Tech Talk for Thursday October 1st 2020

U.S. equity index futures were higher this morning. S&P 500 futures were up 28 points in pre-opening trade. Index futures responded to continuing talks to extend COVID 19 benefits.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Initial Jobless Claims was 850,000 versus 873,000 last week. Actual was 837,000. Consensus for August Personal Income was a drop of 2.4% versus a revised gain of $0.5% in July. Actual was a drop of 2.7%. Consensus for August Personal Spending was an increase of 0.8% versus a revised gain of 1.5% in July. Actual was an increase of 1.0%.

Bed Bath & Beyond advanced $1.60 to $16.58 after reporting higher than consensus second quarter sales and earnings.

Pepsico gained $1.70 to $140.30 after reporting higher than consensus fiscal third quarter sales and earnings.

Amazon gained $48.25 to $3,196.98 after Pivotal Research raised its target price from $3,925 to $4,500.

Starbucks added $0.83 to $86.75 after Cowen upgraded the stock from Market Perform to Outperform. Also, the company raised its quarterly dividend from $0.41 to $0.45 per share.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2020/09/30/stock-market-outlook-for-october-1-2020/

Note seasonality charts on the S&P 500 Index and Crude Oil Days of Supply.

Technical Notes for September 30th

Home Construction iShares (ITB) moved above $57.21 to an all-time high extending an intermediate uptrend.

Trader's Corner

Daily Seasonal/Technical Equity Trends for September 30th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for September 30th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 30th 2020

Green: Increase from previous day

Red: Decrease from previous day

Market Buzz

Greg Schnell discusses "The move to electric". Following is a link:

https://www.youtube.com/watch?v=sHh8uH-Xa_Q&feature=youtu.be

S&P 500 Momentum Barometer

The Barometer added 4.01 to 45.89 yesterday. It remains intermediate neutral.

TSX Momentum Barometer

The Barometer slipped 0.66 to 41.86 yesterday. It remains intermediate neutral.

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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