Tech Talk for Thursday June 25th 2020

U.S. equity index futures were lower this morning. S&P 500 futures were down 18 points in pre-opening trade.

Index futures moved slightly higher following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was 1,350,000 versus 1,508,000 last week. Actual was.1,480,000. Consensus for first quarter annualized real GDP was a drop of 5.0% versus a gain of 2.0% in the fourth quarter of 2019. Actual was a drop of 5.0%. Consensus for May Durable Goods Orders was an increase of 9.8% versus a drop of 17.1% in April. Actual was an increase of 15.8%

KB Homes dropped $4.12 to $29.21 after noting a big drop in orders for new homes related to the outbreak of COVID 19.

Darden Restaurants added $2.29 to $73.10 after reporting less a less than consensus drop in fiscal fourth quarter revenues.

Applied Materials gained $0.33 to $60.30 after Deutsche Bank raised its target price from $65 to $70.

Apple improved $0.14 to $360.20 after Wedbush increased its target price from $375 to $425.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/06/24/stock-market-outlook-for-june-25-2020/

Note seasonality chart on Crude Oil Days of Supply

Technical Notes

Cameco (CCJ), a TSX 60 stock moved below US$9.71 setting an intermediate downtrend.

Medtronic (MDT), an S&P 100 stock moved below $89.65 setting an intermediate downtrend.

Verizon (VZ), a Dow Jones Industrial Average stock moved below $53.67 setting an intermediate downtrend.

Fiserv (FISV), a NASDAQ 100 stock moved below $109.84 setting an intermediate downtrend

Trader's Corner

Lots of red on the screen yesterday, mainly by entities moving below their 20 day moving average and changing their short term momentum rating from Up to Down

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 24th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for June 24th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 24th 2020

Green: Increase from previous day

Red: Decrease from previous day

Greg Schnell's "Market Buzz"

Released yesterday. Headline reads, "Small Cap High Flyers". Following is a link:

https://www.youtube.com/watch?v=7qTHWbvkDwA&feature=youtu.be

S&P 500 Momentum Barometer

The Barometer plunged 19.64 to 57.51 yesterday. It changed from extremely intermediate overbought to neutral on a move below 60.00

TSX Momentum Barometer

The Barometer dropped 13.23 to 68.47 yesterday. It changed from extremely intermediate overbought to 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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