Tech Talk for Wednesday June 26th 2019

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Pre-opening Comments for Wednesday June 26th

U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade. Index futures responded to news that trade negotiation between China and the U.S. are continuing. Tariffs on Chinese goods have been delayed.

Index futures were slightly lower following release of the May Durable Goods Orders report at 8:30 AM EDT. Consensus was a drop of 0.1% versus an upwardly revised drop of 2.8% in April. Actual was a drop of 1.3%. Excluding transportation, consensus for May Durable Goods was an increase of 0.1% versus no change in April. Actual was an increase of 0.3%.

Micron added $2.72 to $35.40 after reporting higher than consensus fiscal third quarter revenues and earnings.

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FedEx (FDX $155.98) is expected to open lower after Cowen lowered its target price to $206 from $228.

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Blackberry slipped $0.12 to $8.17 U.S. after reporting higher than consensus first quarter earnings, but lower than consensus revenues.

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General Mills dropped $2.29 to $51.41 after reporting higher than consensus quarterly earnings, but lower than consensus revenues.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/06/25/stock-market-outlook-for-june-26-2019/

Note seasonality charts on MSCI World ex U.S. Index and New Home Sales.

Observations

Short term momentum indicators (daily Stochastics, RSI, MACD) for U.S. equity indices and economic sensitive sectors moved lower yesterday. See Trader’s Corner below for details.

Weakness late yesterday by U.S. equity indices was attributed partially to comments by several companies that U.S. tariffs on imported goods (particularly from China) are starting to impact sales and profit margins. FedEx was the latest company to comment. The stock dropped over 3% after the close after announcing less than consensus fiscal fourth quarter earnings and negative guidance.

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In addition, comments by Federal Reserve Chairman Jerome Powell dampened expectations for a 50 basis point drop in the Fed Fund Rate at the end of July.

 

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quiet. Breakout: $AGN. Breakdowns: $ETFC $NTRS

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Editor’s Note: After 10:00 AM EDT, intermediate breakout: DUK. Breakdowns: LEN, DHI, CELG and VNO.

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US New Home Sales getting over the hump of the spring selling season, falling 10.4% (NSA) in May. Average decline for the spring month is 1.3%. $MACRO #Economy #Housing

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US Home Prices up 0.8% (NSA) in April, marginally weaker than the 0.9% increase that is average for the spring month. $MACRO #Economy #Housing

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U.S. Home Builder stocks under pressure despite a higher-than-consensus fiscal second quarter reports released by Lennar. Breakdowns by Lennar and DR Horton. $LEN $DHR $ITB

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 25th 2019

spx june 26

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 25th 2019

crb june 26

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 25th 2019

xlk june 26

Green: Increase from previous day

Red: Decrease from previous day

 

Keith Richard’s Blogs

Keith comments on “Trapped in a Box”. Following is a link:

https://www.valuetrend.ca/trapped-in-a-box/

Keith comments on “Golden Days”. Following is a link:

https://www.valuetrend.ca/golden-days/

 

S&P 500 Momentum Barometer

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The Barometer dropped another 2.00 to 62.60 yesterday. It remains intermediate overbought and showing early signs of rolling over.

 

TSX Momentum Barometer

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The Barometer dropped 2.54 to 56.78 yesterday. It remains intermediate neutral and showing early signs of rolling over.

 

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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3 Responses to “Tech Talk for Wednesday June 26th 2019”

  1. Ron/BC Says:

    I emailed Stockcharts as I had changed my chart settings they claimed I could do without issues. What a mess. So I asked if they could change them back to the June 20 settings before I changed them and they do back up your saved charts. Good to know and that’s one button I wont be pushing again. Just means I have to adjust each new chart. Lesson learned!

  2. JP/BC Says:

    Re#1: Glad to hear you restored your charts. I wondered if they could do that.

  3. Kam Says:

    Ron/BC,

    I don’t know what button you pressed but as long as you didn’t press the eject button, we are all good. 🙂

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