Tech Talk for Tuesday June 18th 2019

Daily Reports Add comments

Pre-opening Comments for Tuesday June 18th

U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points in pre-opening trade. Index futures responded to comments by European Central Bank President Mario Draghi promising to provide additional monetary stimulus if economic conditions in Europe do not improve. European equity markets moved higher and the Euro moved lower.

Index futures were virtually unchanged following release of May Housing Starts in the U.S. at 8:30 AM EDT. Consensus was 1.240 million units versus an upwardly revised 1.281 million units in April. Actual was 1.269 million units.

Boeing (BA $354.90) is expected to open higher after announcing three aircraft sales at the Paris airshow including a sale of thirty 787 aircraft to Korean Air for $6 billion.

clip_image001

Oracle slipped $0.38 to $52.75 after Macquarie Research downgraded the stock to Neutral from Outperform

clip_image002[1]

Bank of America added $0.07 to $28.00 after BMO Capital upgraded the stock to Outperform from Market Perform.

clip_image003[1]

 

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/06/17/stock-market-outlook-for-june-18-2019/

Note seasonality chart on the Empire State Manufacturing Survey

 

StockTwits released yesterday @EquityClock

Empire State Manufacturing survey just posted its first negative non-seasonally adjusted print for June in 8 years. The level of -2.3 is firmly below the +10.9 that is average for this spring month. $MACRO #Economy #Manufacturing

clip_image002

Home Depot $HD, a Dow Jones Industrial stock moved above $206.84 extending an intermediate uptrend.

clip_image003

Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $HD $NWSA $NWA $DLR $IRM. Breakdown: $MU

clip_image004

After 10:00 AM EDT, intermediate breakouts included CELG and FB

clip_image005

BCE BCE.CA, a TSX 60 stock moved below intermediate support at $59.17

clip_image006

NASDAQ Biotech ETF $IBB moved above $105.37 completing a base building pattern. Helped by the takeover announcement of $ARRY by $PFE and the breakout this morning by $CELG.

clip_image007

Another breakout by a Biotech ETF! First Trust Biotech ETF $FBT completed a base building pattern on a move above $133.79. ‘Tis the season for the Biotech sector to move higher until at least September!

clip_image008

Telus $T.CA, a TSX 60 stock moved below support at $47.80.

clip_image009

Metro $MRU.CA, a TSX 60 stock moved above $50.69 to an all-time high extending an intermediate uptrend.

clip_image010

 

Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 17th 2019

clip_image012

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 17th 2019

clip_image014

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 17th 2019

clip_image016

Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

David Chapman says, “To cut or not to cut: That is the question

Following is a link to David’s weekly blog compliments of www.EnrichedInvesting.com

http://enrichedinvesting.com/wp-content/uploads/2019/06/Cut-speculation-slowing-signs-rate-cycle-broadening-top-golden-lead-lagging-silver-oil-attack-rate-week.pdf

 

Greg Schnell’s Weekly Technical Comment from StockCharts

Greg says, “The World waits”. Following is a link:

https://www.youtube.com/watch?v=0omu_x_Q2PU&feature=youtu.be

 

S&P 500 Momentum Barometer

clip_image017

The Barometer slipped 0.80 to 56.31 yesterday. It remains intermediate neutral

 

TSX Momentum Barometer

clip_image018

The Barometer added 2.55 to 54.04 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 18th 2019”

  1. Ana Says:

    Big announcement today about our Crown Corporation.

    In Saskatchewan so not a great deal of time with charts. Thinking the “more down” is too early as usual.

    Replacing downspouts on an older home, sounds easy…

  2. Ron/BC Says:

    Here is a chart of the CD$:$CDW. Price broke out above its 18 month downtrending channel top which I thought was a significant event. Price then ran up to 1st resistance at the March high of 75.47 and then pulled back to that breakout channel line. This looks like a classic breakout/pullback to the breakout point and a rally to and through 75.47. Not being a fan of the CD$ I thought with such a depressing chart I’d just try to forget about it as it might just be erratic price action that is known for. BUTTTTTTTT with the bounce back off its breakout line it does suggest this is could be classic breakout with some likely significant follow through. I don’t believe this as the CD$ has been a dog for some time now. But the chart is suggesting this ‘could be’ a significant price reversal. The confirming factor will be for the $CDW to clear 75.47. The long term chart is still bearish.

    https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=2&mn=3&dy=0&id=p00934255097&a=579408456

    https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&st=1975-08-30&id=p3011952493c&a=579408562

Entries RSS Comments RSS Log in