Tech Talk for Wednesday June 16th 2021

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. Investors are waiting for an update on the Fed Fund Rate from the Federal Reserve at 2:00 PM EDT. Consensus calls for no change in the Fed Fund rate at 0.00%-0.25%.

U.S. equity index futures were virtually unchanged following release of the May Housing Start report at 8:30 AM EDT. Consensus was an increase to 1,630 million units from 1.569 million units in April. Actual was a drop to 1.572 million units.

The Canadian Dollar was virtually unchanged at US82.11 cents following release of Canada's May Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.4% versus a gain of 0.5% in April. Actual was an increase of 0.5%. On a year-over-year basis, Canada's CPI increased 3.6% versus a consensus increase of 3.5%.

Oracle dropped $3.65 to $78.07 despite reporting higher than consensus fiscal fourth quarter earnings. The company also released first quarter guidance that was lower than consensus.

H&R Block slipped $0.56 to $24.70 despite reporting slightly higher than consensus fiscal fourth quarter revenues and earnings.

Kinder Morgan slipped $0.17 to $18.86 after Stifel Nicolaus downgraded the stock from Buy to Hold.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2021/06/15/stock-market-outlook-for-june-16-2021/

Technical Notes

released yesterday at StockTwits.com@EquityClock

End-of-quarter portfolio rebalancing continues to have a dominant influence on market benchmarks, a theme that is average through the weeks ahead. equityclock.com/2021/06/14/… $SPX $SPY $XLK $QQQ $XLF $STUDY

Global X Copper MIners ETF $COPX moved below $39.15 completing a double top pattern.

More technical weakness by global base metal ETFs and base metal producer ETFs! All have formed double top patterns. BMO Equal Weight Base Metals ETF $ZMT.CA moved below Cdn$58.46, Global Base Metals iShares $XBM.CA moved below Cdn$17.85, Teck $TECK a TSX 60 stock moved below US$22.17 and Southern Copper moved below US$63.7

First Quantum Minerals $FM.CA a TSX 60 stock and major copper producer moved below Cdn$27.02 completing a double top pattern

Editor's Note:

Base metal stocks (particularly copper stocks) responded to a breakdown by copper below $4.44 per lb. completing a double top pattern.

Open Text $OTEX a TSX 60 stock moved above US$50.00 to an all-time high extending an intermediate uptrend.

Royal Bank $RY.CA a TSX 60 stock moved above $126.90 to an all-time high extending an intermediate uptrend.

Fastenol $FAST a NASDAQ 100 stock moved below $51.29 completing a double top pattern.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 15th 2021

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for June 15th 2021

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 15th 2021

Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.29 to 64.13 yesterday. It remains Overbought.

The long term Barometer slipped 1.40 to 91.88 yesterday. It remains Extremely Overbought.

TSX Momentum Barometers

The intermediate term Barometer dropped 2.80 to 71.03 yesterday. It remains Overbought.

The long term Barometer slipped 0.93 to 77.57 yesterday. It remains Overbought.

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