Tech Talk for Wednesday June 12th 2019

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Pre-opening Comments for Wednesday June 12th

U.S. equity index futures moved lower this morning. S&P 500 futures were down 5 points in pre-opening trade.

Index futures were virtually unchanged following release of the May Consumer Price Index report at 8:30 AM EDT. Consensus was an increase of 0.1% versus a gain of 0.3% in April. Actual was an increase of 0.1%. Excluding food and energy, consensus for the May Consumer Price Index was an increase of 0.2% versus a gain of 0.1% in April. Actual was an increase of 0.1%.

Boeing (BA $349.33) is expected to open lower following news that relaunch of the 737 Max will be delayed until at least December.

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State Street (STT $) is expected to open lower after Raymond James lowered its target price on the stock to $68 from $84

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Energy stocks are expected to open lower after the price of WTI crude oil dropped another $1.43 to $51.84 per barrel in overnight trading.

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Marsh & McLennan (MMC $98.48) is expected to open lower after Keefe Bruyette downgraded the stock to Market Perform from Outperform.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/06/11/stock-market-outlook-for-june-12-2019/

Note seasonality charts on the Australia All Ordinaries Index and Bombay SENSEX Index

 

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quietly bullish. Intermediate breakouts: $AMAT $HRB. No breakdowns

Editor’s Note: After 10:00 AM EDT, intermediate breakout: CMG. Breakdown: LLY.

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New Flyer Industries $NFI.CA moved above $36.60 completing a reverse Head & Shoulders pattern.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 11th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 11th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 11th 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 was unchanged yesterday at 56.51. It remains intermediate neutral

 

TSX Momentum Barometer

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The Barometer added 0.84 to 48.95 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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5 Responses to “Tech Talk for Wednesday June 12th 2019”

  1. Larry/ON Says:

    Historical Pattern That Suggests Positive Short-Term Markets – I guess this runs counter to my earlier pessimism. No many posts on this website anymore which is disappointing.

    https://www.cnbc.com/2019/06/11/since-2009-when-sp-passes-50-day-moving-average-stocks-do-this-next.html

  2. Ron/BC Says:

    Harry
    Looks like the USO has double bottomed with a positive divergence on the oscillators. Nothing too positive about the chart though………….

    https://stockcharts.com/h-sc/ui?s=USO&p=D&yr=1&mn=0&dy=0&id=p90934139850&a=651189015

  3. Ron/BC Says:

    Harry

    Josef Schachter recommended this stock recently on BNN. I don’t recall what his time frame was but said this was one of his favourite stocks I believe. Was busy on my computer at the time and don’t generally pay too much attention to those guys. But he is a widely followed Oil analyst so is likely to have some impact on the price I would think. The stock is very oversold and approaching a major and familiar price bottom of $25. Just something to keep an eye on.

    https://stockcharts.com/h-sc/ui?s=VET.TO&p=D&yr=4&mn=0&dy=0&id=p51386364333&a=668682234

  4. Harry Says:

    Ron/BC—-If USO doesn’t bounce here that next support is your $9.23. We need a story to turn the tide.

  5. Harry Says:

    Ron/BC——-I like the seasonal play on oil for the start to begin in July. Watching gold to break 1344 in July also.

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