Editor’s Note: With U.S. equity markets closed on Monday for Juneteenth; Tech Talk next will appear on Tuesday June 20th. See you then!
Pre-opening Comments
for Friday June 16th
U.S. equity index futures were higher this morning. S&P b500 futures were up 10 points at 8:30 AM EDT.
Adobe advanced $20.78 to $511.69 after reporting higher than consensus fiscal second quarter results.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0011-5.png "clip_image001[1]")
Humana dropped $4.85 to $49.00 after the company warned that insurance costs are at the high end of expectations.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0021-7.png "clip_image002[1]")
Virgin Galactic advanced $1.61 to $5.67 after announcing plans to launch its first flight this month.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0031-6.png "clip_image003[1]")
iRobot jumped $9.21 to $51.29 following approval $9.21 to $51.29 following United Kingdom approval of its takeover by Amazon
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0041-4.png "clip_image004[1]")
EquityClock’s Daily Comment
Headline reads “This market continues to defy all expectations in the midst of ongoing fundamental concerns”.
http://www.equityclock.com/2023/06/15/stock-market-outlook-for-june-16-2023/
Technical Notes
The Canadian Dollar moved above US75.61 cents resuming an intermediate uptrend.
Strength in the Canadian Dollar was prompted by a plunge in the U.S. Dollar Index and its related ETN
Dow Jones Industrial Average SPDRs moved above 344.72 extending an intermediate uptrend.
S&P Industrial SPDRs $XLI moved above $105.60 to an all-time high extending an intermediate uptrend.
Dow Jones U.S. Railroads $DJUSRR moved above 2,994.25 extending an intermediate uptrend.
FedEx $FDX an S&P 100 stock moved above $234.49 extending an intermediate uptrend.
Microsoft $MSFT moved above $344.80 to an all-time high extending an intermediate uptrend. A major part of the gain by the Dow Jones Industrial Average, S&P 500 Index and NASDAQ Composite Index came from strength in Microsoft. All have heavy weights in this stock.
Wal-Mart $WMT a Dow Jones Industrial Average stock moved above $157.65 to an all-time high extending an intermediate uptrend.
Honeywell $HON a Dow Jones Industrial Average stock moved above $201.10 extending an intermediate uptrend.
Eli Lilly $LLY an S&P 100 stock moved above $454.95 to an all-time high extending an intermediate uptrend.
Splunk $SPLK a NASDAQ 100 stock moved above $109.95 completing a reverse Head & Shoulders pattern.
Lennar $LEN moved above $114.58 to an all-time high extending an intermediate uptrend. Responded to higher than consensus fiscal second quarter revenues and earnings!
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for June 15th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for June 15th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 15th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive seasonal ratings: www.equityclock.com
Links offered by valued providers
Consumer Discretionary is Taking Off | Greg Schnell, CMT | Market Buzz (06.14.23)
https://www.youtube.com/watch?v=yxoayu8U5tc
Fed Sends Stocks…..Higher? | Tom Bowley | Trading Places (06.15.23)
https://www.youtube.com/watch?v=quw2t1np1zg
Tech Screaming Higher | Jane Gallina | Your Daily Five (06.15.23)
Tech Screaming Higher | Jane Gallina | Your Daily Five (06.15.23) – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer advanced 5.40 to 67.80. It remains Overbought. Daily trend remains up.
The long term Barometer also advanced 5.40 to 65.40. It remains Overbought. Daily trend remains up.
TSX Momentum Barometers
The intermediate term Barometer added 0.43 to 41.38. It remains Neutral.
The long term Barometer slipped 0.86 to 51.29. 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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June 16th, 2023 at 2:15 pm
Oaken Financial is now paying 5.25% on a one year GIC. This can be placed in a TFSA to be tax free as well.
June 16th, 2023 at 10:14 pm
Re#1
If you chart GIC interest rates you would see that the one year rate which is now 5.25% at Oaken Financial you’ll see 5.25% was also reached in April this year and then dropped back to around 4.5%. It has now bounced back off of that high to a double top at 5.25%. So chart analysis would suggest that “IF” the rate clears 5.25% next that would be a double top breakout and suggest much higher GIC rates ahead. Time to pay attention………………….Always nice to make guaranteed money especially within a TFSA where you pay no income tax.
June 18th, 2023 at 4:58 pm
DBB Invesco Base Metal ETF NYSE
The weekly chart for DBB may be forming a double bottom. There is positive divergence on multiple indicators which suggests bullish potential. Worth keeping an eye on.
https://schrts.co/wgskHbtg
June 18th, 2023 at 6:07 pm
Re #1
BMO Investorline’s BMO USD HISA is now paying 4.75% and BMO CAD HISA 4.60%. I imagine other discount brokers have similar rates. Although the current HISA rates are not as lucrative as the 1-Yr GIC rate your capital isn’t tied up for any time period.