Tech Talk for Wednesday April 8th 2020
U.S. equity index futures were higher this morning. S&P 500 futures were up 28 points in pre-opening trade.
The Canadian Dollar was virtually unchanged at U.S. 71.30 following release of March Canadian Housing Starts report at 8:15 AM EDT. Consensus was a drop to 180,000 from 210,100 units in February. Actual was 195,200 units
General Motors added $0.19 to $21.49 despite a downgrade by Deutsche Bank from Buy to Hold. Target price dropped from $41 to $25.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/04/clip_image0011-2.png "clip_image001[1]")
Darden Restaurants added $1.03 to $62.99 after Wedbush upgraded the stock from Neutral to Outperform.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/04/clip_image0021-3.png "clip_image002[1]")
Enbridge gained $0.34 to$28.50 after JP Morgan upgraded the stock from Neutral to Overweight and UBS upgraded the stock from Neutral to Buy.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/04/clip_image0031-2.png "clip_image003[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/04/07/stock-market-outlook-for-april-8-2020/
Note seasonality chart on U.S. Job Openings.
StockTwits released yesterday @EquityClock
Seattle Genetics $SGEN, a NASDAQ 100 stock moved above $124.32 to an all-time high extending an intermediate uptrend.
Loblaw Companies $L.CA, a TSX 60 stock moved above $75.62 to an all-time high extending an intermediate uptrend.
Cameco $CCO.CA $CCJ, a TSX 60 stock moved above $13.17 Cdn. setting an intermediate uptrend
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for April 7th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Seasonal/Technical Commodities Trends for April 7th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 7th 2020
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer slipped 1.41 to 10.66 yesterday. It remains deeply intermediate oversold and has passed a short term bottom.
TSX Momentum Barometer
The Barometer added 4.78 to 10.87 yesterday. It remains deeply intermediate oversold and has started to recover.
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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