Tech Talk for Tuesday June 11th 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 15 points at 8:30 AM EDT.

General Motors added $0.54 to $48.01 after announcing a $6 billion share buyback program.

Eli Lilly advanced $13.44 to $878.45 after its Alzheimer drug received backing from FDA advisors.

Target Hospitality dropped $2.97 to $7.53 after the U.S. government announced its intention to terminate its partnership agreement.

Clevland Cliffs dropped $0.44 to $15.21 following an analyst downgrade.

Equity Clock – Market Outlook for June 11, 2024

While REITs are the only core-defensive sector that have struggled to attract buying demand in this risk-off market, Residential REITs are providing a setup to be attracted to.

See: https://equityclock.com/2024/06/10/stock-market-outlook-for-june-11-2024/

Technical Notes

Steel ETF $SLX moved below $67.51 completing a double top pattern.

US Bancorp $USB an S&P 100 stock moved below $38.43 completing a Head & Shoulders pattern.

Cisco $CSCO an S&P 100 stock moved below $45.48 extending an intermediate downtrend.

Vale $VALE one of the world's largest base metals producers dropped below $11.26 extending an intermediate downtrend.

General Motors $GM an S&P 100 stock moved above $46.04 extending an intermediate uptrend.

Broadcom $AVGO an S&P 100 stock moved above $1,445.40 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 10th 2024

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for June 7th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 10th 2024

Green: Increase from previous day

Red: Decrease from previous day

Canadian Association for Technical Analysis Presentation

Next presentation on Zoom is offered tonight at 8:00 PM EDT. Speaker is Mark Leibovit. Everyone is welcome. Not a member of CATA? Connect at https://canadianata.ca/content.aspx?page_id=4&club_id=71614

Links offered by valued providers

Feds to table capital gains bill today: BNNBloomberg

Feds to table capital gains bill today - YouTube

Larry Berman's Educational Section for June 10th : FOMC meeting outlook

https://www.bnnbloomberg.ca/trudeau-to-call-vote-on-contentious-tax-change-this-week-1.2082929

Chart of the Day:

Europe iShares (Symbol: IEV)

Technical Score for Europe iShares dropped from +4 to -2

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.60 to 49.80. It remains Neutral.

The long term Barometer added 0.29 to 69.00. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 7.66 to 52.25. It remains Neutral.

The long term Barometer added 2.70 to 68.47. It remains Overbought.

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