Pre-opening Comments for Tuesday June 6^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points at 8:30 AM EDT.

Raytheon Technologies added $0.25 to $96.00 after winning a $2.02 billion contract from the U.S. Navy.

Spotify gained $5.13 to $156.87 after announcing plans to cut costs by lowering employee count.

Ciena added $1.12 to $49.25 after reporting higher than consensus fiscal second quarter revenues and earnings.

Gitlab gained $9.50 to $44.90 after D.A. Davidson raised its target price from $30 to $45.

 

EquityClock’s Daily Comment

Headline reads “The report of factory orders continues to tell a compelling story of which segments of the market to Accumulate and which areas to Avoid”.

http://www.equityclock.com/2023/06/05/stock-market-outlook-for-june-6-2023/

 

Technical Notes

Consumer Discretionary SPDRs $XLY moved above $157.54 extending an intermediate uptrend.

Apple $AAPL an S&P 100 stock moved above $181.13 to an all-time high extending an intermediate uptrend following its key note presentation at the World Wide Developers presentation. The stock has a history of reaching a short term peak and trading lower (sell on news) following this event.

Tesla $TSLA a NASDAQ 100 stock moved above $217.65 extending an intermediate uptrend.

Constellation Software $CSU.TO a TSX 60 stock moved above $2,702.56 to an all-time high extending an intermediate uptrend.

Open Text $OTEX a TSX 60 stock moved above US$42.10 extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 5^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 5^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 5^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for positive seasonal ratings: www.equityclock.com

Links from Valued Providers

Hap Sneddon on BNN Bloomberg yesterday: Top Picks

Hap Sneddon’s Top Picks – Hap Sneddon’s Top Picks (bnnbloomberg.ca)

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 3.20 to 49.20. It remains Neutral.

The long term Barometer slipped 0.40 to 52.60. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 1.72 to 40.52. It remains Neutral.

The long term Barometer added 0.43 to 53.46. It remains Neutral.

Disclaimer: Seasonality ratings 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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