Tech Talk for Thursday February 6th 2020

U.S. equity index futures continued to move higher this morning. S&P 500 futures were up 11 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was 215,000 versus revised 217,000 last week. Actual was 202,000. Consensus for fourth quarter Productivity was an increase of 1.2% versus a decline of 0.2% in the third quarter. Actual was an increase of 1.4%.

Micron advanced $1.36 to $56.77 after Raymond James raised its rating on the stock from Market Perform to Strong Buy. Target was set at $70.

Bristol-Myers added $1.81 to $67.40 after reporting higher than consensus fourth quarter revenues and earnings.

Twitter gained $2.54 to $33.39 after reporting higher than consensus fourth quarter revenues and earnings.

Peloton dropped $3.00 to $29.70 after reporting a widening quarterly loss on slowing revenue growth.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/02/05/stock-market-outlook-for-february-6-2020/

Note seasonality charts on Non-farm Payrolls and the Energy sector.

Observations

The S&P 500 Index and NASDAQ Composite Index closed at an all-time high.

Ditto for the TSX Composite Index and the S&P/TSX 60 Index!

StockTwits released yesterday @EquityClock

Cognizant $CTSH, a NASDAQ 100 stock moved above $64.37 setting an intermediate uptrend.

IBM $IBM, a Dow Jones Industrial stock moved above $149.40 setting an intermediate uptrend.

Editor's Note: Seasonal influences for IBM are positive to the beginning of April.

SNC Lavalin $SNC.CA, a TSX 60 stock moved above $32.99 extending an intermediate uptrend.

US Imports were down by 2.5% (NSA) last year, while Exports were higher by 0.6%. The average calendar year increase for each is 5.6% and 4.6%, respectively. $MACRO $STUDY #Economy #Trade

Meanwhile, in Canada, Imports were lower by 2.4% (NSA) in 2019, while Exports were higher by 6.4%. Average calendar year increase for each is 3.7% and 3.4%, respectively. $MACRO $STUDY #CDNecon #CAD

Biogen $BIIB, a NASDAQ 100 stock moved above $123.74 extending an intermediate uptrend

Home Depot $HD, a Dow Jones Industrial stock moved above $237.79 to an all-time high extending an intermediate uptrend.

Editor's note: Seasonal influences for HD are positive to the end of April.

Canadian National Railway $CNR. CA $CNI, a TSX 60 stock moved above $126.95 to an all-time high extending an intermediate uptrend.

Editor's Note: Seasonal influences for CNR are positive to the end of May.

ASML Holdings $ASML, a NASDAQ 100 stock moved above $305.90 to an all-time high extending an intermediate uptrend

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for February 5th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for February 5th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for February 5th 2020

Green: Increase from previous day

Red: Decrease from previous day

Greg Schnell's "Market Buzz"

Time to take trading profits in gold stocks? See Greg's comments:

https://www.youtube.com/watch?v=dMQcjkJee0k&feature=youtu.be

S&P 500 Momentum Barometer

The Barometer advanced another 9.42 to 68.34 yesterday. It changed from intermediate neutral to intermediate overbought on a return above 60.00.

TSX Momentum Barometer

The Barometer advanced 7.37 to 65.90 yesterday. It changed from intermediate neutral to intermediate overbought on a return above 60.00.

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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