Tech Talk for Wednesday June 20th 2018

U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade.

Walgreen gained $2.06 to $66.67 and General Electric fell $0.13 to $12.82 after Walgreen replaced General Electric in the Dow Jones Industrial Average

Starbucks dropped $2.15 to $55.28 after lowering guidance. Stifel Nicolaus lowered its target price to $55 from $58.

FedEx (FDX $257.50) is expected to open higher after reporting higher than consensus quarterly results. The company also raised guidance. Morgan Stanley raised its target price to $305 from $300.

Oracle dropped $1.92 to $44.35 after lowering its fiscal first quarter guidance. Stifel Nicolaus lowered its target price to $50 from $53.

Winnebago jumped $4.50 to $44.85 after reporting higher than consensus fiscal third quarter results.

Disney added $2.20 to $108.30 and Fox gained $3.05 to $47.34 after Disney raised its bid for Fox assets to $71.3 billion in cash and stock.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/06/19/stock-market-outlook-for-june-20-2018/

Note seasonality charts on the Biotech sector and U.S. Housing Starts.

Observations

Trade war concerns are impacted equity markets and their related ETFs around the world

StockTwits released yesterday@EquityClock

American Express $AXP, a Dow Jones Industrial stock moved below $96.98 completing a double top pattern.

Technical action by S&P 500 stocks to 10:00: Bearish. Breakout: $DRI. Breakdowns: $AXP $SCHW $ROK $AMAT $XRX $AVY $FMC

Editor's Note: After 10:00 AM EDT, breakout included AIG and breakdowns included BWA, MS, CMI, EMR, HON, ITW, PWR, AAPL, PKG, RTN, GD and MGM.

Base metals ETN $DBB moved below $18.41 setting intermediate downtrend.

Base metal stocks and ETFs by $DBB followed by breakdowns by $TECK $COPX $BHP $RIO $TECK.B.CA

EAFE iShares $EFA moved below $67.20 setting an intermediate downtrend

China iShares $FXI moved below $45.46 and $44.60 setting an intermediate downtrend.

Lumber stock ETF $WOOD moved below $78.71 completing a double top pattern.

Lithium ETN moved below $32.92 setting an intermediate downtrend.

Vietnam ETF $VNM moved below $16.00 extending an intermediate downtrend.

Apple $AAPL, a Dow Jones Industrial stock moved below $185.10 setting a double top pattern.

Trader's Corner

Daily Seasonal/Technical Equity Trends for June 19th 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for June 19th 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Sector Trends for June 19th 2018

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer dropped to . It remains intermediate overbought and has rolled over

TSX Momentum Barometer

The Barometer dropped to. It remains intermediate overbought and has rolled 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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