Pre-opening Comments for Thursday June 8th
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:35 AM EDT.
GameStop dropped $5.41 to $20.70 after the company’s CEO was fired.
Cardinal Health added $0.18to $83.45 after the company raised its share buyback program by $3.5 billion.
Semtech advanced $5.23 to $27.66 after reporting a surprise first quarter profit.
Carvana jumped $4.03 to $19.58 after offering positive fiscal second quarter guidance.
EquityClock’s Daily Comment
Headline reads “While the US Dollar remains on the rise following its double-bottom low charted in the past month, the surprise rate increase from the Bank of Canada is similarly keeping the Canadian Dollar supported, threatening a shift of the long-term trend ahead”.
http://www.equityclock.com/2023/06/07/stock-market-outlook-for-june-8-2023/
Technical Notes
Vietnam ETF $VNM moved above $13.17 extending an intermediate uptrend.
Bank SPDRs $KBE moved above intermediate resistance at $38.12.
Home Depot $HD a Dow Jones Industrial Average stock moved above intermediate resistance at $301.03
Kraft Heinz $KHC an S&P 100 stock moved below $36.84 extending an intermediate downtrend
IDEXX Laboratories $IDXX a NASDAQ 100 stock moved below $447.51 completing a double top pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for June 7th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for June 7th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 7th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive seasonal ratings: www.equityclock.com
Link offered by a valued provider
Industrials and Banks Rally | Greg Schnell, CMT | Market Buzz (06.07.23)
https://www.youtube.com/watch?v=S0dYyMDe5D0
Stocks Overextended Versus Moving Averages | David Keller, CMT | The Final Bar (06.07.23)
https://www.youtube.com/watch?v=9LDOoa7XSkE
S&P Momentum Barometers
The intermediate term Barometer added 6.80 to 59.20. It remains Neutral. Daily trend is up.
The long term Barometer added 3.20 to 57.40. It remains Neutral. Daily trend is up.
TSX Momentum Barometers
The intermediate term Barometer dropped 3.45 to 42.24.It remains Neutral.
The long term Barometer was unchanged at 53.02. 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
