Tech Talk for Tuesday June 2nd 2020
U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade.
PayPal added $1.62 to $156.15 after Deutsche Bank raised its target price from $147 to $183.
Visa gained $1.20 to $195.55 after SunTrust RH increase its target price from $200 to $220.
Shopify advanced $7.00 to $765.00 after KeyBanc Capital raised its target price from $775 to $805.
Lululemon slipped $1.69 to $307.00 after Wells Fargo Securities downgraded the stock from Overweight to Equal Weight.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/06/01/stock-market-outlook-for-june-2-2020/
Note seasonality chart on Construction Spending
Technical Notes
Autodesk (ADSK), a NASDAQ 100 stock moved above $216.58 to an all-time high extending an intermediate uptrend
India ETF (PIN) moved above $16.31 extending an intermediate uptrend.
Telecom iShares (IYZ) moved above $29.18 setting an intermediate uptrend.
CDW Corp. (CDW), a NASDAQ 100 stock moved above $111.75 extending an intermediate uptrend.
Shaw Communications (SJR), a TSX 60 stock moved above US$17.11 extending an intermediate uptrend.
Fiserv (FISV), a NASDAQ 100 stock moved above $108.83 extending an intermediate uptrend.
Silver ($SILVER) moved above $18.92 extending an intermediate uptrend.
The Canadian Dollar continues to soar.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for June 1st 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Seasonal/Technical Commodities Trends for June 1st 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 1st 2020
Green: Increase from previous day
Red: Decrease from previous day
Technical Scoop
Thank you to David Chapman and www.EnrichedInvesting.com for the link below for the enclosed article. Headline reads, "Two streets, one coin, polar opposites, market danger, gold poise, vaccine woes, city fires, China tension"
S&P 500 Momentum Barometer
The Barometer added 2.00 to another all-time high of 96.99 yesterday. It remains extremely intermediate overbought but has yet to show signs of peaking.
TSX Momentum Barometer
The Barometer added 0.45 to 88.34 yesterday. It remains extremely overbought, but has yet to show signs of peaking.
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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