Tech Talk for Thursday June 11th 2020
U.S. equity index futures were lower this morning. S&P 500 futures were down 85 points in pre-opening trade.
Index futures moved lower following release of economic news at 8:30 AM EDT. Consensus for the U.S. May Producer Price Index was unchanged versus a drop of 1.3% in April. Actual was an increase of 0.4%. Excluding food and energy, consensus was a slip of 0.1% versus a drop of 0.3% in April. Actual was a slip of 0.1% Consensus for Weekly Jobless Claims was 1,550,000 versus 1,897,000 last week. Actual was 1,542,000.
Target slipped $0.70 to $119.30 despite announcing a 3% increase in its dividend.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/06/clip_image0011-4.png "clip_image001[1]")
Oracle dropped $1.11 to $53.00 despite a target increase by Wedbush from $48 to $52.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/06/clip_image0021-2.png "clip_image002[1]")
KB Homes dropped $1.73 to $31.82 after JP Morgan downgraded the stock from Neutral to Underperform.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/06/clip_image0031-4.png "clip_image003[1]")
DR Horton fell $2.75 to $52.53 after JP Morgan downgraded the stock from Overweight to Neutral.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/06/clip_image0041.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/06/10/stock-market-outlook-for-june-11-2020/
Note seasonality charts on Crude Oil Days of Supply and U.S. Consumer Price Index.
Responses to FOMC news released at 2:00 PM EDT Yesterday
The Federal Reserve maintained its Fed Fund Rate at 0.00%-0.25%
Major U.S. equity indices were virtually unchanged by the close.
Yields on U.S. Treasuries moved lower. Prices moved higher.
U.S. Financials moved lower
U.S. Dollar Index and its related ETN moved lower
Gold and silver prices moved higher
Ditto for gold and silver stocks and related ETFs!
Technical Notes
Colgate Palmolive (CL), an S&P 100 stock moved above $73.70 resuming an intermediate uptrend.
AbbVie (ABBV), an S&P 100 sock moved above $96.42 resuming an intermediate upttend.
Intuit (INTU), a NASDAQ 100 stock moved above $295.37 extending an intermediate uptrend.
Rio Tinto (RIO) led base metal stocks on the upside. The stock moved above US$58.51 to a 12 year high.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for June 10th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Seasonal/Technical Commodities Trends for June 10th 2020
Green: Increase from previous day
Red: Decrease from previous day
Note the change in short term momentum by major U.S. and Canadian sector ETFs
Sectors
Daily Seasonal/Technical Sector Trends for June 10th 2020
Green: Increase from previous day
Red: Decrease from previous day
Greg Schnell's Market Buzz
Greg notes that "Bonds Swing Wildly". Video was released before the FOMC announcement. Following is a link:
https://www.youtube.com/watch?v=DKQLm0exhuY&feature=youtu.be
S&P 500 Momentum Barometer
The Barometer slipped 0.80 to 96.19 yesterday. It remains extremely intermediate overbought.
TSX Momentum Barometer
The Barometer slipped 0.90 to 88.74 yesterday. It remains extremely intermediate overbought.
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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