Tech Talk for Tuesday June 23rd 2020
U.S. equity index futures were higher this morning. S&P 500 futures were up 33 points in pre-opening trade.
Apple gained $5.63 to $364.50 after Deutsche Bank and UBS raised their target price on the stock.
Nike advanced $2.09 to $101.60 after Susquehanna raised its target price from $100 to $130.
Lowe's added $$1.34 to $136.06 after Instinet raised its target price from $130 to $146.
Peloton gained $0.67 to $53.70 after Cohen raised its target price from $54 to $70.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/06/22/stock-market-outlook-for-june-23-2020/
Note seasonality charts on Apple and the U.S. Technology sector.
Technical Notes
Commodity prices and commodity equity prices moved higher yesterday. The CRB Index and its related ETN (GSG) completed reverse Head & Shoulders patterns partially helped by weakness in the U.S. Dollar Index.
Gold ETN (GLD) moved above $14.96 extending an intermediate uptrend.
Netflix (NFLX), a NASDAQ 100 stock moved above $458.97 to an all-time high extending an intermediate uptrend.
Splunk (SPLK), a NASDAQ 100 stock moved above $192.75 to an all-time high extending an intermediate uptrend.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for June 22nd 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Seasonal/Technical Commodities Trends for June 22nd 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 22nd 2020
Green: Increase from previous day
Red: Decrease from previous day
Technical Scoop
Thank you to David Chapman and www.EnrichedInvesting.com for a link to their weekly report. Headline reads, "Slowed Fed, Soaring Stocks, Rioting Streets, Street's top: 20 Bottom 80, Coronavirus Race, Election nears". Following is the link:
Changes in content of S&P/TSX 60 Index and S&P/TSE Composite Index
Changes became effective yesterday. Two stocks were added to the S&P/TSX 60 (Algonquin Power and Canadian Apartment Properties REIT) and two stocks were deleted (Blackberry and Bombardier). Seven stocks were added to the S&P/TSX Composite Index (notably gold stocks) and 14 stocks were deleted (notably energy stocks). Complete listing is available at:
Dennis Gartman on BNN Bloomberg
Dennis is bullish on commodity and commodity equity prices (particularly gold and gold equities) and bearish on the U.S. equity market. Dennis also is favourable on Australian and New Zealand equity markets. Following is a link from an interview yesterday.
S&P 500 Momentum Barometer
The Barometer added 0.40 to 78.36 yesterday. It remains extremely intermediate overbought.
TSX Momentum Barometer
The Barometer added 3.57 to 79.02 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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