Tech Talk for Tuesday June 4th 2019

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

The Australia All Ordinaries Index gained 11.90 to 6,332.40 after the Reserve Bank of Australia reduced its overnight lending rate by 0.25% to 1.25%.

Tiffany dropped $2.37 to $87.40 after reporting first quarter sales that fell more than consensus.

Navistar (NAV $31.10) is expected to open higher after reporting higher than consensus fiscal second quarter sales and earnings. The company also raised guidance.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/06/03/stock-market-outlook-for-june-4-2019/

Note seasonality charts on the Technology sector and Construction Spending.

Changing Currency Trends

The U.S. Dollar Index and its related ETN dropped sharply yesterday. Short term momentum indicators have rolled over from overbought levels.

Conversely, the Euro moved strongly higher. Short term momentum indicators moved higher from oversold levels.

Ditto for the Canadian Dollar!

Ditto for the Japanese Yen!

FAANG stocks defanged

News that the SEC and the Department of Justice are planning to investigate the largest U.S. high tech companies for possible anti-trust measures triggered an avalanche of selling yesterday.

Other related stocks that were hit included PayPal, Microsoft and Netflix.

StockTwits released yesterday @EquityClock

New month upon us…S&P 500 Index has been unchanged, on average, in the month of June over the past 50 years with 54% of periods reporting an increase. equityclock.com/2019/05/31/… $SPX $SPY $ES_F

Technical action by S&P 500 stocks to 10:00: Bearish. No intermediate breakouts. Breakdowns: $NFLX $MGM $BRK.B $ZION $CRM $MSFT $GOOG $GOOGL $CNC $ADBE $AKAM.

Editor's Note: After 10:00 AM EDT, intermediate breakouts included KMX, CLX, YUM and MKC. Breakdowns included ADBE, AKAM, ABBV, MCO, PYPL, LRCX, SYMC, SNPS, WYND, WAT and ANSS.

Alphabet $GOOGL $GOOG moved below support on news that the Justice Department is considering an anti-trust probe

Microsoft $MSFT, a Dow Jones Industrial stock moved below $122.59 completing a double top pattern

Russia ETF $RSX moved above $21.99 extending an intermediate uptrend.

India ETF $PIN moved above $25.83 extending an intermediate uptrend.

Canadian gold stocks respond to higher gold prices: $EGO $BTO.CA

Netflix $NFLX, one of the FAANG stocks moved below $345.30 and $342.27 completing an intermediate topping pattern

Cineplex $CGX.CA moved below $23.26 extending an intermediate downtrend.

Boeing $BA, a Dow Jones Industrial stock moved below $337.00 extending an intermediate downtrend. More comments on delays to relaunching the MAX aircraft.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 3rd 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 3rd 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 3rd 2019

Green: Increase from previous day

Red: Decrease from previous day

Technical Scoop

From David Chapman compliments of www.Enrichedinvesting.com

http://enrichedinvesting.com/wp-content/uploads/2019/06/Tariff-targets-markets-notice-retaliation-assured-debt-problem-golden-jump-wildfire-havoc.pdf?EUR<

S&P 500 Momentum Barometer

The Barometer added 0.86 to 30.48 yesterday. It remains intermediate oversold and trending down.

TSX Momentum Barometer

The Barometer added 1.68 to 42.86 yesterday. It remains intermediate neutral and trending down.

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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