Tech Talk for Thursday June 4th 2020

U.S. equity index futures were lower this morning. S&P 500 futures were down 21 points in pre-opening trade.

The European Central Bank maintained current interest rates after releasing its monetary statement.

Index futures moved lower following release of economic news at 8:30 AM EDT. Consensus for First Quarter Non-farm Productivity was a drop of 2.7% versus a gain of 1.2% in the fourth quarter of 2019. Actual was a drop of 0.9%. Consensus for the April U.S. Trade Deficit was $49.00 billion versus $42.30 billion in March. Actual was $49.40 billion. Consensus for Weekly Jobless Claims was 1.80 million versus 2.126 million last week. Actual was 1.88 million

The Canadian Dollar was virtually unchanged at US73.95 cents following announcement of Canada's April Trade Balance report. Consensus was a deficit of $2.368 billion versus a deficit of $1.53 billion in March. Actual was a deficit of $3.25 billion

Goldman Sachs dropped $1.49 to $209.08 after Deutsche Bank lowered its rating from Buy to Hold.

Wells Fargo added $0.13 to $28.96 after Deutsche Bank raised its rating from Hold to Buy.

Walgreen Boots slipped $0.16 to $43.45 after Mizuho reduced its target price from $53 to $48.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/06/03/stock-market-outlook-for-june-4-2020/

Note seasonality charts on Crude Oil Days of Supply and New Manufacturing Orders

Technical Notes

Travelers (TRV), a Dow Jones Industrial stock moved above $111.70 completing a double bottom pattern.

IBM (IBM), a Dow Jones Industrial stock moved above $127.60 setting an intermediate uptrend.

UPS (UPS), an S&P 100 stock moved above $102.72 completing a double bottom pattern.

Exelon (EXC), an S&P 100 stock moved above $39.40 setting an intermediate uptrend.

ADP (ADP), a NASDAQ 100 stock moved above $149.78 extending an intermediate uptrend.

Lam Research (LRCX), a NASDAQ 100 stock moved above $281.95 setting an intermediate uptrend.

Skyworks Solutions (SWKS), a NASDAQ 100 stock moved above $127.48 to an all-time high extending an intermediate uptrend.

Oil and Gas Exploration SPDRs (XOP) moved above $55.71 setting an intermediate uptrend.

U.S. Real Estate iShares (IYR) moved above $80.12 setting an intermediate uptrend.

Utilities SPDRs moved above $61.78 setting an intermediate uptrend.

Chile iShares (ECH) moved above $26.04 setting an intermediate uptrend.

Soybean ETN (SOYB) moved above $13.83 completing a double bottom pattern.

CGI Group (GIB), a TSX 60 stock moved above US$65.68 setting an intermediate uptrend.

Bank of Nova Scotia (BNS), a TSX 60 stock moved above $58.81 completing a double bottom pattern.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 3rd 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for June 3rd 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 3rd 2020

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer slipped 0.40 to 97.19 yesterday. It remains extremely intermediate overbought.

TSX Momentum Barometer

The Barometer added 2.24 to 90.58 yesterday. It remains extremely intermediate 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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