Tech Talk for Thursday June 15th 2023
U.S. equity index futures were lower this morning. S&P 500 futures were down 17 points at 8:35 AM EDT.
Equity index futures were unchanged following release of economic news at 8:30 AM EDT. Consensus for May Retail Sales was a drop of 0.1% versus a gain of 0.4% in April. Actual was an increase of 0.3%. Excluding auto sales, consensus for May Retail Sales was an increase of 0.1% versus a gain of 0.4% in April. Actual was an increase of 0.1% Consensus for the June Empire State Manufacturing Survey was -16.00 versus -31.80 in May. Actual was +6.6. Consensus for June Philly Fed Index was -13.5 versus -10.4 in May. Actual was -13.7
Lennar advanced $2.55 to $117.30 after reporting higher than consensus fiscal second quarter revenues and earnings. The company also offered positive guidance.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0011-4.png "clip_image001[1]")
Domino's Pizza gained $6.73 to $312.45 after Stifel Nicolaus upgraded the stock from Hold to Buy.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0021-6.png "clip_image002[1]")
Kohl's added $0.30 to $23.39 after TD Cowen upgraded the stock from Market Perform to Outperform.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0031-5.png "clip_image003[1]")
EquityClock's Daily Comment
Headline reads "The key to the breadth expansion in the market could rely on the banks, which are struggling around previous significant support, now resistance".
http://www.equityclock.com/2023/06/14/stock-market-outlook-for-june-15-2023/
Responses to FOMC News at 2:00 PM EDT Yesterday
As expected, the Federal Reserve chose to maintain the Fed Fund Rate at 5.00%-5.25%. Based on the current "dot plots" offered by FOMC members, the Fed Fund Rate is projected to increase by another 0.50% in future meetings. Following were reactions by key markets:
The US Dollar Index ETN initially moved sharply higher after 2:00 PM, but closed virtually unchanged.
The Canadian Dollar initially moved sharply lower, but recovered and closed slightly lower.
S&P 500 Index initially moved lower, but closed virtually unchanged.
Long term Bond prices were mixed
Large cap U.S. bank ETF initially moved lower and remained lower.
Gold ETN initially moved lower and closed near its low.
Gold equity ETF initially moved lower, but closed virtually unchanged.
Technical Notes
Note that no additional technical changes indicated below occurred after 2:00 PM EDT
Brazil iShares EWZ moved above $31.41 extending an intermediate uptrend.
UnitedHealth Group $UNH a Dow Jones Industrial Average stock moved below $472.54 and $457.59 after issuing lower second quarter guidance.
CSX $CSX a NASDAQ 100 stock moved above $33.09 extending an intermediate Up
ANSYS $ANSS a NASDAQ 100 stock moved above $333.89 extending an intermediate uptrend.
Shopify $SHOP.TO a TSX 60 stock moved Cdn$87.53 extending an intermediate uptrend.
Dollarama $DOL.TO a TSX 60 stock moved above $85.75 to an all-time high extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for June 14th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for June 14th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 14th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive seasonal ratings: www.equityclock.com
Links offered by valued providers
Bullish Upside Breakouts | Leslie Jouflas, CMT | Your Daily Five (06.14.23)
https://www.youtube.com/watch?v=OUWAUrc61OM
Time For A Holiday? | Greg Schnell, CMT | Market Buzz (06.14.23)
https://www.youtube.com/watch?v=yxoayu8U5tc
S&P 500 Momentum Barometers
The intermediate term Barometer slipped 1.80 to 62.40. It remains Overbought.
The long term Barometer eased 1.00 to 60.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 0.86 to 40.95. It remains Neutral.
The long term Barometer slipped 0.43 to 52.15. It remains Neutral.
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
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