Tech Talk for Wednesday June 7th 2023
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points at 8:35 AM EDT.
Index futures were virtually unchanged following release of the U.S. April Trade report at 8:30 AM EDT. Consensus was a deficit of $75.6 billion. Actual was a deficit of $74.6 billion.
The Canadian Dollar added 0.04 to US74.65 cents following release of Canada's April Merchandise Trade Balance report. Consensus was a surplus of $0.20 billion versus a surplus of $0.97 billion in March. Actual was a surplus of $1.94 billion
Casey's dropped $10.13 to $214.13 after reporting less than consensus fiscal fourth quarter revenues and earnings.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0015-1.png "clip_image001[5]")
Campbell Soup dropped $1.19 to $49.40 after offering earnings guidance below consensus.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0025-1.png "clip_image002[5]")
United Natural Foods plunged $7.02 to $20.55 after reporting less than consensus fiscal third quarter earnings. The company also lowered guidance for the fourth quarter.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/06/clip_image0035-1.png "clip_image003[5]")
UnitedHealth Group added $1.43 to $489.00 after raising its dividend by 14%.
EquityClock's Daily Comment
Headline reads "S&P 500 Index testing an important Fibonacci retracement level of last year's decline".
http://www.equityclock.com/2023/06/06/stock-market-outlook-for-june-7-2023/
Technical Notes
Brazil iShares $EWZ moved above $30.60 extending an intermediate uptrend.
South Korea iShares $EWY moved above $65.62 extending an intermediate uptrend.
Atlassian $TEAM a NASDAQ 100 stock moved above $188.57 extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for June 6th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for June 6th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 6th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive seasonal ratings: www.equityclock.com
Links offered by valued providers
Larry Williams Special: Market Correction is Coming
(Larry is calling for weakness in U.S. equity markets into June followed by resumption of an intermediate uptrend by mid-July).
Larry Williams Special – Market Correction is Coming (06.06.23) - YouTube
2023 Potentially A Very Good Year For Stocks | John Kosar, CMT | Your Daily Five (06.06.23)
S&P 500 Momentum Barometers
Intermediate term Barometer added 3.20 to 52.40. It remains Neutral.
The long term Barometer added 1.60 to 54.20. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer added 5.17 to 45.69. It remains Neutral.
The long term Barometer slipped 0.43 to 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
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