Tech Talk for Wednesday June 2nd 2021

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.

Zoom Video advanced $6.68 to $334.00 after reporting higher than consensus first quarter revenues and earnings. Deutsche Bank raised its target price from $360 to $375.

IMAX dropped $0.34 to $21.93 after Goldman Sachs downgraded the stock to Sell

FedEx added $1.26 to $312.11 after JP Morgan raised its target price from $340 to $366.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2021/06/01/stock-market-outlook-for-june-2-2021/

Technical Notes released yesterday at StockCharts.com@EquityClock

American Express $AXP a Dow Jones Industrial Average stock moved above $160.69 to an all-time high extending an intermediate uptrend.

Goldman Sachs $GS a Dow Jones Industrial Average stock moved above $375.71 to an all-time high extending an intermediate uptrend.

Financial SPDRs $XLF moved above $38.26 extending an intermediate uptrend.

Aerospace & Defense ETF $PPA moved above $76.67 to an all-time high extending an intermediate uptrend

Auto ETF $CARZ moved above $59.75 to an all-time high extending an intermediate uptrend.

Abbott Labs $ABT an S&P 100 stock moved below $114.32 completing a double top pattern.

Emerson Electric $EMR an S&P 100 stock moved above $96.38 to an all-time high extending an intermediate uptrend.

Lam Research $LRCX a NASDAQ 100 stock moved abovee $669.00 to an all-time high extending an intermediate uptrend.

S&P Oil & Gas Exploration SPDRs $XOP moved above $91.84 extending an intermediate uptrend.

Gasoline ETN $UGA moved above $34.94 extending an intermediate uptrend

Canadian REIT iShares $XRE.CA moved above $18.69 extending an intermediate uptrend.

Brookfield Infrastructure Partners $BIP.CA a TSX 60 stock moved above US$55.02 to an all-time high extending an intermediate uptrend.

Nutrien $NTR.CA a TSX 60 stock moved above $75.64 extending an intermediate uptrend

Other interesting charts

CRB Index moved above 206.95 to a six year high thanks to strength in crude oil, gasoline and natural gas prices.

Emerging Markets ETF (particularly Far East markets including China) moved above $55.34 resuming an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 1st 2021

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 1st 2021

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 1st 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 slipped 3.61 to 73.35 yesterday. It remains Overbought.

The long term Barometer eased 1.20 to 90.98 yesterday. It remains Extremely Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 5.56 to 75.46 yesterday. It remains Overbought.

The long term Barometer added 1.85 to 80.56 yesterday. It changed from Overbought to Extremely Overbought on a return above the 80.00 level.

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