Tech Talk for Tuesday June 25th 2019
U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points in pre-opening trade.
Allergan jumped $38.93 to $168.52 after AbbVie reached an agreement to purchase the company in a cash-and-share deal priced at $188.24 per share and valued at $63 billion. Each Allergan share is to be exchanged into 0.8660 AbbVie shares and $120.30 cash
The Allergan/AbbVie deal is attracting additional buying in other pharmaceutical and biotech stocks that are potential takeover candidates.
Lennar (LEN $51.41) is expected to open higher after reporting higher than consensus fiscal second quarter revenues and earnings.
Grubhub gained $3.61 to $75.80 after Citigroup upgraded the stock Buy from Neutral.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/06/24/stock-market-outlook-for-june-25-2019/
Note seasonality charts on Dow Jones Transportation Average and Gold Futures
Observations
Seasonal influences for North American equity markets tend to be neutral in the summer months but positive between now and the third week of July.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for June 24th 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for June 24th 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 24th 2019
Green: Increase from previous day
Red: Decrease from previous day
Technical Scoop
Thank you to David Chapman and www.EnrichedInvesting.com for the following link:
StockTwits released yesterday @EquityClock
Technical action by S&P 500 stocks to 10:00: Quiet. Intermediate breakouts: $NFLX $DRI. Breakdown: $NCLH
Maple Leaf Foods $MFI.CA moved below $29.73 setting an intermediate downtrend.
Another base metal stock breakout! BHP Billiton $BHP moved above $57.25 to a six year high extending an intermediate uptrend.
Junior Gold MIners ETF $GDXJ moved above $35.04 extending an intermediate uptrend.
TransAlta $TA.CA moved below $8.34 extending an intermediate downtrend.
S&P 500 Momentum Barometer
The Barometer slipped 0.40 to 69.54 yesterday. It remains intermediate overbought.
TSX Momentum Barometer
The Barometer dropped 3.23 to 58.47 yesterday. It changed to intermediate neutral from intermediate overbought on a drop below 60.00.
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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