Tech Talk for Wednesday June 26th 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points at 8:30 AM EDT.

Rivian jumped $6.49 to $18.45 after Volkswagen announced a joint venture where Volkswagen committed up to a $5 billion investment.

FedEx advanced $38.36 to $295.00 after the company announced higher than consensus fiscal fourth quarter results. The company also announced plans to spin off one of its operations.

Worthington Enterprises dropped $4.97 to $45.19 after reporting lower than consensus fiscal fourth quarter revenues.

Southwest Airlines dropped $1.24 to $27.27 after the company lowered its second quarter revenue estimate.

EquityClock's stock market outlook for June 26th

Biotechnology breaking out as its period of seasonal strength gets underway.

See: https://equityclock.com/2024/06/25/stock-market-outlook-for-june-26-2024/

Technical Notes

Lithium ETN $LIT moved below $39.26 to a 44 month low extending an intermediate downtrend.

Soybean ETN moved below $23.79 to a 30 month low extending an intermediate downtrend.

eBay $EBAY moved above $54.87 extending an intermediate uptrend.

Analog Devices $ADI a NASDAQ 100 stock moved below $226.75 completing a double top pattern.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 25th 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 25th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 25th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Nvidia Plunges Over 6% to Mark the End of the AI Trade? David Keller

https://www.youtube.com/watch?v=ehldtD7fc80

Strange Things Happening in the Stock Market: Guy Adami and Dan Nathan

Strange Things Happening in the Stock Market - YouTube

Chart of the Day:

Australia All Ordinaries Index

Technical score increased yesterday from (+2-2-1-1=) -2 to (+2-2+1+1=) +2 when the Index moved above its 20 day moving average and daily momentum (Stochastics, RSI, MACD) changed from down to up.

Seasonal influences are positive from June 26th to August 31st. Average gain per period during the past 20 periods is 2.5%.

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 8.80 to 51.20. It changed back from Overbought to Neutral on a drop below 60.00.

The long term Barometer dropped 1.60 to 70.20. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer dropped 4.05 to 37.48. It changed back from Neutral to Oversold on a drop below 40.00.

The long term Barometer dropped 4.95 to 62.16. It remains Overbought.

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