Observations Short term momentum indicators (daily Stochastics, RSI, MACD) for U.S. equity indices and economic sensitive sectors moved lower yesterday. See Trader’s Corner below for details. Weakness late yesterday by U.S. equity indices was attributed partially to comments by several companies that U.S. tariffs on imported goods (particularly from China) are starting to impact sales and profit margins. FedEx was the latest company to comment. The stock dropped over 3% after the close after announcing less than consensus fiscal fourth quarter earnings and negative guidance. In addition, comments by Federal Reserve Chairman Jerome Powell dampened expectations for a 50 basis point drop in the Fed Fund Rate at the end of July. StockTwits released yesterday @EquityClock Technical action by S&P 500 stocks to 10:00: Quiet. Breakout: $AGN. Breakdowns: $ETFC $NTRS Editor’s Note: After 10:00 AM EDT, intermediate breakout: DUK. Breakdowns: LEN, DHI, CELG and VNO. US New Home Sales getting over the hump of the spring selling season, falling 10.4% (NSA) in May. Average decline for the spring month is 1.3%. $MACRO #Economy #Housing US Home Prices up 0.8% (NSA) in April, marginally weaker than the 0.9% increase that is average for the spring month. $MACRO #Economy #Housing U.S. Home Builder stocks under pressure despite a higher-than-consensus fiscal second quarter reports released by Lennar. Breakdowns by Lennar and DR Horton. $LEN $DHR $ITB Trader’s Corner Equity Indices and related ETFs Daily Seasonal/Technical Equity Trends for June 25th 2019 Green: Increase from previous day Red: Decrease from previous day Commodities Daily Seasonal/Technical Commodities Trends for June 25th 2019 Green: Increase from previous day Red: Decrease from previous day Sectors Daily Seasonal/Technical Sector Trends for June 25th 2019 Green: Increase from previous day Red: Decrease from previous day Keith Richard’s Blogs Keith comments on “Trapped in a Box”. Following is a link: https://www.valuetrend.ca/trapped-in-a-box/ Keith comments on “Golden Days”. Following is a link: https://www.valuetrend.ca/golden-days/ S&P 500 Momentum Barometer The Barometer dropped another 2.00 to 62.60 yesterday. It remains intermediate overbought and showing early signs of rolling over. TSX Momentum Barometer The Barometer dropped 2.54 to 56.78 yesterday. It remains intermediate neutral and showing early signs of rolling over. 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