Tech Talk for Tuesday June 18th 2019

U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points in pre-opening trade. Index futures responded to comments by European Central Bank President Mario Draghi promising to provide additional monetary stimulus if economic conditions in Europe do not improve. European equity markets moved higher and the Euro moved lower.

Index futures were virtually unchanged following release of May Housing Starts in the U.S. at 8:30 AM EDT. Consensus was 1.240 million units versus an upwardly revised 1.281 million units in April. Actual was 1.269 million units.

Boeing (BA $354.90) is expected to open higher after announcing three aircraft sales at the Paris airshow including a sale of thirty 787 aircraft to Korean Air for $6 billion.

Oracle slipped $0.38 to $52.75 after Macquarie Research downgraded the stock to Neutral from Outperform

Bank of America added $0.07 to $28.00 after BMO Capital upgraded the stock to Outperform from Market Perform.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/06/17/stock-market-outlook-for-june-18-2019/

Note seasonality chart on the Empire State Manufacturing Survey

StockTwits released yesterday @EquityClock

Empire State Manufacturing survey just posted its first negative non-seasonally adjusted print for June in 8 years. The level of -2.3 is firmly below the +10.9 that is average for this spring month. $MACRO #Economy #Manufacturing

Home Depot $HD, a Dow Jones Industrial stock moved above $206.84 extending an intermediate uptrend.

Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $HD $NWSA $NWA $DLR $IRM. Breakdown: $MU

After 10:00 AM EDT, intermediate breakouts included CELG and FB

BCE BCE.CA, a TSX 60 stock moved below intermediate support at $59.17

NASDAQ Biotech ETF $IBB moved above $105.37 completing a base building pattern. Helped by the takeover announcement of $ARRY by $PFE and the breakout this morning by $CELG.

Another breakout by a Biotech ETF! First Trust Biotech ETF $FBT completed a base building pattern on a move above $133.79. ‘Tis the season for the Biotech sector to move higher until at least September!

Telus $T.CA, a TSX 60 stock moved below support at $47.80.

Metro $MRU.CA, a TSX 60 stock moved above $50.69 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 17th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 17th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 17th 2019

Green: Increase from previous day

Red: Decrease from previous day

Technical Scoop

David Chapman says, "To cut or not to cut: That is the question"

Following is a link to David's weekly blog compliments of www.EnrichedInvesting.com

http://enrichedinvesting.com/wp-content/uploads/2019/06/Cut-speculation-slowing-signs-rate-cycle-broadening-top-golden-lead-lagging-silver-oil-attack-rate-week.pdf

Greg Schnell's Weekly Technical Comment from StockCharts

Greg says, "The World waits". Following is a link:

https://www.youtube.com/watch?v=0omu_x_Q2PU&feature=youtu.be

S&P 500 Momentum Barometer

The Barometer slipped 0.80 to 56.31 yesterday. It remains intermediate neutral

TSX Momentum Barometer

The Barometer added 2.55 to 54.04 yesterday. It remains intermediate neutral.

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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