Tech Talk for Friday June 19th 2020

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Pre-opening Comments for Friday June 19th

U.S. equity index futures were higher this morning. S&P 500 futures were up 34 points in pre-opening trade.

The Canadian Dollar was virtually unchanged at US 73.68 cents following release of Canadian April Retail Sales at 8:30 AM EDT. Consensus was a drop of 15.1% versus a drop of 10.1% in March. Actual was a drop of 26.4%. Excluding auto sales, consensus was a drop of 13.5% versus a decline of 0.4% in March. Actual was a decline of 22.0%.

Occidental Petroleum added $0.87 to $20.54 after SunTrust RH raised its rating from Hold to Buy. Target price was raised from $13 to $25.

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EOG Resources gained $1.31 to $54.24 after SunTrust RH raised its rating from Hold to Buy. Target price was raised from $50 to $70.

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Disney gained $1.68 to $120.05 after Wells Fargo raised its target price from $107 to $118.

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Slack slipped $0.87 to $33.35 after Goldman Sachs downgraded the stock from Neutral to Sell.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/06/18/stock-market-outlook-for-june-19-2020/

Technical Notes

Biogen (BIIB), a NASDAQ 100 stock moved below $262.25 setting an intermediate downtrend.

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Workday (WDAY), a NASDAQ 100 stock moved above $187.00 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 18th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for June 18th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 18th 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 slipped 2.20 to 85.37 yesterday. It remains extremely intermediate overbought.

 

TSX Momentum Barometer

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The Barometer was unchanged yesterday at 76.02 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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11 Responses to “Tech Talk for Friday June 19th 2020”

  1. Larry/ON Says:

    SP500 Index having quarterly rebalancing at today’s close which may cause price swings in some stocks. A lot of options expiry also taking place.
    https://www.cnbc.com/2020/06/19/trading-could-get-wacky-friday-because-of-some-technical-stock-market-circumstances.html

  2. Larry/ON Says:

    Tony – What do you think about NVDA. It got the downgrade a few days ago and trading got mushy. Now it’s picking up today. There’s a MACD crossover coming maybe Mon.

  3. Bman/Vancouver Says:

    So much for industrials completing an ascending triangle, failed today and rolled over. An ominous sign as they are needed to confirm sustainable rally. Given the trajectory, setting up to test the 200MA next week on the S&P 500, but with even weaker indicators. Ron, you mentioned 2950 is the line is the sand, how does the charting look to end this week?

    Any other ideas out there other than gold / bonds on where to hide if we make a break downwards?

  4. Larry/ON Says:

    Re 3 – Despite all the volatility today which I mentioned was coming in post #1 the answer to direction is in the way the market is closing today. Don’t sweat it.

  5. Mary Says:

    The VIX spiked after hours more than during the regular market hours. Can you please share your knowledge what caused the AH spike. FYI..decl. I am holding UVXY.

    Appreciate!

  6. Ron/BC Says:

    Bman/Van

    I’ve been golfing that last two days so haven’t been married to the computer. But this $SPX chart clearly shows the importance of the 2950 as that was the April high that was cleared in late May and then tested as support in mid June. Notice price also tested the 200ema then as well like it did last August & September. Not a coincidence for who think it’s all about ‘stories’. That was also the 50ema and 200ema cross over point and a break below this level would certainly see a major selloff. All the b.s. fundamentals you read out there wouldn’t save it. So far so good as the recent high at 3233 did not see a negative divergence on that new high despite being overbought. And price is not extremely above the 50ema and 200ema plus the RSI 21 is and has been above the 50 line since early April. All looks well with me so far as long as price remains above the 50ema and 200ema.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=6&dy=0&id=p27088942738&a=725299577

  7. Mary Says:

    Futures on BNN are up big time. But I checked another site and they are down. Probably reason for spike in VIX.

  8. Larry/ON Says:

    What will all this money be used for? Purchases? Maybe a few shares of some stocks?
    https://www.cnbc.com/2020/06/21/banks-have-grown-by-2-trillion-in-deposits-since-coronavirus-first-hit.html

  9. Dave/ab Says:

    Futures market started trading on Sunday at 1800 hrs eastern. Here is a good site to follow it.

    https://ca.investing.com/indices/indices-futures

  10. still_learning Says:

    Dave/ab re#9,

    I prefer: https://www.cnbc.com/pre-markets/

    It doesn’t quite jibe with your futures site?

    Bernie/Lethbridge

  11. Dave/ab Says:

    Hi still_learning

    https://www.cnbc.com/pre-markets/ is not real time. There is a minimum 10 minute delay. Where is the one I’m using is real time.

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