Tech Talk for Friday June 7th 2019

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Pre-opening Comments for Friday June 7th

U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points in pre-opening trade.

Index futures moved lower following release of the May employment report released at 8:30 AM EDT. Consensus for May Non-farm Payrolls was 180,000 versus 263,000 in April. Actual was 75,000. Consensus for May Unemployment Rate was unchanged from April at 3.6%. Actual was 3.6%. Consensus for May Hourly Earnings was an increase of 0.3% versus a gain of 0.2% in April. Actual was an increase of 0.2%.

The Canadian Dollar moved higher to U.S. 75.17 cents following release of the May Canadian Employment Report at 8:30 AM EDT. Consensus was 5,000 versus 106,500 in April. Actual was 27,700. Consensus for May Unemployment Rate was unchanged from April at 5.7%. Actual was a drop to 5.4%

Norwegian Cruise Line dropped $0.44 to $51.94 after reducing guidance.

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Barnes & Noble gained $0.68 to $6.64 after agreeing to a cash takeover by Elliott Advisors at $6.50 per share

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/06/06/stock-market-outlook-for-june-7-2019/

Note seasonality chart on Non-Farm Payrolls.

 

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00:Bullish. Intermediate breakouts: $UDR $SPGI $AMD $MLM $MTD. No breakdowns.

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Editor’s Note: After 10:00 AM EDT, intermediate breakouts included CL, ABT, DHR, PFE, SYK, XEC, CAG, BLL, AES, RTN, TSCO, COST, ALL, PRU and SHW. No breakdowns.

US #Exports down 8.9% (NSA) in April, while #Imports were higher by 0.5% (NSA). Average change for each in the month is -6.9% and -2.0%, respectively. Charts: charts.equityclock.com/u-s-… $MACRO #Trade

Canada #Exports down 4.1% (NSA) in April, while #Imports down 3.4%. Average change for each: -5.4% and -4.1%, respectively. Charts: charts.equityclock.com/cana… $MACRO #Trade

Strength this morning is notable among U.S. Healthcare stocks. Intermediate breakouts include $ABT $DHR $PFE $SYK

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CI Financial $CIX.CA moved above $20.97 extending an intermediate uptrend.

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 6th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 6th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 6th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

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The Barometer added 2.00 to 50.30 yesterday. It remains intermediate neutral.

 

TSX Momentum Barometer

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The Barometer added 0.42 to 47.90 yesterday. It remains intermediate neutral.

 

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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4 Responses to “Tech Talk for Friday June 7th 2019”

  1. Ron/BC Says:

    The long term chart of the Gold Stock ETF:XGD.to has not yet broken out of its long term downtendline. The ratio chart of XGD.to:GLD above is still weak with no conviction yet. The Gold stocks need to outperform Gold to suggest a major turn back up. And the Silver to Gold ratio is also very weak and needs to reverse to suggest much upside price action.

    https://stockcharts.com/h-sc/ui?s=XGD.TO&p=D&yr=18&mn=0&dy=0&id=p86412695919&a=579408507

  2. harry Says:

    Ron/BC——Looks like USO hit 10:51, possible support here. Maybe short bounce even if seasonality is almost over? Have a good week-end.

  3. Ron/BC Says:

    Harry
    Yes that $10.51 looks like it served as support ok.Good call Harry! Nice bounce back already. A well known analyst I come across now and again that does some unique cycle work claims there should be a major price low in this time frame and a two year bull market after the low. And he’s no flag waver with his analysis and is credible. No guarantee that was the low but it was support and price was very oversold using most any oscillator. I suspect the C.O.T. numbers would show a high short interest as well with the speculators. A small pullback would be ideal to get long I suspect. Resistance is $11.50-$12.

    https://stockcharts.com/h-sc/ui?s=USO&p=D&yr=2&mn=0&dy=0&id=p14866437873&a=665323464

  4. Ron/BC Says:

    Here we go again.

    https://stockcharts.com/h-perf/ui?s=ZPR.TO&compare=CPD.TO,HFP.TO,HPR.TO,PPS.TO,XPF.TO&a=579408380&listNum=1&id=p77121705198

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