link to the interview released on Saturday:
Check out Wolfgang's weekly show on Radio 640 each Saturday morning at 7:00 AM EDT.
Observations
Strength by U.S. equity markets yesterday was triggered by a move by Apple to an all-time high in response to news from its annual Developer's conference.
Solar stocks virtually collapsed yesterday after China imposed restrictions on the industry by cutting subsidies and by suspending construction on new wind farms.
StockTwits Released Yesterday @EquityClock
Technology SPDRs $XLK moved above $71.12 to an all-time high extending an intermediate uptrend.
Merck $MRK, a Dow Jones Industrial stock moved above $61.00 extending an intermediate uptrend.
Shopify $SHOP moved above $154.82 to an all-time high extending an intermediate uptrend.
Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $KSS $MPC $MRK $UPS $GLW. Breakdown: $NKTR
Editor's Note: After 10:00 AM EDT, intermediate breakouts included NVDA, WU, HD, PYPL, DRE, AVB and PSA. No breakdowns.
Home Depot $HD, a Dow Jones Industrial stock moved above $190.58 extending an intermediate uptrend.
SNC Lavalin $SNC.CA, a TSX 60 stock moved above $57.57 extending an intermediate uptrend.
Trader's Corner
Daily Seasonal/Technical Equity Trends for June 4th 2018
Green: Increase from previous day
Red: Decrease from previous day
Daily Seasonal/Technical Commodities Trends for June 4th 2018
Green: Increase from previous day
Red: Decrease from previous day
Daily Seasonal/Technical Sector Trends for June 4th 2018
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer added 0.60 to 61.80 yesterday. It remains intermediate overbought and showing early signs of rolling over.
TSX Momentum Barometer
The Barometer dropped 1.67 to 68.75 yesterday. It remains intermediate overbought and showing early 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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