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Tech Talk for Wednesday June 16th 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

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