Tech Talk for Tuesday April 21st 2020
U.S. equity index futures were lower this morning. S&P 500 futures were down 44 points in pre-opening trade.
Travellers dropped $1.83 to $99.95 after the company reported lower than consensus first quarter revenues and earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/04/clip_image0011-7.png "clip_image001[1]")
Disney fell $1.36 to $100.90 after Citigroup lowered its target price from $161 to $135.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/04/clip_image0021-7.png "clip_image002[1]")
IBM dropped $3.56 to $116.85 after reporting lower than consensus first quarter revenues. Wedbush lowered its target price on the stock from $155 to $140.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/04/clip_image0031-7.png "clip_image003[1]")
Lockheed Martin added $9.79 to $393.00 after reporting higher than consensus first quarter earnings.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/04/20/stock-market-outlook-for-april-21-2020/
Note seasonality chart on the TSX Composite Index relative to the S&P 500 Index.
StockTwits released yesterday @EquityClock
U.S. Crude Oil ETN $USO moved below $4.03 extending an intermediate downtrend
Another Biotech ETF $FBT breakout! First Trust Biotech units moved above $156.50 resuming an intermediate uptrend.
Natural Gas ETN $UNG moved above $14.32 completing a double bottom pattern.
Tis the season for Natural Gas prices to move higher until mid-June!
Editor's Note: Canadian "gassy" stocks soared.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for April 20th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Seasonal/Technical Commodities Trends for April 20th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 20th 2020
Green: Increase from previous day
Red: Decrease from previous day
Technical Scoop
Thank you to David Chapman and www.EnrichedInvesting.com for the link to their weekly comment. Headline reads, "Morphed crisis, predictive curves, unconfirmed rebound, deteriorating bonds, commodity opportunity". Following is the link:
Keith Richards' Blog
Keith says, "The Bull Market is dead: Long live the Bull Market". Following is a link:
https://www.valuetrend.ca/the-bull-market-is-dead-long-live-the-bull-market/
Changes in Seasonal Influences at this Time of Year
The TSX Financial Services Index and the Shanghai Composite Index during the past 20 years have a history of reaching a seasonal peak on a real and relative basis (relative to the S&P 500 Index). Seasonal influences for both move from Positive to Neutral on a real basis and from Positive to Negative on a relative basis. Following are the charts:
Shanghai Stock Exchange Composite Index Seasonal Chart
$SSEC Relative to the S&P 500 |
S&P/TSX Capped Financial Index ($SPTFS) Seasonal Chart
S&P 500 Momentum Barometer
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/04/clip_image0015-1.png "clip_image001[5]")
The Barometer dropped 8.02 to 31.46 yesterday. It remains intermediate oversold.
TSX Momentum Barometer
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/04/clip_image0025-2.png "clip_image002[5]")
The Barometer added 3.10 to 33.63 yesterday. It remains intermediate oversold and trending higher.
$SPTFS Relative to the S&P 500 |
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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