Tech Talk for Wednesday May 13th 2020

U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points in pre-opening trade. Index futures are responding to news that the Democrat controlled House of Representatives has proposed an additional stimulus bill valued at over $3 trillion.

Index futures were virtually unchanged following release of the April Producer Price Index at 8:30 AM EDT. Consensus is that the Index will drop 0.5% versus a slip of 0.2% in March. Actual was a drop of 1.3%. Excluding food and energy, consensus for the Index was unchanged versus a gain of 0.2% in March. Actual was down 0.3%.

NVIDIA added $4.60 to $316.70 after Wedbush raised its target price from $311 to $340.

Wal-mart gained $0.28 to $124.06 after Deutsche Bank raised its target price from $131 to $134.

Ingersoll-Rand slipped $0.14 to $27.32 after Deutsche Bank downgraded the stock from Buy to Hold.

JD.com added $1.22 to $48.25 after Mizuho upgraded the stock from Neutral to Buy. Target was raised from $37 to $58.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/05/12/stock-market-outlook-for-may-13-2020/

Note seasonality charts on U.S. Real Estate iShares and U.S. Consumer Price Index

Technical Comments

Illumina (ILMN), a NASDAQ 100 stock moved above $324.95 yesterday resuming an intermediate uptrend.

JD.com (JD), a NASDAQ 100 stock moved above $47.98 yesterday extending an intermediate uptrend.

Honeywell (HON), an S&P 100 stock moved below intermediate support at $129.58.

Canadian Crude Oil Index ETF moved below $4.01 extending an intermediate downtrend.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 12th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for May 12th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 12th 2020

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer dropped another 7.82 to 61.72 yesterday. It remains intermediate overbought and showing early signs of an intermediate peak.

TSX Momentum Barometer

The Barometer slipped 5.36 to 68.75 yesterday. It remains intermediate overbought and showing early signs of an intermediate peak.

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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