Tech Talk for Tuesday June 30th 2020

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Pre-opening Comments for Tuesday June 30th

U.S. equity index futures were mixed this morning. S&P futures were unchanged in pre-opening trade.

The Canadian Dollar was virtually unchanged at US73.07 cents following release of Canada’s April GDP report at 8:30 AM EDT. Consensus was an annualized drop of 12.2% versus a drop of 7.2% in March. Actual was s drop of 11.60%

Lululemon gained $12.04 to $304.55 after announcing purchase of Mirror, a home fitness company, for $500 million.

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Micron gained $2.80 to $51.95 after reporting higher than consensus third quarter sales and earnings. The company also raised guidance. Raymond James, JP Morgan, KeyBanc Capital and Mizuho raised their target price on the stock.

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Wells Fargo slipped $0.18 to $25.50 after the company implied a reduction in its dividend when the company releases second quarter results in mid-July.

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Conagra added$0.80 to $34.50 after reporting higher than consensus fiscal fourth quarter sales and earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/06/29/stock-market-outlook-for-june-30-2020/

Canadian Holiday

Tomorrow is Canada Day. Canadian equity markets are closed. Tech Talk will appear as usual.

 

Technical Notes

First Quantum Minerals (FM), a TSX 60 stock moved above $10.27 Cdn. extending an intermediate uptrend.

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Interesting chart showing that the value of gold related ETFs have become substantially under owned during the past eight years relative to the U.S. ETF universe.

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Trader’s Corner

Note changes in seasonal ratings

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 29th 2020

spx jne 30

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for June 29th 2020

crb june 30

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 29th 2020

xlk june 30

Green: Increase from previous day

Red: Decrease from previous day

 

Changes in Seasonal Ratings

(Based on trends during the next two/three months)

Following are charts showing seasonal rating changes in the list indicated above.

In addition, the charts not on the list above that turn positive at the end of June are noted.

changes june 30

 

Brazil

Australia

India

Emerging Markets

South Korea

Hang Seng

 

All except Brazil iShares currently are outperforming the S&P 500 Index and have established an intermediate uptrend.

Seasonal charts are helpful for alerting to possible approaching seasonal trades, but require short/intermediate technical set ups and fundamental support before entering the trade.

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Technical Scoop

Thank you to David Chapman and www.EnrichedInvesting.com for the link. Headline reads

Gloomy forecasts, shutting again, protests continue, polarized election, empire fall, Gini grows, gold glows”. Following is the link:

http://enrichedinvesting.com/wp-content/uploads/2020/06/Gloomy-forecasts-shutting-again-protests-continue-polarized-election-empire-fall-Gini-grows-gold-glows.pdf

 

S&P 500 Momentum Barometer

The Barometer advanced 16.03 to 63.53 yesterday. It moved back from intermediate neutral to intermediate overbought on an advance above 60.00.

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TSX Momentum Barometer

The Barometer gained 12.68 to 69.01 yesterday. It moved back from intermediate neutral to intermediate overbought on an advance above 60.00.

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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 Tuesday June 30th 2020”

  1. Larry/ON Says:

    MU Earnings Boost Semis And Cloud Stocks – Heavy demand for chips for cloud computing.

    https://www.thestreet.com/investing/micron-gains-as-cloud-demand-boosts-earnings-and-guidance-7-key-takeaways?puc=_htmltmk_pla11&cm_ven=EMAIL_htmltmk&tstmem=175456743&utm_source=newsletter&utm_medium=email&utm_campaign=TMK&utm_term=Micron+Gains+as+Cloud+Demand+Boosts+Earnings+and+Guidance%3A+7+Key+Takeaways

  2. Larry/ON Says:

    AAPL – Stalling a little. I’m guessing some money is rotating out to the likes of MSFT, AMZN and semis. It was overbought IMO. Everyone must be on a golf course or at a cottage.

  3. Rol Lew Says:

    or just too confused to make any move. waiting for the next shoe to drop. sky is falling.

    thx for the daily posts.

    https://stockcharts.com/freecharts/candleglance.html?INO,VXRT,DVAX,OPTN,NVAX,VBIV,ABBV,EKSO,HRTX,NK,TBIO,HZNP,CRBP,LVGO|D|0

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