Tech Talk for Thursday April 30th 2020

U.S. equity index futures moved lower this morning. S&P 500 futures were down 13 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for March Personal Spending was a drop of 5.0% versus a gain of 0.2% in February. Actual was a drop of 7.5%. Consensus for March Personal Income was a drop of 1.5% versus a gain of 0.6% in February. Actual was a drop of 2.0%. Consensus for Weekly Jobless Claims was 3.500 million versus 4.427 million last week. Actual was 3.839 million.

The European Central Bank maintained its overnight lending rate at 0.00%.

The Canadian Dollar was virtually unchanged at US 72.10 cents following release of Canada's February GDP report at 8:30 AM EDT. Consensus was an increase of 0.1% versus a gain of 0.1% in January. Actual was unchanged.

Tesla gained $69.79 to $870.30 after reporting a surprising first quarter profit.

Facebook gained $20.38 to $214.57 after reporting higher than consensus first quarter revenues.

Microsoft advanced $3.82 to $181.25 after reporting higher than consensus first quarter revenues and earnings.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/04/29/stock-market-outlook-for-april-30-2020/

Note seasonality chart on Crude Oil Days of Supply.

Observations

Encouraging news on the use of Gilead's Rendesivir to treat COVID 19 triggered a buying stampede in North American equity markets yesterday. The Federal Reserve's announcement at 2:00 PM to continue its favourable monetary policy helped U.S. equity indices to remain near their high for the day.

StockTwits released yesterday @EquityClock

Citigroup $C, an S&P 100 stock moved above $49.22 resuming an intermediate uptrend.

Met Life $MET, an S&P 100 stock moved above $36.36 resuming an intermediate uptrend.

FedEx $FDX, an S&P 100 stock moved above $130.00 resuming an intermediate uptrend.

Fiserv $FISV, a NASDAQ 100 stock moved above $101.02 resuming an intermediate uptrend.

Visa $V, a Dow Jones Industrial stock moved above $178.80 resuming an intermediate uptrend.

S&P/TSX Energy iShares $XEG.CA moved above $4.62 resuming an intermediate uptrend.

Energy SPDRs $XLE moved above $36.46 resuming an intermediate uptrend.

Even oil service stocks are moving higher from deeply oversold levels. Precision Drilling $PD.CA moved above $0.57 resuming an intermediate uptrend.

Oil service stocks and related ETFs on both sides of the border are exceptionally strong: $OIH moved above $109.49 setting an intermediate uptrend.

Enbridge $ENB.CA, a TSX 60 stock moved above $43.56 resuming an intermediate uptrend.

Inter Pipelines $IPL.CA, a TSX 60 stock moved above $11.21 resuming an intermediate uptrend

MasterCard $MA, an S&P 100 stock moved above $282.43 resuming an intermediate uptrend

Apple $AAPL, a Dow Jones Industrial stock moved above $288.25 resuming an intermediate uptrend.

Booking Holdings $BKNG, an S&P 100 stock moved above $1,495.00 resuming an intermediate uptrend.

Blackberry $BB.CA, a TSX 60 stock moved above $6.09 setting an intermediate uptrend.

Dow $DOW, a Dow Jones Industrial stock moved above $37.74 resuming an intermediate uptrend.

National Bank $NA.CA, a TSX 60 stock moved above $58.87 resuming an intermediate uptrend.

Sun Life Financial $SLF.CA, a TSX 60 stock moved above $48.89 resuming an intermediate uptrend.

Gildan Activewear $GIL.CA, a TSX 60 stock moved above $23.26 resuming an intermediate uptrend.

US domestic production of crude oil still remains within 6% of the all-time high, down only 100,000 barrels per day in the latest week. Demand, meanwhile, is down around 40% from the previous peak, but it is slowly coming back. $USO $CL_F $XLE $XOP

Canadian Natural Resources $CNQ.CA, a TSX 60 stock moved above $22.80 resuming an intermediate uptrend.

Raytheon Technologies $RTX, a Dow Jones Industrial stock moved above $68.10 setting an intermediate uptrend.

Base metal equities and related ETFs are leading equity indices on the upside: $PICK $XBM.CA $COPX $ZMT.CA

Manulife Financial $MFC.CA, a TSX 60 stock moved above $18.15 setting an intermediate uptrend.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for April 29th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for April 29th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 29th 2020

Green: Increase from previous day

Red: Decrease from previous day

Greg Schnell's "Market Buzz"

Headline reads, "Last Place Sectors Outperform". Following is a link:

https://www.youtube.com/watch?v=3kWdIv5ot0Q&feature=youtu.be

S&P 500 Momentum Barometer

The Barometer jumped 16.63 to 76.15 yesterday. It changed from intermediate neutral to intermediate overbought on a move above 60.00, but continues to trend higher.

TSX Momentum Barometer

The Barometer jumped 16.52 to 66.96 yesterday. It changed from intermediate neutral to intermediate overbought on a move above 60.00, but continues to trend 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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