U.S. equity index futures were higher again this morning. S&P 500 futures were up 77 points in pre-opening trade.
Gold gained $15.70 to a seven year high at U.S. $1709.60 per ounce.
AT&T added $0.94 to $30.38 after arranging a $5.5 billion line of credit.
Kraft Heinz gained $1.04 to $26.95 after the company issued positive first quarter revenues and earnings.
MMM advanced $7.80 to $148.50 after announcing that the company had produced nearly 167 million medical masks to fight COPID 19.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/04/06/stock-market-outlook-for-april-7-2020/
StockTwits released yesterday @EquityClock
Canadian food distributor stocks $MRU.CA $L.CA $EMP.A.CA are soaring this morning. Metro moved above $58.69 to an all-time high extending an intermediate uptrend. Loblaw Companies moved above $72.88 and is testing its all-time high.
Vertex Pharma $VRTX, a NASDAQ 100 stock moved above $249.85 to an all-time high extending an intermediate uptrend.
Observations
Yesterday was a "risk on" day for North American equity markets. Lots of "green shoots"! Notable stronger was the technology sector (including short term breakouts by CSCO, PYPL, MU, V, MSFT and TXN).
Trader's Corner
Note breakouts above 20 day moving averages
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for April 6th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Seasonal/Technical Commodities Trends for April 6th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 6th 2020
Green: Increase from previous day
Red: Decrease from previous day
Technical Scoop
Thank you to David Chapman and www.EnrichedInvesting.com for a link to the weekly report. Headline reads, "Stunned jobs, shutdown forecast, bear anatomy, feeble gold, Dollar rise, euro question, oil move, April hope". Following is the link:
S&P 500 Momentum Barometer
We have "lift off". The Barometer jumped 7.04 to 12.07 yesterday. It remains deeply intermediate oversold and has started to recover from a bottoming pattern.
TSX Momentum Barometer
Ditto for the TSX Barometer! It gained 4.78 to 10.87 yesterday. It remains deeply intermediate oversold and has started to recover from a bottoming pattern.
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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