Tech Talk for Thursday May 14th 2020

U.S. equity index futures were lower this morning. S&P 500 futures were down 20 points in pre-opening trade.

Index futures were virtually unchanged following release of Weekly Initial Jobless Claims at 8:30 AM EDT. Consensus was 2.7 million versus 3.169 million last week. Actual was 2.980 million

Cisco gained $0.94 to $42.89 after reporting higher than consensus fiscal third quarter earnings. The company also raised fiscal fourth quarter guidance.

Hertz dropped $0.20 to $2.56 after Deutsche Bank lowered its target price from $9 to $3.

MMM slipped $0.62 to $135.50 after reporting an 11% drop in April sales.

McCormick added $1.48 to $170.00 after Credit Suisse upgraded the stock from Neutral to Outperform.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/05/13/stock-market-outlook-for-may-14-2020/

Note seasonality chart on Crude Oil Days of Supply.

Technical Notes

General Electric (GE), an S&P 100 stock moved below $5.90 extending an intermediate downtrend.

NetEase.com (NTES), a NASDAQ 100 stock moved above $367.52 to an all-time high extending an intermediate uptrend.

Walgreen Boots (WBA), a Dow Jones Industrial stock moved below $39.40 extending an intermediate downtrend.

Natural Gas ETN (UNG) moved below $11.53 extending an intermediate downtrend.

U.S. Bank stocks and related ETFs (KBE, KRE) came under significant technical pressure following Federal Reserve Chairman Powell's cautious comments yesterday.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 13th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for May 13th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 13th 2020

Green: Increase from previous day

Red: Decrease from previous day

Greg Schnell's "Market Buzz"

Greg notes, "Banks dial 911". Following is a link:

https://www.youtube.com/watch?v=ls4qg_1JxyQ&feature=youtu.be

S&P 500 Momentum Barometer

The Barometer plunged 9.02 to 52.71 yesterday. It changed from intermediate overbought to intermediate neutral on a drop below 60.00 and has started to trend down.

TSX Momentum Barometer

The Barometer plunged 12.50 to 56.25 yesterday. It changed from intermediate overbought to intermediate neutral on a move below 60.00 and has started to trend down.

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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