Tech Talk for Tuesday June 5th 2018

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Pre-opening Comments for Tuesday June 5th

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.

Twitter advanced $1.52 to $39.40 after the company was selected to replace Monsanto in the S&P 500 Index.

Starbucks slipped $0.57 to $56.50 after Executive Chairman Howard Schultz announced his resignation.

Navistar gained $1.69 to $40.20 after reporting higher than consensus second quarter sales and earnings. The company also raised its guidance.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/06/04/stock-market-outlook-for-june-5-2018/

Note seasonality charts on Consumer Discretionary vs Consumer Staples and Value of Manufacturers’ New Orders.

Don Vialoux on HiFi Radio with The Wolf On Bay Street

Following is a link to the interview released on Saturday:

https://omny.fm/shows/640-toronto/hifi-wks-jun-2-full-show?in_playlist=640-toronto!hifi-radio-with-the-wolf-on-bay-street-wolfgang-kl

Check out Wolfgang’s weekly show on Radio 640 each Saturday morning at 7:00 AM EDT.

 

Observations

Strength by U.S. equity markets yesterday was triggered by a move by Apple to an all-time high in response to news from its annual Developer’s conference.

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Solar stocks virtually collapsed yesterday after China imposed restrictions on the industry by cutting subsidies and by suspending construction on new wind farms.

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StockTwits Released Yesterday @EquityClock

Technology SPDRs $XLK moved above $71.12 to an all-time high extending an intermediate uptrend.

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Merck $MRK, a Dow Jones Industrial stock moved above $61.00 extending an intermediate uptrend.

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Shopify $SHOP moved above $154.82 to an all-time high extending an intermediate uptrend.

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Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $KSS $MPC $MRK $UPS $GLW. Breakdown: $NKTR

Editor’s Note: After 10:00 AM EDT, intermediate breakouts included NVDA, WU, HD, PYPL, DRE, AVB and PSA. No breakdowns.

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Home Depot $HD, a Dow Jones Industrial stock moved above $190.58 extending an intermediate uptrend.

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SNC Lavalin $SNC.CA, a TSX 60 stock moved above $57.57 extending an intermediate uptrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for June 4th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for June 4th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Sector Trends for June 4th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

The Barometer added 0.60 to 61.80 yesterday. It remains intermediate overbought and showing early signs of rolling over.

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TSX Momentum Barometer

The Barometer dropped 1.67 to 68.75 yesterday. It remains intermediate overbought and showing early signs of rolling over.

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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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6 Responses to “Tech Talk for Tuesday June 5th 2018”

  1. Larry/ON Says:

    Summer(late spring)Rally Is On – Everything is in place. We had a shake-out move down on SP500 to the 50 day May 29th. Markets rallied since then with QQQ first breaking resistance at 170 on June 1st. Yesterday the SP500 cleared resistance at 2742 while QQQ closed at a new all-time high setting the market up for further gains. SP500 is only 54 pts away from resistance at 2800. There is however, a lot of room to run much further and still be within the long-term channel trend and eventually test the Jan high at 2872. I would say the market continues higher until the SP500 is technically overbought and it is nowhere near overbought at this point.

  2. Larry/ON Says:

    Bull Market For US Stocks – The Case Laid Out By David Burrows

    https://www.bnnbloomberg.ca/video/big-bounce-higher-in-u-s-stocks-ahead-burrows~1406617#_gus&_gucid=&_gup=twitter&_gsc=I218QsO

  3. NRG Says:

    ATD.B

    Bought an opening position in RRSP and investing account this am on morning pullback. Long term hold.

  4. Larry/ON Says:

    $CAD Collapse – Has to hold at 76.33 or else there is a long way to go down. No more board hogging by me today. Happy trading everyone.

  5. Sherri Says:

    Interesting.. Jack Crooks just put out an alert to sell the s & P at market. Target 2665! He’s a currency guy mostly.. Sorry at work not sure why the gigantic font. He also trades the futures market. This was based on a 90 minute chart. Guess we’ll see if he’s right

  6. Jason/AB Says:

    Re: #2. Dave Burrows has a great story but his results are less than stellar. Terrible in fact. See: https://www.barometercapital.ca/wp-content/uploads/2018/05/BCM_TS_Equity_APR_2018.pdf

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