Tech Talk for Tuesday June 4th 2019

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Pre-opening Comments for Tuesday June 4th

U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points in pre-opening trade.

The Australia All Ordinaries Index gained 11.90 to 6,332.40 after the Reserve Bank of Australia reduced its overnight lending rate by 0.25% to 1.25%.

Tiffany dropped $2.37 to $87.40 after reporting first quarter sales that fell more than consensus.

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Navistar (NAV $31.10) is expected to open higher after reporting higher than consensus fiscal second quarter sales and earnings. The company also raised guidance.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/06/03/stock-market-outlook-for-june-4-2019/

Note seasonality charts on the Technology sector and Construction Spending.

 

Changing Currency Trends

The U.S. Dollar Index and its related ETN dropped sharply yesterday. Short term momentum indicators have rolled over from overbought levels.

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Conversely, the Euro moved strongly higher. Short term momentum indicators moved higher from oversold levels.

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Ditto for the Canadian Dollar!

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Ditto for the Japanese Yen!

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FAANG stocks defanged

News that the SEC and the Department of Justice are planning to investigate the largest U.S. high tech companies for possible anti-trust measures triggered an avalanche of selling yesterday.

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Other related stocks that were hit included PayPal, Microsoft and Netflix.

 

StockTwits released yesterday @EquityClock

New month upon us…S&P 500 Index has been unchanged, on average, in the month of June over the past 50 years with 54% of periods reporting an increase. equityclock.com/2019/05/31/… $SPX $SPY $ES_F

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Technical action by S&P 500 stocks to 10:00: Bearish. No intermediate breakouts. Breakdowns: $NFLX $MGM $BRK.B $ZION $CRM $MSFT $GOOG $GOOGL $CNC $ADBE $AKAM.

Editor’s Note: After 10:00 AM EDT, intermediate breakouts included KMX, CLX, YUM and MKC. Breakdowns included ADBE, AKAM, ABBV, MCO, PYPL, LRCX, SYMC, SNPS, WYND, WAT and ANSS.

Alphabet $GOOGL $GOOG moved below support on news that the Justice Department is considering an anti-trust probe

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Microsoft $MSFT, a Dow Jones Industrial stock moved below $122.59 completing a double top pattern

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Russia ETF $RSX moved above $21.99 extending an intermediate uptrend.

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India ETF $PIN moved above $25.83 extending an intermediate uptrend.

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Canadian gold stocks respond to higher gold prices: $EGO $BTO.CA

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Netflix $NFLX, one of the FAANG stocks moved below $345.30 and $342.27 completing an intermediate topping pattern

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Cineplex $CGX.CA moved below $23.26 extending an intermediate downtrend.

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Boeing $BA, a Dow Jones Industrial stock moved below $337.00 extending an intermediate downtrend. More comments on delays to relaunching the MAX aircraft.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 3rd 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 3rd 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 3rd 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

From David Chapman compliments of www.Enrichedinvesting.com

http://enrichedinvesting.com/wp-content/uploads/2019/06/Tariff-targets-markets-notice-retaliation-assured-debt-problem-golden-jump-wildfire-havoc.pdf

S&P 500 Momentum Barometer

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The Barometer added 0.86 to 30.48 yesterday. It remains intermediate oversold and trending down.

 

TSX Momentum Barometer

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The Barometer added 1.68 to 42.86 yesterday. It remains intermediate neutral and trending down.

 

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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8 Responses to “Tech Talk for Tuesday June 4th 2019”

  1. rick Says:

    I just bought HXQ.TO at 52.96 for long term investment .
    I think is a good buying opportunity after yesterday sell-off .
    But usually I am buying too soon and sell too late .
    I will see in 5-10 years if I was wrong this morning .

  2. Larry/ON Says:

    Rick – Not bad timing. I would only go half-in at this point. It’s looking like a bottom for now. I don’t think we are going to break the old high for some time. If we are lucky we set up a trading range. It’s all dependent on trade negotiations which is frustrating because it is completely unpredictable.

  3. Paula Says:

    I bought XLK at 71.20 for a short term/swing trade this morning. It could have a good bounce from being so oversold. I am more interested in trading the US tech stocks rather than holding. But I usually sell too soon,LOL.

  4. Ron/BC Says:

    The $SPX needs to reclear 2800 price resistance plus reclear 2825 which is also price resistance and its downtrendline to suggest a return to a possible uptrend again. Price is oversold short term and typically bouncing back.
    The XIU.to never did breakdown below $24 support amazingly. Price does need to reclear $24.25 and then its downtrendline at $24.50 to suggest the present downtrend is over for now.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p56637529525&a=582707024

    https://stockcharts.com/h-sc/ui?s=XIU.TO&p=D&yr=1&mn=0&dy=0&id=p05446954708&a=665135054

  5. Larry/ON Says:

    Two percent plus on the SP500 with a high close. It’s a strong statement of support. We should see some continued momentum but the question is how far. A lot of people decided the 200day MA was a good place to buy. Noises about a possible FED cut really helped.

  6. KC Says:

    Hello Ron/BC,

    Thanks for your take on AAPL the other day. Would really appreciate your thoughts on Abbott and CVS Health if you have some time.

    Thanks
    KC

  7. Ron/BC Says:

    KC

    ABT has a nice uptrendline right now at $71 but topped out in March and has been pulling back with a short downtrendline at $78. Price support is $73 which has been tested a few times successfully now.
    CVS has fallen out of bed and is in a tight consolidation pattern between $51 and $57 which is not that ‘tight’ a range. Not the type of stock one would want to be wrong on. (I saw APPL did tag $170 support.)

    https://stockcharts.com/h-sc/ui?s=ABT&p=D&yr=2&mn=0&dy=0&id=p15426223171&a=668924571

    https://stockcharts.com/h-sc/ui?s=CVS&p=D&yr=5&mn=0&dy=0&id=p03465652989&a=668925964

  8. Ana Says:

    Might be working on another Head and Shoulder Pattern.

    https://invst.ly/ayqgi

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