Tech Talk for Thursday June 6th 2019

U.S. equity index futures were higher this morning. S&P 500 futures gained 8 points in pre-opening trade.

European Central Bank maintained overnight lending rates

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was unchanged from the previous week at 215,000. Actual was 218,000. Second estimate of first quarter real Productivity was 3.3% versus the revised first estimate of 3.6%. Actual was 3.4%. Consensus for April Trade Deficit was $50.5 billion versus $51.9 billion in March. Actual was $50.8 billion.

The Canadian Dollar moved slightly higher to U.S. 74.64 cents following release of Canada's April Trade Balance at 8:30 AM EDT. Consensus was a deficit of $2.80 billion versus a deficit of $3.21 billion in March. Actual was a deficit of $970 million.

Costco (COST $247.96) is expected to open higher after reporting higher than consensus sales in May.

Ciena (CIEN $35.88) is expected to open higher after reporting higher than consensus fiscal second quarter sales and earnings.

United Continental gained $1.26 to $83.11 after Goldman Sachs upgraded the stock to Buy from Neutral.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/06/05/stock-market-outlook-for-june-6-2019/

Note seasonality chart on Crude Oil Days of Supply.

Observation

Frontier ETF moved above $29.23 extending an intermediate uptrend.

StockTwits released yesterday @EquityClock

Aerospace & Defense ETF $PPA moved above $62.68 to an all-time high extending an intermediate uptrend.

Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $CPB $NDAQ $JCI $ARE. No breakdowns.

Editor's Note: After 10:00 AM EDT, intermediate breakouts included KMB, TTWO, ARNC, EFX, EXR, SBUX, HRL, MSCI, ALLE, MDLZ, BF.B, BAX, WMT, ATO and PLD. Breakdowns included MUR and FANG.

Cenovus Energy $CVE.CA, a TSX 60 stock moved below $10.63 extending an intermediate downtrend.

Enerplus $ERF.CA moved below $9.60 extending an intermediate downtrend

Starbucks $SBUX, a Dow Jones Industrial stock moved above $79.65 to an all-time high extending an intermediate uptrend.

Ensign Energy Services $ESI.CA moved below $5.06 completing a Head & Shoulders pattern.

Domestic production of US Crude Oil jumps to another record high at 12.4 million barrels per day. Production is up 6% this year alone, much more than average. $USO $UGA $CL_F $XLE $XOP

Wal-mart $WMT, a Dow Jones Industrial stock moved above $104.51 after its annual meeting extending an intermediate uptrend.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 5th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 5th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 5th 2019

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer gained another 8.22 to 48.30 yesterday. It remains intermediate neutral.

TSX Momentum Barometer

The Barometer gained 0.84 to 47.48 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

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