Tech Talk for Tuesday June 23rd 2020

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Pre-opening Comments for Tuesday June 23rd

U.S. equity index futures were higher this morning. S&P 500 futures were up 33 points in pre-opening trade.

Apple gained $5.63 to $364.50 after Deutsche Bank and UBS raised their target price on the stock.

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Nike advanced $2.09 to $101.60 after Susquehanna raised its target price from $100 to $130.

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Lowe’s added $$1.34 to $136.06 after Instinet raised its target price from $130 to $146.

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Peloton gained $0.67 to $53.70 after Cohen raised its target price from $54 to $70.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/06/22/stock-market-outlook-for-june-23-2020/

Note seasonality charts on Apple and the U.S. Technology sector.

Technical Notes

Commodity prices and commodity equity prices moved higher yesterday. The CRB Index and its related ETN (GSG) completed reverse Head & Shoulders patterns partially helped by weakness in the U.S. Dollar Index.

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Gold ETN (GLD) moved above $14.96 extending an intermediate uptrend.

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Netflix (NFLX), a NASDAQ 100 stock moved above $458.97 to an all-time high extending an intermediate uptrend.

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Splunk (SPLK), a NASDAQ 100 stock moved above $192.75 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 22nd 2020

spx june 23

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for June 22nd 2020

crb june 23

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 22nd 2020

xlk june 23

Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

Thank you to David Chapman and www.EnrichedInvesting.com for a link to their weekly report. Headline reads, “Slowed Fed, Soaring Stocks, Rioting Streets, Street’s top: 20 Bottom 80, Coronavirus Race, Election nears”. Following is the link:

https://www.​enrichedinvesting.com/wp-content/uploads/2020/06/Slowed-Fed-soaring-stocks-rioting-streets-top-20-bottom-80-coronavirus-soars-vaccine-race-election-nears.pdf

 

Changes in content of S&P/TSX 60 Index and S&P/TSE Composite Index

Changes became effective yesterday. Two stocks were added to the S&P/TSX 60 (Algonquin Power and Canadian Apartment Properties REIT) and two stocks were deleted (Blackberry and Bombardier). Seven stocks were added to the S&P/TSX Composite Index (notably gold stocks) and 14 stocks were deleted (notably energy stocks). Complete listing is available at:

https://www.newswire.ca/news-releases/s-amp-p-dow-jones-indices-announces-changes-to-the-s-amp-p-tsx-composite-index-and-s-amp-p-tsx-60-index-825499241.html

 

Dennis Gartman on BNN Bloomberg

Dennis is bullish on commodity and commodity equity prices (particularly gold and gold equities) and bearish on the U.S. equity market. Dennis also is favourable on Australian and New Zealand equity markets. Following is a link from an interview yesterday.

https://www.bnnbloomberg.ca/video/inflation-will-be-the-economic-reality-of-2021-dennis-gartman~1982265

 

S&P 500 Momentum Barometer

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The Barometer added 0.40 to 78.36 yesterday. It remains extremely intermediate overbought.

TSX Momentum Barometer

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The Barometer added 3.57 to 79.02 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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6 Responses to “Tech Talk for Tuesday June 23rd 2020”

  1. Larry/ON Says:

    Nice lift in financials and energy this morning which is supportive of the overall market. Shorts are getting their heads handed to them.

  2. Larry/ON Says:

    Peter Navarro said overnight that the China trade deal was off and a lot of shorts were put on the market. Both Trump and the Chinese then said that was not true and the deal is on and Navarro backtracked. Those shorts got the whacked “Bigly”.

    https://www.cnbc.com/2020/06/23/white-house-trade-advisor-peter-navarro-denies-saying-china-trade-deal-is-over.html

  3. Mary Says:

    My fav stock Square 2021 price target for 2021 $71. Time to take profits. Looking to enter UVXY. Valuations to infinity…

  4. tony Says:

    Good monrning Larry,

    from yesterday early bird(tho only the worms were out at that time) comment
    NVDA
    The value of MACD is negative for the 1-2-5 minute charts, as for the 15min chart the value is right on its 50MA and MACD = 0 so need to see if it fails this morning or bounces off the 50MA. if it fails we could see the price drop to the next line in the sand would be around 367(30 min 50MA) or 364 (1hr 50MA) currently the value MACD for every time frames from 30min and higher are positive.

    By 10am we’ll get a sense of what to expect.

    I don’t know what they were thinking but one thing is for sure even if the minute macd was negative for NVDA on friday,yesterrday morning the macd at 9h32 turned positive let the big boys place there coins on the table up until the coffee break 10AM and then it rised.

    heres my minute chart for nvda

    https://finance.yahoo.com/quote/NVDA/chart?p=NVDA#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%3D%3D

  5. Larry/ON Says:

    Hi Tony – I don’t use minute charts but take a longer perspective. Semis have room to move higher. There’s a little profit taking on NVDA this morning but likely it will start outperforming SOXX quite shortly. $400 target and it shouldn’t take long.

  6. Larry/ON Says:

    SPX broke through short-term resistance at 3153.45. It looks set up to test the June 8th high of 3233.

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