Tech Talk for Tuesday June 11th 2019

Daily Reports Add comments

Pre-opening Comments for Tuesday June 11th

U.S. equity index futures were higher this morning. S&P 500 futures gained 17 points in pre-opening trade. Index futures responded to a 2.58% gain by the Shanghai Composite Index in overnight trading

Equity index futures were virtually unchanged following released of the May Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.1% versus a gain of 0.2% in April. Actual was an increase of 0.1%. Excluding food and energy, consensus for May Producer Prices was an increase of 0.2% versus a gain of 0.2% in April. Actual was an increase of 0.2%.

Broadcom gained $9.69to $289.89 after reaching a two year supply agreement with Apple to provide electronic components.

clip_image001[5]

H&R Block (HRB $26.94) is expected to open higher after reporting higher than consensus fiscal fourth quarter earnings. The company also raised its dividend.

clip_image002[5]

Wells Fargo (WFC $46.43) is expected to open lower after Atlantic Equities downgraded the stock to Underweight from Neutral.

clip_image003[5]

 

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/06/10/stock-market-outlook-for-june-11-2019/

Note seasonality charts on Total Vehicle Sales and Job Openings.

 

Stocktwits released yesterday @equityclock.com

Technical action by S&P 500 stocks to 10:15: Bullish. Intermediate breakouts: $MGM $TROW $LH $TMO $SNPS $TSN $ILMN $EQIX $MCO $AME $RTN. No breadown

clip_image001

Editor’s Note: After 10:00 AM EDT, intermediate breakouts included NSC, JKHY and TFX. No breakdowns.

Healthcare Provider iShares $IHF moved above $170.08 extending an intermediate uptrend.

clip_image002

Medical Devices iShares $IHI moved above $233.99 to an all-time high extending an intermediate uptrend.

clip_image003

U.S. Aerospace & Defense iShares $ITA moved above $213.00 extending an intermediate uptrend.

clip_image004

Hudson’s Bay Company $HBC.CA moved above $8.63 on a $9.45 per share offer to take the company private

clip_image005

U.S. Broker iShares $IAI moved above $64.32 extending an intermediate uptrend

clip_image006

 

Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 10th 2019

clip_image008

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 10th 2019

clip_image010

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 10th 2019

clip_image012

Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

Thank you to David Chapman and www.EnrichedInvesting.com for the following weekly comment:

http://enrichedinvesting.com/wp-content/uploads/2019/06/Rate-Frenzy-Slowdown-Signs-Market-Pattern-Gold-Froth-Dollar-Repeat.pdf

 

S&P 500 Momentum Barometer

clip_image013

The Barometer added 1.80 to 56.51 yesterday. It remains intermediate neutral.

 

TSX Momentum Barometer

clip_image014

The Barometer slipped 0.64 to 48.10 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

Sponsored By...



2 Responses to “Tech Talk for Tuesday June 11th 2019”

  1. Larry/ON Says:

    Laurentian Bank – If Cdn Banks are Steve Eisman’s big short why is the sick man of Cdn banks one of the best performing YTD? LB would be the easiest to short because of the smaller size. Could buyers be just putting it away for the 6% plus div with a longer term perspective? Rates are not going higher so div payers become more attractive. The other Cdn bank I like keeping an eye on is EQB which has a decent looking chart. If anyone really follows Cdn banks and has some ideas about this I would appreciate comments.

  2. Larry/ON Says:

    CWB – Up 3.95% today right to the 200day MA. Another “vulnerable Cdn bank.” It’s basically been consolidating since its’ steep rise in January/February. If you take TD as the “best quality bank” it has not outperformed LB, CWB or EQB YTD. Laggards are CM and BNS.

Entries RSS Comments RSS Log in