Tech Talk for Tuesday June 8th 2021

U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade.

Biogen added $0.95 to $396.80 after Cowen upgraded the stock to Buy following news of FDA approval of Biogen's Alzheimer's treatment. Oppenheimer raised its target on the stock from $305 to $450.

Marvell Technology advanced $2.53 to $50.80 after reporting higher than consensus first quarter revenues and earnings.

Simon Property Group (SPG $134.00) is expected to move higher after Deutsche Bank raised its target price from $120 to $142.

Cenovus added $0.15 to US$9.62 after JP Morgan raised its rating from Neutral to Overweight.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2021/06/07/stock-market-outlook-for-june-8-2021/

Technical Notes released yesterday at Stockcharts.com@EquityClock

Cisco $CSCO a Dow Jones Industrial Average stock moved above $54.14 extending an intermediate uptrend

IBM $IBM a Dow Jones Industrial Average stock moved above $148.38 extending an intermediate uptrend.

NASDAQ Biotech iShares $IBB moved above $159.37 resuming an intermediate uptrend.

Seasonal influences for NASDAQ Biotech iShares $IBB are positive on a real and relative basis between now and mid-September

Another Biotech ETF breakout! Van Eck Biotech ETF $BBH moved above $197.98 to an all-time high extending an intermediate uptrend.

Much of the gains by Biotech ETFs can be attributed to favourable news received by Biogen $BIIB on its new Alzheimer drug. Nice breakout above $363.92 to an all-time high!

Eli Lilly $LLY an S&P 100 stock moved above $216.14 to an all-time high extending an intermediate uptrend. The company has a Phase 2 drug trial on a treatment for Alzheimer's disease.

Seasonality on Eli Lilly $LLY is favourable on a real and relative basis (relative to the S&P 500) between now and the end of September/early October

Fiserv $FISV a NASDAQ 100 stock moved below $111.41 extending an intermediate downtrend.

Illumina $ILMN a NASDAQ 100 stock moved above $426.44 resuming an intermediate uptrend.

Soybean ETN $SOYB moved above $24.58 extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 7th 2021

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 7th 2021

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 7th 2021

Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index

S&P 500 Momentum Barometers

The intermediate term Barometer fell 3.41 to 69.48 yesterday. It remains Overbought and showing early signs of turning down.

The long term Barometer eased 0.40 to 90.96 yesterday. It remains Extremely Overbought.

TSX Momentum Barometers

The intermediate term Barometer slipped 0.80 to 71.76 yesterday. It remains Overbought.

The long term Barometer added 1.95 to 81.48 yesterday. It changed from Overbought to Extremely Overbought on a move above 80.00.

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