Tech Talk for Wednesday June 17th 2020

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Pre-opening Comments for Wednesday June 17th

U.S. equity index futures were higher this morning. S&P 500 futures were up 15 points in pre-opening trade.

U.S. equity index futures were virtually unchanged following release of the May Housing Starts report at 8:30 AM EDT. Consensus was 1.095 million units versus 934,000 units in April. Actual was an increase to 974,000 units.

The Canadian Dollar was virtually unchanged at 73.84 following release of Canada’s May Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.7% versus a fall of 0.7% in April. Actual was an increase of 0.3%

Oracle dropped $1.74 to $52.85 after reporting lower than consensus fiscal fourth quarter revenues.

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Constellation Brands added $1.54 to $179.00 after JP Morgan raised its target price from $163 to $200

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McDonald’s advanced $0.87 to $191.19 after SunTrust raised its target price from $195 to 208.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/06/16/stock-market-outlook-for-june-17-2020/

Note seasonality charts on U.S. Retail Trade and Industrial Production.

 

Technical Notes

Baidu (BIDU), a NASDAQ 100 stock moved above $120.85 extending an intermediate uptrend.

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Eli Lilly (LLY), an S&P 100 stock moved above $164.13 to an all-time high extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 16th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for June 16th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 16th 2020

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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 gained 6.41 to 90.18 yesterday. It remains extremely intermediate overbought.

TSX Momentum Barometer

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The Barometer added 2.71 to 83.26 yesterday. It remains extremely intermediate overbought.

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 17th 2020”

  1. Larry/ON Says:

    Looking Beyond The Rear View Mirror Of Housing Starts – This Is Propelling The Market
    https://www.cnbc.com/2020/05/20/weekly-mortgage-applications-point-to-remarkable-bounce-in-homebuying.html
    The shorts in this market are what Donald Rumsfeld used to call “Deadenders.” Q3 US GDP growth is going to be the biggest in decades.

  2. JimShort Says:

    HA! Thanks for the laugh Larry. These guys couldn’t predict lunch at 11:30!

  3. Larry/ON Says:

    NVDA- Downgraded by Morgan Stanley yesterday from overweight to neutral purely on valuation. Outperforming SOXX today after the weak hands sold yesterday. Whenever a stock does that you can forget the downgrade.

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