Tech Talk for Friday June 28th 2019

Monday is a federal statutory holiday celebrating the dominion of Canada.

Pre-opening Comments for Friday June 28th

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

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for May Personal Income was an increase of 0.3% versus a gain of 0.5% in April. Actual was an increase of 0.4%. Consensus for May Personal Spending was an increase of 0.5% versus a gain of 0.5% in April. Actual was an increase of 0.4.

The Canadian Dollar was virtually unchanged at 76.45 cents U.S. following release of April Canadian GDP at 8:30 AM EDT. Consensus was an increase of 0.2%. Actual was 0.3%.

Nike dropped $0.46 to $83.27 after reporting lower than consensus fiscal fourth quarter earnings.

Pfizer added $0.28 to $43.71 after receiving USDA approval for the oncology drug Zirabev.

Procter & Gamble added $1.57 to $111.35 after Goldman Sachs upgraded the stock to Buy from Neutral. Target price was raised to $125 from $114.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2019/06/26/stock-market-outlook-for-june-28-2019/

Note seasonality chart on the Russell 2000 Index

Observation

After the close yesterday, most money center banks successfully passed the stress tests set by the Federal Reserve and promptly raised their dividend/ increased their share buybacks. They are expected to respond to the upside at the opening today.

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quietly mixed. Intermediate breakout: $WBA. Breakdowns: $EXC $CAG

Shaw Communications $SWR $SWR.B.CA, a TSX 60 stock moved below $26.21 Cdn. and $19.22 U.S. completing a double top pattern following release of quarterly results.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 27th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 27th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 27th 2019

Green: Increase from previous day

Red: Decrease from previous day

Keith Richard's Blog

Keiith asks, "What is Dow Theory currently saying about U.S. equity markets"? Following is a link:

https://www.valuetrend.ca/dow-theory-signalling-change/

S&P 500 Momentum Barometer

The Barometer added 5.00 to 67.20 yesterday. It remains intermediate overbought.

TSX Momentum Barometer

The Barometer added 1.71 to 52.56 yesterday. It remains intermediate neutral.

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

Sponsored By...