Tech Talk for Tuesday June 11th 2024

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Pre-opening Comments for Tuesday June 11th

U.S. equity index futures were lower this morning. S&P 500 futures were down 15 points at 8:30 AM EDT.

General Motors added $0.54 to $48.01 after announcing a $6 billion share buyback program.

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Eli Lilly advanced $13.44 to $878.45 after its Alzheimer drug received backing from FDA advisors.

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Target Hospitality dropped $2.97 to $7.53 after the U.S. government announced its intention to terminate its partnership agreement.

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Clevland Cliffs dropped $0.44 to $15.21 following an analyst downgrade.

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Equity Clock – Market Outlook for June 11, 2024

While REITs are the only core-defensive sector that have struggled to attract buying demand in this risk-off market, Residential REITs are providing a setup to be attracted to.

See: https://equityclock.com/2024/06/10/stock-market-outlook-for-june-11-2024/

 

Technical Notes

Steel ETF $SLX moved below $67.51 completing a double top pattern.

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US Bancorp $USB an S&P 100 stock moved below $38.43 completing a Head & Shoulders pattern.

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Cisco $CSCO an S&P 100 stock moved below $45.48 extending an intermediate downtrend.

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Vale $VALE one of the world’s largest base metals producers dropped below $11.26 extending an intermediate downtrend.

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General Motors $GM an S&P 100 stock moved above $46.04 extending an intermediate uptrend.

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Broadcom $AVGO an S&P 100 stock moved above $1,445.40 to an all-time high extending an intermediate uptrend.

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Trader’s Corner

 

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 10th 2024

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Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 7th 2024

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 10th 2024

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Green: Increase from previous day

Red: Decrease from previous day

 

Canadian Association for Technical Analysis Presentation

Next presentation on Zoom is offered tonight at 8:00 PM EDT. Speaker is Mark Leibovit. Everyone is welcome. Not a member of CATA? Connect at https://canadianata.ca/content.aspx?page_id=4&club_id=71614

 

Links offered by valued providers

Feds to table capital gains bill today: BNNBloomberg

Feds to table capital gains bill today – YouTube

 

Larry Berman’s Educational Section for June 10th : FOMC meeting outlook

https://www.bnnbloomberg.ca/trudeau-to-call-vote-on-contentious-tax-change-this-week-1.2082929

 

Chart of the Day:

Europe iShares (Symbol: IEV)

Technical Score for Europe iShares dropped from +4 to -2

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S&P 500 Momentum Barometers

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The intermediate term Barometer added 0.60 to 49.80. It remains Neutral.

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The long term Barometer added 0.29 to 69.00. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer added 7.66 to 52.25. It remains Neutral.

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The long term Barometer added 2.70 to 68.47. It remains Overbought.

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




9 Responses to “Tech Talk for Tuesday June 11th 2024”

  1. Larry/ON Says:

    Too quiet here. Some new closing highs: AAPL and MSFT Back to the Future. Also AVGO and others. IMO tech is coming back with a vengeance in large part AI driven.

  2. Dave/AB Says:

    After the close NA announces a takeover bid for CWB should be an interesting topic. Danielle Smith most likely will not like this as CWB is known for lending to money to the O&G sector

  3. Larry/ON Says:

    Dave/AB – I saw the news but I never thought about it that way. NA is run really well. I don’t think that they would do anything to upset the applecart at CWB. New name but if anything NA has deeper pockets to lend money in the CWB customer base.

  4. Larry/ON Says:

    That famous semi company is the big winner this morning making new highs. I appreciated Cramer’s mention that it will become the biggest co by market cap. That idea is not new at all and it will likely happen within days or weeks.
    US banks have bounced off the lower end of a trading range on the lower inflation data which is propelling the overall market. That is important to see and we need it to continue because if financials do not reverse it’s a bad sign for the overall economy and the prospects for the market. You have a big surge now in the home builders, and for example URI which is tied into construction. XLI is recovering which is another economic indicator. The bull case is very much intact.

  5. Ron/BC Says:

    Here is a chart of ZBK.to which is the ETF of U.S. banks listed on the TSX. Overlaid in pink is the ETF ZEB.to which is the Canadian banks ETF.

    https://stockcharts.com/sc3/ui/?s=ZBK.TO&a=673066521&id=p04162860392

  6. Ron/BC Says:

    Here are some of the top I share ETFs overlaid. IXN, IGM, XT and BOTZ.

    https://stockcharts.com/sc3/ui/?s=IXN&a=1700607256&id=p95560642802

  7. Larry/ON Says:

    My daughter’s at the the tech conference in San Fran sending me pictures of Jensen speaking there. Too cool.

  8. Florence Says:

    I have both CWB (great pop up today) and NA. Not sure if NA will dop further, may be a sell but I think I will hold CWB a bit longer.

  9. Dave/AB Says:

    Larry/ON

    History of Danielle Smith is anti liberal, quebec and protectionism on AB O&G. Lately there has been a push on the BIG 6 to lend less and stop lending to O&G companies to become greener and lessen the carbon footprint. Danielle will step in. Already we see how confidence low in the share price didn’t even come close to the share offer by National Bank.

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