Tech Talk for Wednesday June 24th 2020

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Pre-opening Comments for Wednesday June 24th

U.S. equity index futures were lower this morning. S&P 500 futures were down 22 points in pre-opening trade.

Shopify added $1.54 to $912.88 after KeyBanc Capital raised its target price from US$805 to U$1,000.

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Aurora Cannabis added $0.03 to $13.67 after Stifel Nicolaus raised its target price from Cdn$6.20 to Cdn$17.50.

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Constellation Brands added $0.54 to $181.00 after Deutsche Bank raised its target price from $157 to $176.

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Amazon gained $18.59 to $2,783.02 after Wedbush raised its target price from $2,750 to $3,050.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/06/23/stock-market-outlook-for-june-24-2020/

 

Technical Notes

Vertex (VRTX), a NASDAQ 100 stock moved above $295.55 to an all-time high extending an intermediate uptrend.

 

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U.S. Crude Oil ETN (USO) moved above $20.19 extending an intermediate uptrend.

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Surprising gains by US New Home Sales from 580,000 units in April to 676,000 units in May triggered strength in lumber prices, lumber ETFs (e.g. WOOD) and lumber equity prices (e.g. IFP, WFT, CFP, OSB).

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 23rd 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Seasonal/Technical Commodities Trends for June 23rd 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 23rd 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 1.20 to 77.15 yesterday. It remains extremely intermediate overbought and trending down.

 

TSX Momentum Barometer

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The Barometer added 2.88 to 81.70 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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2 Responses to “Tech Talk for Wednesday June 24th 2020”

  1. Larry/ON Says:

    Quarter End Fund Rebalancing In Play Until Jun 30th – Apparently a larger than normal amount of equities will be sold by investment funds in favour of bonds due to the large run-up we have had over the past three months. Pressure will be greater on large cap names due to their liquidity. Historically a rebound takes place in the first two trading days before July 4th.

  2. Bman/Vancouver Says:

    Larry,

    From what I am seeing, there has been only one area performing “Tech” leaving a very stretched market. Quarter end rebalancing, profit taking and loss of market momentum likely bias to the downside for the next 4 trading days before a short pickup at the beginning of July. Setup after July 4th, looks depressing. If what I forecast comes to pass, then the technicals on the market have all rolled over just in time for a poor earnings season backdrop and what I suspect another leg up in corona viruses cases in the US after the July 4th weekend. Likely sitting on the side lines for July. Need to see some improvements on REITS and banks before reentry. The markers I am using are TNT.UN (REIT), TD (banks) and AC (cyclicals). Will also need to see if the S&P500 can hold 2990. If we rip that point, it looks like 2750 or lower before we hit the level of support.

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