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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