Tech Talk for Wednesday April 15th 2020

U.S. equity index futures were lower this morning. S&P 500 futures were down 71 points in pre-opening trade.

Equity index futures moved slightly lower following release of economic news at 8:30 AM EDT. Consensus for March Retail Sales was a drop of 8.0% versus a decline of 0.5% in February. Actual was a drop of 8.5%. Excluding auto sales consensus for March Retail Sales was a drop of 5.0% versus a decline of 0.4% in February. Actual was a drop of 4.5%. Consensus for the April Empire State Manufacturing Survey was a drop to -32.5 from -21.5 in March. Actual was a drop of 78.2

The Canadian Dollar was virtually unchanged at U.S.71.06 prior to the Bank of Canada's announcement at 10:00 AM EDT on Canada's overnight lending rate. Consensus is that the rate at 0.25% will not change.

Several money center U.S. banks reported first quarter results this morning. Bank of America slipped 40.19 to $23.73. Citigroup fell $1.37 to $44.05. Goldman Sachs lost $2.98 to $175.25

Tesla gained $47.67 to $757.56 after Goldman Sachs initiated coverage with a Buy rating and an $864 target.

Target slipped $0.48to $107.90 despite an upgraded to Outperform by BMO Capital. Target price is $125.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/04/14/stock-market-outlook-for-april-15-2020/

StockTwits released yesterday @EquityClock

Amazon $AMZN, a NASDAQ 100 stock moved above $2,185.95 to an all-time high extending an intermediate uptrend.

Workday $WDAY, a NASDAQ 100 stock moved above $146.67 completing a double bottom pattern.

Regeneron Pharma $REGN, a NASDAQ 100 stock moved above $518.00 to a 3 year high extending an intermediate uptrend.

Frontier iShares $FM moved above $22.27 completing a short term double bottom pattern.

Gold Miners ETF $GDX moved above $31.84 to a seven year high extending an intermediate uptrend.

Editor's Note: Ditto for the Gold Bug Index!

Dollarama $DOL.CA, a TSX 60 stock moved above $42.89 completing a reverse Head & Shoulders pattern.

Manulife Financial $MFC.CA, a TSX 60 stock moved above $18.00 completing a base building pattern.

Another gold producer equity breakout! First Majestic Silver $FR.CA $AG moved above $11.24 completing a reverse Head & Shoulders pattern.

Eli Lilly $LLY, an S&P 100 stock moved above $147.11 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for April 14th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for April 14th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 14th 2020

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer advanced another 13.48 to 31.38 yesterday. It remains intermediate oversold and trending higher.

TSX Momentum Barometer

The Barometer gained another 2.75 to 29.39 yesterday. It remains intermediate oversold and trending higher

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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