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Tech Talk for Thursday June 20th 2019

 

Responses to Fed News Released at 2:00 PM EDT Yesterday

As expected, the Federal Reserve maintained the Fed Fund rate at 2.50%. It also offered guidance implying lower rates at future meetings. Market responses were as follows:

U.S. equity indices moved slightly higher.

The U.S. Dollar Index and its related ETN moved lower

Long term U.S. Treasury Bonds moved higher.

Prices of gold and its related ETN moved higher.

 

StockTwits released yesterday @EquityClock

Canada CPI up 0.4% (NSA) in May, inline with the average increase for this time of year. $MACRO $FXC #CAD #CDNecon

Technical action by S&P 500 stocks to 10:00: No intermediate breakouts or breakdowns.

Editor’s Note: After 10:00 AM EDT, intermediate breakouts included VIAB, ADBE, UNH, EL, HOLX, FMC, PFE, CNP, PSX, MCK and FLT. Breakdown: BK

UnitedHealth Group $UNH, a Dow Jones Industrial stock moved above $250.07 extending an intermediate uptrend.

AltaGas $ALA.CA moved above $19.76 extending an intermediate uptrend.

Pfizer $PFE, a Dow Jones Industrial stock moved above $43.40 extending an intermediate uptrend.

 

Observations

Notable stronger among equity sectors following release of the Federal Reserve’s announcements were gold and health care. Nice intermediate breakouts by both!

 

Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 19th 2019

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for June 19th 2019

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for June 19th 2019

Green: Increase from previous day

Red: Decrease from previous day

Keith Richard’s Blog

Keith asks, “Bearish signs”? See:

https://www.valuetrend.ca/bearish-signs/

 

S&P 500 Momentum Barometer

The Barometer slipped 0.60 yesterday to 63.63. It remains intermediate overbought.

 

TSX Momentum Barometer

The Barometer slipped 0.17 to 60.26 yesterday. It remains intermediate 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

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