Tech Talk for Tuesday May 12th 2020
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade. Index futures responded to news that the Federal Reserve is starting a program to purchase corporate bond Exchange Traded Funds.
Index futures were virtually unchanged following release of the April Consumer Price Index at 8:30 AM EDT. Consensus was a decline of 0.8% versus a drop of 0.4% in March. Actual was down 0.8%. Excluding food and energy, consensus for the April Consumer Price Index was a slip of 0.2% versus a slip of 0.1% in March. Actual was a drop of 0.4%
Apple gained $2.39 to $317.40 after Wedbush raised its target price from $335 to $350.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/05/clip_image0011-5.png "clip_image001[1]")
Ingersoll-Rand slipped $0.09 to $29.00 after reporting lower than consensus first quarter earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/05/clip_image0021-6.png "clip_image002[1]")
Alphabet added $5.00 to $1408.59 after Citigroup raised its target price from $1400 to $1600.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/05/clip_image0031-6.png "clip_image003[1]")
Lowes Company gained $1.36 to $114.75 after Wells Fargo raised its target price from $110 to $130.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/05/clip_image0041-3.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/05/11/stock-market-outlook-for-may-12-2020/
Technical Comments
Citrix Systems (CTXS), a NASDAQ 100 stock moved above $152.49 to an all-time high extending an intermediate uptrend.
NVIDIA (NVDA), a NASDAQ 100 stock moved above $316.13 to an all-time high extending an intermediate uptrend.
First Trust Biotech ETF (FBT) moved above $159.85 to an all-time high extending an intermediate uptrend.
Editor's Note: Other biotech ETFs to reach all-time highs included IBB and BBH.
Brookfield Infrastructure Partners (BIP/UN), a TSX 60 stock moved above $58.67 resuming an intermediate uptrend
Alimentation Couche Tard (ATD.B), a TSX 60 stock moved above $40.97 resuming an intermediate uptrend.
American International Group (AIG), an S&P 100 stock moved above $27.75 resuming an intermediate uptrend.
Lumber prices moved above $357.80 setting an intermediate uptrend.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for May 11th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Seasonal/Technical Commodities Trends for May 11th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 11th 2020
Green: Increase from previous day
Red: Decrease from previous day
Technical Scoop
Thank you to David Chapman and www.EnrichedInvesting for a link to David's weekly comment. Headline reads,"Great disconnect, trillions thrown, Main devastation, happy Wall, golden projection". Following is the link:
S&P 500 Barometer
The Barometer dropped 6.41 to 69.54 yesterday. It remains intermediate overbought.
TSX Barometer
The Barometer gained another 1.79 to 74.11 yesterday. 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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