Tech Talk for Wednesday June 5th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points at 8:30 AM EDT

Canadian investors are focusing on the Bank of Canada's economic statement at 9:45 AM EDT. Consensus calls for no change in the Bank's lending rate for major Canadian banks.

Hewlett Packard Enterprises advanced $2.36 to $19.96 after reporting higher than consensus fiscal second quarter revenues and earnings. The company also offered third quarter guidance above consensus.

Crowd Strike added $21.57 to $327.54 after reporting higher than consensus first quarter revenues and earnings. The company also offered second quarter guidance above consensus.

Campbell Soup added $0.62 to $44.80 after reporting higher than consensus fiscal third quarter revenues and profits.

Dollar Tree dropped $1.44 to $118.86 after revealing damage to its facility caused by a tornado.

EquityClock's Stock Market Outlook for June 5th 2024

The divergence of the price of oil compared to the average trend of strength over the past couple of months highlighting the market's skepticism pertaining to the demand profile of the commodity (and the strength of the economy) moving forward.

See: https://equityclock.com/2024/06/04/stock-market-outlook-for-june-5-2024/

Technical Notes

First Trust Natural Gas ETF $FCG moved below $26.35 completing a double top pattern.

BMO Equal Weight Oil and Gas ETF $ZEO.TO moved below $Cdn70.00 completing a double top pattern.

Chevron $CVX a Dow Jones Industrial Average stock moved below $155.47 completing a double top pattern.

Baker Hughes $BKR a NASDAQ 100 stock moved below $31.54 setting an intermediate downtrend.

20+ Treasury Bond iShares $TLT moved above $92.11 setting an intermediate uptrend.

Open Text $OTEX a TSX 60 stock moved below US$27.95 extending an intermediate downtrend

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 4th 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 4th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 4th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

These surprising sectors are showing strength

These SURPRISING Sectors Are Showing Strength - YouTube

Is the AI Trade Coming Undone? Dan Nathan

Is the AI Trade Coming Undone? - YouTube

Canada’s economy is stuck in neutral: RBC

Canada’s economy is stuck in neutral: RBC - YouTube

Live Charts & Trade Ideas: Yields, $TLT, $XLE, Oil, $SMH, $CRWD

Guy Adami, Dan Nathan, Carter Worth

Live Charts & Trade Ideas: Yields, $TLT, $XLE, Oil, $SMH, $CRWD - YouTube

Expectations for rate cuts in Canada: BNN

Expectations for rate cuts in Canada - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 2.00 to 47.20. It remains Neutral.

The long term Barometer slipped 0.80 to 71.00. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer dropped 4.93 to 46.19. It remains Neutral.

The long term Barometer was unchanged at 67.26. 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