Tech Talk for Tuesday June 4th 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 19 points at 8:30 AM EDT.

WTI crude oil dropped another $1.30 to US$72.92 per barrel following OPEC + decision to phase out price cuts beginning in October.

India iShares plunged $3.42 to $51.38 after early election results showed a drop in majority held by the current government.

HealthEquity advanced $3.47 to $84.69 after reporting higher than consensus first quarter results. The company also offered positive second quarter guidance.

Bath and Body Works dropped $4.56 to $47.25 after offering second quarter guidance below consensus.

Equity Clock – Market Outlook for June 4, 2024

Software and semiconductors are book-ending the performance of the technology sector. What could act as the tie breaker to sector performance is the computer hardware industry (eg. Apple), which is presently pressuring significant resistance.

See: https://equityclock.com/2024/06/03/stock-market-outlook-for-june-4-2024/

Technical Notes

Crude Oil ETN $USO moved below US$73.88 setting a short term downtrend. OPEC + announced its intention to discontinue price cuts in October.

Oil & Gas Exploration SPDRs $XOP moved below $146.72 completing a double top pattern

Oil Services ETF $OIH moved below $307.07 setting an intermediate downtrend.

TSX Energy iShares $XEG.TO dropped below Cdn$18.48 completing a double top pattern. TSX Energy stocks moving below support completing double top patterns included Imperial Oil ($IMO.TO), Cenovus ($CVE.TO) and Canadian Natural Resources ($CNQ.TO).

Mexico iShares $EWW moved below $64.10 and $63.03 completing a Head & Shoulders pattern. Responded to re-election of a left leaning President.

Regeneron $REGN a NASDAQ 100 stock moved above $998.32 to an all-time high extending an intermediate uptrend.

Caterpillar $CAT a Dow Jones Industrial Average stock moved below $330.32 completing a double top pattern. The stock was downgraded by Morgan Stanley.

National Bank $NA.TO a TSX 60 stock moved above Cdn$116.81 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 3rd 2024

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for June 3rd 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 3rd 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Market Volatility, Fed Decisions & The Great Economic Divide: Dan Nathan and Guy Adami

Market Volatility, Fed Decisions & The Great Economic Divide - YouTube

Top Ten Picks for June: David Keller

TOP Charts to Watch in JUNE 2024! #stocks #investment - YouTube

The bull market could be ending according to historical trends, says economist Hugh Johnson

The bull market could be ending according to historical trends, says economist Hugh Johnson - YouTube

Deflation 'Intensifying', 'Monumental Rally' Will 'Shock People' | David Rosenberg

Deflation 'Intensifying', 'Monumental Rally' Will 'Shock People' | David Rosenberg – YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 1.40 to 49.20. It remains Neutral.

The long term Barometer slipped 0.80 to 71.80. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer dropped 8.07 to 51.12. It remains Neutral.

The long term Barometer slipped 0.45 to 67.26. It remains Overbought.

Disclaimer: Seasonality ratings 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