Tech Talk for Wednesday June 10th 2020

U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade. Investors are waiting for news on interest rated from the Federal Reserve at 2:00 PM EDT. Consensus is that the Fed Fund Rate will remain unchanged at 0.25%. Federal Reserve Chairman Powell will give an update at 2:30 PM EDT.

Index futures were virtually unchanged following release of the May U.S. Consumer Price Index at 8:30 AM EDT. Consensus was a slip of 0.1% versus a decline of 0.8% in April. Actual was a slip of 0.1%. Excluding food and energy, consensus for May CPI was a slip of 0.1% versus a decline of 0.4% in April. Actual was a slip of 0.1%.

Tesla gained $52.42 to an all-time high of $993.49 after Wedbush raised its target price from $800 to $1000.

Biogen (BIIB $293.84) is expected to open lower after Bernstein lowered its target price from $360 to $287. Rating on the stock was lowered from Outperform to Market Perform.

Winnebago added $1.01 to an all-time high of $69.10 after KeyBanc Capital raised its target price from $45 to $80.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/06/09/stock-market-outlook-for-june-10-2020/

Note seasonality charts on Job Openings, Wholesale Sales and Wholesale Inventories.

Technical Notes

Technology SPDRs (XLK) moved above $102.40 to an all-time high extending an intermediate uptrend.

FAANG stocks were leaders in the technology sector. Microsoft moved above $189.65 to an all-time high. Facebook, Amazon.com and Apple moved to all-time closing highs. Netflix advanced 3.5% and is testing its all-time high.

Bombardier (BBD.B), a TSX 60 stock moved above $0.58 completing a double bottom pattern.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 9th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for June 9th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 9th 2020

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer slipped 0.80 to 96.99 yesterday. It remains extremely intermediate overbought, but has yet to show signs of peaking.

TSX Momentum Barometer

The Barometer slipped 0.40 to 89.64 yesterday. It remains extremely intermediate 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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