Tech Talk for Friday May 15th 2020

U.S. equity index futures were lower this morning. S&P 500 futures were down 34 points in pre-opening trade.

Index futures moved lower following release of economic news at 8:30 AM EDT. Consensus for April Retail Sales was a drop of 12.0% versus a decline of 8.4% in March. Actual was a drop of 16.4% Excluding auto sales, consensus for April Retail Sales was a drop of 8.6% versus a decline of 4.2% in March. Actual was drop of 17.2%. Consensus for May Empire State Manufacturing Survey was a drop of 60.0 versus a decline of 78.2 in April. Actual was a drop of 48.5.

Aurora Cannabis jumped $1.07 to $7.71 after reporting higher than consensus fiscal third quarter revenues.

Yum Brands added $0.15 to $83.44 after Stifel Nicolaus upgraded the stock from Hold to Buy.

VF Corp dropped $2.10 to $53.34 after reporting lower than consensus fiscal fourth quarter revenues and earnings.

JC Penney dropped $0.03 to $0.16 on reports that its bankruptcy filing is imminent.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/05/14/stock-market-outlook-for-may-15-2020/

Technical Notes

Late strength in U.S. equity markets was triggered by rumors that Goldman Sachs was considering a takeover of Wells Fargo.

Kinross (K KGC), a TSX 60 stock moved above $10.19 Cdn and $7.25 U.S. with strength in the price of gold extending an intermediate uptrend.

European equities, indices and ETFs (EWU) remain under technical pressure.

Silver iShares (SLV) moved above $14.80 resuming an intermediate uptrend. Silver equities and related ETFs (SIL) quickly followed.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 14th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for May 14th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 14th 2020

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer gained 5.41 to 58.12 yesterday. It remains intermediate neutral.

TSX Momentum Barometer

The Barometer added 2.68 to 58.93 yesterday. It remains intermediate neutral.

Next Tech Talk Report

Despite Monday, May 18th being a federal statutory Canadian holiday; Tech Talk will be available for our subscribers.   Stay safe.  Stay well.

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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