Tech Talk for Friday June 5th 2020

U.S. equity index futures were higher this morning. S&P 500 futures were up 46 points in pre-opening trade. The NASDAQ Composite Index is expected to open above its previous all-time high at 9,638.37 set in March.

Index futures moved strongly higher following release of the May U.S. employment report at 8:30 AM EDT. Consensus for May Non-farm Payrolls was a drop of 8.0 million versus a drop of 20.68 million in April. Actual was an increase of 2.509 million. Consensus for the May Unemployment Rate was an increase to 19.7% from 14.7% in April. Actual was a drop to 13.3% Consensus for May Average Hourly Earnings was an increase of 1.0% versus an increase of 4.7% in April. Actual was a drop of 1.0%.

The Canadian Dollar added 0.17 to US74.58 cents following release of Canada's May Employment report at 8:30 AM EDT. Consensus was a drop of 500,000 versus a drop of 1.993 million in April. Actual was a drop of 289,600. Consensus for the May Unemployment Rate was an increase to 15.0% from 13.0% in April. Actual was an increase to 13.7%

eBay added $0.13 to $49.49 after Sun Trust RH, JP Morgan, Susquehanna and Benchmark raised their target price on the stock.

Broadcom advanced $6.11 to $315.00 after Sun TrustRH, JP Morgan, KeyBanc Capital and Susquehanna raised their target price on the stock.

Apple added $0.83 to $323.15 after Wedbush raised its target price from $350 to $375.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2020/06/04/stock-market-outlook-for-june-5-2020/

Note seasonality charts on U.S. Non-farm Payrolls and Canadian Trade.

Technical Notes

Caterpillar (CAT), a Dow Jones Industrial Average stock moved above $128.42 resetting an intermediate uptrend.

JP Morgan (JPM), a Dow Jones Industrial stock moved above $104.39 completing a double bottom pattern.

Boeing (BA), a Dow Jones Industrial Average stock moved above

American Airlines (AAL), an S&P 100 stock moved above $$13.40 completing a base building pattern.

US Bancorp (USB), an S&P 100 stock moved above $38.94 completing a double bottom pattern.

Micron (MU), a NASDAQ 100 stock moved above $50.14 extending an intermediate uptrend.

Simon Properties (SPG), an S&P 100 stock moved above $74.17 completing a double bottom pattern.

Imperial Oil (IMO.TO), a TSX 60 stock moved above $23.48 Cdn. extending an intermediate uptrend.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for June 4th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for June 4th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 4th 2020

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer slipped 0.80 to 96.39 yesterday. It remains extremely intermediate overbought.

TSX Momentum Barometer

The Barometer was unchanged at 90.58 yesterday. It remains extremely 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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