Tech Talk for Thursday June 25th 2020

Daily Reports Add comments

Pre-opening Comments for Thursday June 25th

U.S. equity index futures were lower this morning. S&P 500 futures were down 18 points in pre-opening trade.

Index futures moved slightly higher following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was 1,350,000 versus 1,508,000 last week. Actual was.1,480,000. Consensus for first quarter annualized real GDP was a drop of 5.0% versus a gain of 2.0% in the fourth quarter of 2019. Actual was a drop of 5.0%. Consensus for May Durable Goods Orders was an increase of 9.8% versus a drop of 17.1% in April. Actual was an increase of 15.8%

KB Homes dropped $4.12 to $29.21 after noting a big drop in orders for new homes related to the outbreak of COVID 19.

clip_image001[1]

Darden Restaurants added $2.29 to $73.10 after reporting less a less than consensus drop in fiscal fourth quarter revenues.

clip_image002[1]

Applied Materials gained $0.33 to $60.30 after Deutsche Bank raised its target price from $65 to $70.

clip_image003[1]

Apple improved $0.14 to $360.20 after Wedbush increased its target price from $375 to $425.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/06/24/stock-market-outlook-for-june-25-2020/

Note seasonality chart on Crude Oil Days of Supply

 

Technical Notes

Cameco (CCJ), a TSX 60 stock moved below US$9.71 setting an intermediate downtrend.

clip_image001

Medtronic (MDT), an S&P 100 stock moved below $89.65 setting an intermediate downtrend.

clip_image002

Verizon (VZ), a Dow Jones Industrial Average stock moved below $53.67 setting an intermediate downtrend.

clip_image003

Fiserv (FISV), a NASDAQ 100 stock moved below $109.84 setting an intermediate downtrend

clip_image004

 

Trader’s Corner

Lots of red on the screen yesterday, mainly by entities moving below their 20 day moving average and changing their short term momentum rating from Up to Down

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 24th 2020

clip_image006

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Seasonal/Technical Commodities Trends for June 24th 2020

clip_image008

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 24th 2020

clip_image010

Green: Increase from previous day

Red: Decrease from previous day

 

Greg Schnell’s “Market Buzz”

Released yesterday. Headline reads, “Small Cap High Flyers”. Following is a link:

https://www.youtube.com/watch?v=7qTHWbvkDwA&feature=youtu.be

 

S&P 500 Momentum Barometer

clip_image011

The Barometer plunged 19.64 to 57.51 yesterday. It changed from extremely intermediate overbought to neutral on a move below 60.00

 

TSX Momentum Barometer

clip_image012

The Barometer dropped 13.23 to 68.47 yesterday. It changed from extremely intermediate overbought to 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

Sponsored By...



5 Responses to “Tech Talk for Thursday June 25th 2020”

  1. bruce Says:

    the AAII survey for june 24th barely budged……bulls still just 24.1% -0.2 and the bears 48.9% +1.1%….hard to see this market getting hit too badly when the public is this nervous…

  2. Larry/ON Says:

    Rally developing in financials. Tony Dwyer on CNBC yesterday called 3,000 more or less the bottom of this drop. This has to be one of the most difficult markets to invest in. The complete economic uncertainty when you have a pandemic going combined with central banks printing money like crazy to juice economies is not something we have had to deal. As soon as someone declares that they have a vaccine ready to go into production you know the bulls are going to run but when. You also have the November election coming up and Biden wants to raise corporate taxes which is negative.

  3. Mary Says:

    Anyone has an opinion on oil, please share. Seasonality!
    Thanks and good luck trading.

  4. Larry/ON Says:

    Re 3 – Why not try a better asset class with more certainty like tech? Energy is for trading not investing. It’s in long-term decline. You have overproduction so you have that working against you. You have a pandemic that has shut down economies around the world and consumption will be slow to recover. It’s like the show where you bid on a garage and you don’t know what your going to get and you hope you lucked out. Go for what is more certain. Okay XOP is up today after being oversold on STO but not oversold RSI. Energy is kind of going along with banks and why won’t invest in banks either.You had a loosening of US bank regulation announced today and that is thankfully giving them a boost which is good for the overall market. They are still going to have all sorts of problems.

  5. Mary Says:

    Larry/ON

    Thanks for your suggestion. However, its only a trade I am looking for in energy. Later this year I may invest in CDN banks.

Entries RSS Comments RSS Log in