Tech Talk for Wednesday April 3rd 2019
U.S. equity index futures were higher this morning. S&P 500 futures were up 17 points in pre-opening trade. Index futures were responding to news that a trade agreement between China and the U.S. is "90% complete". The Shanghai Composite Index added another 1.24% to 3216.30.
Index futures were virtually unchanged following release of the March ADP Private Employment report released at 8:15 AM EDT. Consensus was 170,000 versus 183,000 in February. Actual was 129,000.
Caterpillar dropped $1.29 to $138.90 after Deutsche Bank downgraded the stock to Hold from Buy. Target price was dropped to $128 from $152.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/04/clip_image0011-1.png "clip_image001[1]")
Netflix added $1.76 to $369.48 after the stock was chosen by JP Morgan as a "Top Pick'.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/04/clip_image0021-1.png "clip_image002[1]")
Advanced Micro Devices gained $1.19 to $27.94 after Nomura initiated coverage with a Buy rating and a $33 target.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/04/clip_image0031-1.png "clip_image003[1]")
Intel (INTC $54.36) is expected to open higher after Nomura initiated coverage with a Buy rating and a $65 target price.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/04/clip_image0041-1.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/04/02/stock-market-outlook-for-april-3-2019/
Note seasonality charts on U.S. REIT Index and Durable Goods Orders.
Observations
Recent strength in the U.S. Dollar Index and it related ETN: UUP is taking its toll on selected commodities. Silver and lumber broke below intermediate support levels yesterday.
Metro (MRU.TO), a TSX 60 stock moved above $50.25 in late trading reaching an all-time high extending an intermediate uptrend.
StockTwits released yesterday @EquityClock
Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $AMP $AON $BEN $MMC $CMI $EXPD. Breakdowns: $CVS $WBA $ABC
Editor's Note: After 10:00 AM EDT, breakouts included BXP, IPGP, ABBV, ALXN, WYNN, XRAY and MCHP. No additional breakdowns.
Industrial SPDRs $XLI moved above $76.69 extending an intermediate uptrend.
Transportation iShares $IYT moved above $191.66 extending an intermediate uptrend
Editor's Note: The Dow Jones Transportation Average briefly moved above 10,679.21 establishing an intermediate uptrend.
Trader's Corner.
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for April 2nd 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for April 2nd 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 2nd 2019
Green: Increase from previous day
Red: Decrease from previous day
Technical Scoop
Thanks to David Chapman and www.EnrichedInvesting.com
http://www.equityclock.com/about/seasonal-advantage-portfolio/
S&P 500 Momentum Barometer
The Barometer slipped 0.04 to 79.56 yesterday. It remains intermediate overbought.
TSX Momentum Barometer
The Barometer slipped 1.65 to 69.14 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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