Tech Talk for Friday March 13th 2020

U.S. equity index futures were higher this morning. S&P 500 futures were up 126 point limit in pre-opening trade. Investors are anticipating launch of a fiscal stimulus program by the U.S. Congress.

Apple advanced $19.47 to $267.70 after Wells Fargo upgraded the stock from Equal Weight to Overweight.

Adobe jumped $19.79 to $304.79 after JP Morgan upgraded the stock from Neutral to Overweight.

Gap Stores jumped $0.83 to $10.90 after reporting higher than consensus fourth quarter revenues and earnings.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/03/12/stock-market-outlook-for-march-13-2020/

Note seasonality charts on Initial Jobless Claims

Observations

TSX Composite Index recorded its largest point drop in history yesterday.

Ditto for the Dow Jones Industrial Average!

The VIX Index continues to soar to levels not seen since October 2008

StockTwits released yesterday @EquityClock

PPI Final Demand for Finished Goods down 0.9% last month, the weakest February print since 2006. On average, the inflation gauge rises by 0.2% in this winter month. $MACRO $STUDY #PPI #Inflation #Deflation

Technical weakness in U.S. equities/ETFs continues. Another 35 S&P 100/ NASDAQ 100 stocks broke short term support levels set last week.

Surprisingly, TSX Gold equities and related ETF are leading the Canadian equity market on the downside. $XGD.CA

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for March 12th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for March 12th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for March 12th 2020

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer dropped 2.40 to 1.00 yesterday, the lowest level since 2011. It remains deeply intermediate oversold, but has yet to show signs of bottoming.

TSX Momentum Barometer

The Barometer dropped 2.67 to 0.40 yesterday, the lowest level since its all-time low in 2002. It remains deeply intermediate oversold, but has yet to show signs of bottoming.

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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