Tech Talk for Tuesday June 26th 2018

U.S. equity index futures were lower this morning. S&P 500 futures were down 2 points in pre-opening trade.

NVidia added $3.58 to $242.70 after Benchmark initiated coverage with a Buy rating. Target is $280.

Netflix gained $7.84 to $392.32 after Imperial Coverage initiated coverage with an Outperform rating.

Lennar advanced $3.27 to $52.49 after the company reported higher than consensus fiscal second quarter earnings.

Intel dropped $0.91 to $49.80 after Bernstein downgraded the stock to Under Perform from Market Perform.

EquityClock's Daily Market Comment

http://www.equityclock.com/2018/06/25/stock-market-outlook-for-june-26-2018/

Note seasonality chart on New Home Sales

Observations

The Dow Jones Industrial Average closed below its 200 day moving average for the first time in 27 months after five Dow Industrial stocks broke intermediate technical support.

Volatility spiked on trade war fears.

StockTwits Released Yesterday @EquityClock

Cisco $CSCO, a Dow Jones Industrial Average moved below $42.52 setting an intermediate downtrend.

JP Morgan $JPM, a Dow Jones Industrial Average moved below $104.96 extending an intermediate downtrend.

Technical action by S&P 500 stocks to 10:00: Bearish. Another 21 S&P 500 stocks broke support including $CCL $FITB $JPM $CSCO $FLIR $MU $AOS $SIVB

Goldman Sachs $GS, a Dow Jones Industrial stock moved below $224.09 extending an intermediate downtrend

Intel $INTC, a Dow Jones Industrial stock moved below $50.92 completing a double top pattern.

S&P Utilities stocks breaking out this morning: $DUK $LNT $SO $NEE

Detour Gold $DGC.CA moved above $10.05 completing a double bottom pattern.

More S&P Utilities stocks breaking out: $AEE CNP $AWK $AEP $NI

Early signs of recovery in U.S. Inflation? TIPS ETF $IPE moved above $55.37 extending an intermediate uptrend.

Air Canada $AC.CA moved below $22.55 extending an intermediate downtrend.

Margin debt continues to trend below average this year as investors remain cautious of equities amidst the headline risk

New Home Sales rise 4.8% (NSA) in May, diverging from the average decline of 0.6% for the month $MACRO #Economy #Housing

More S&P 500 stock breakdowns: $MPC $BAC $DFS $A $SNPS

Canadian base metal equity breakdowns: $TECK $FM.CA $LUN.CA

Industrial Alliance $IAG.CA moved below $50.67 extending an intermediate downtrend.

Utilities SPDRs $XLU moved above $51.50 extending an intermediate uptrend.

Martinrea $MRE.CA moved below $14.97 completing a Head & Shoulders pattern.

IBM $IBM, a Dow Jones Industrial stock moved below$138.36 extending an intermediate downtrend.

Energy SPDRs $XLE moved below$73.16 completing a double top pattern.

Trader's Corner

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for June 25th 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Sector Trends for June 25th 2018

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer plunged 8.60 to 64.60 yesterday. It dropped from intermediate overbought to intermediate neutral and is trending down.

TSX Momentum Barometer

The Barometer plunged 7.47 to 61.00 yesterday. It remains intermediate overbought and trending down.

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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