Tech Talk for Thursday April 9th 2020

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.

U.S. equity index futures moved higher following release of economic news at 8:30 AM EDT. The Federal Reserve announced a $2.3 trillion lending program to support the business community. Consensus for Weekly Initial Jobless Claims was a drop of 5.0 million versus a drop of 6.648 million last week. Actual was a drop of 6.606 million. Consensus for the March Producer Price Index was a slip of 0.3% versus a decline of 0.6% in February. Actual was a slip of 0.2%. Excluding food and energy, consensus for the March Producer Price Index was an increase of 0.1% versus a decline of 0.3% in February. Actual was an increase of 0.2%.

The Canadian Dollar was virtually unchanged at U.S. 71.16 cents following release of Canada's March Employment report at 8:30 AM EDT. Consensus was a drop of 10,000 from a gain of 30,300 in February. Actual was a loss of 1.01 million. Consensus for the March Unemployment Rate was unchanged from February at 5.6%. Actual was a jump to 7.8%

WTI crude oil added $0.87 to U.S. $25.96 per barrel in anticipation of an agreement by OPEC and partners to lower production quotas.

Disney (DIS $101.07) gained $4.92 to $105.59 after announcing that paid subscriptions for its new Disney+ services exceeded 50 million.

Starbucks dropped $1.89 to $69.68 after lowering its earning guidance.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/04/08/stock-market-outlook-for-april-9-2020/

Note seasonality chart on Crude Oil Days of Supply

Next Tech Talk comment

Next comment will be released on Monday, April 13th. Tomorrow is a holiday for most equity markets.

StockTwits released yesterday @EquityClock

Bank of America $BAC, an S&P 100 stock moved above $22.95 completing a short term double bottom pattern.

Home Builders SPDRs $XHB moved above $32.06 completing a short term double bottom pattern.

Base metal stocks and related ETFs are competing short term double bottom patterns including $XBM.CA $PICK and $COPX. Example is Hudbay Minerals $HBM.CA. Nice move this morning above $2.98

Editor's Note: Ditto for XBM.CA on a move above 7.67!

Canada’s bank stocks and related ETFs $ZEB.CA $XFN.CA are moving above short term bottoming patterns. Nice breakout today by National Bank $NA.CA above $55.60 !

More short term breakouts by U.S. technology stocks! Cognizant $CTSH, a NASDAQ 100 stock moved above $50.45 completing a short term bottoming pattern.

General Motors $GM, an S&P 100 stock moved above $23.15 completing a short term bottoming pattern.

FedEx $FDX, an S&P 100 stock moved above $125.61 completing a base building pattern.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for April 8th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for April 8th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 8th 2020

Green: Increase from previous day

Red: Decrease from previous day

Greg Schnell's "Market Buzz"

Greg discusses the Shipping sector and China. Following is a link:

https://www.youtube.com/watch?v=MyOr5fcNAzw&feature=youtu.be

S&P 500 Momentum Barometer

The Barometer gained another 6.44 to 17.10 yesterday. It remains intermediate oversold and has started to trend higher.

TSX Momentum Barometer

The Barometer gained 6.95 to 15.22 yesterday. It remains intermediate oversold has started to trend higher.

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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