Tech Talk for Thursday May 7th 2020

U.S. equity index futures were higher this morning. S&P 500 futures were up 43 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for First Quarter U.S. Non-farm Productivity was a drop of 5.5% versus a gain of 1.2% in the fourth quarter. Actual was a drop of 2.5%. Consensus for Weekly Jobless Claims was 3.00 million versus 3.839 million last week. Actual was 3.169 million

Costco dropped $2.39 to $306.20 after reporting lower than consensus April comparable sales.

PayPal (PYPL $128.31) is expected to open higher after offering positive second quarter revenue guidance.

Bausch Health dropped $0.69 to16.43 after reporting a larger than expected first quarter loss. The company also lowered guidance for 2020

Barrick Gold added $0.37 to US $26.93 after Deutsche Bank raised its target price from $25 to US$34.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/05/06/stock-market-outlook-for-may-7-2020/

Note seasonality chart on Crude Oil Days of Supply

Upcoming Presentation

The Money Show will be holding a Canadian Webinar series on May 7th, titled "Opportunities and Strategies for What Comes Next."   We'll be presenting at 5:20pm ET on the topic of "Using Seasonality to Invest in an Abnormal Economic Environment."  Attendance is free.  Click the banner below to reserve your spot now.

StockTwits released yesterday @EquityClock

MercadoLibre $MELI, a NASDAQ 100 stock moved above $756.48 to an all-time high extending an intermediate uptrend.

Target $TGT, an S&P 100 stock moved above $114.07 setting an intermediate uptrend.

Allergan $AGN, a NASDAQ 100 stock moved above $196.19 setting an intermediate uptrend.

CCL Industries $CCL.B.CA, a TSX 60 stock moved above $45.19 completing a reverse Head & Shoulders pattern.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 6th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for May 6th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 6th 2020

Green: Increase from previous day

Red: Decrease from previous day

Greg Schnell's "Market Buzz"

Released yesterday. Headline reads, "Semi's are a little light". Following is a link:

https://www.youtube.com/watch?v=bxkHwAg3WKs&feature=youtu.be

S&P 500 Momentum Barometer

The Barometer slipped 4.81 to 53.51 yesterday. It remains intermediate neutral.

TSX Momentum Barometer

The Barometer was unchanged yesterday at 61.50. It remains 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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