Tech Talk for Thursday May 21st 2020

U.S. equity index futures were 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 the May Philly Fed Index was a drop to - 40.0 versus -56.6 in April. Actual was a drop to -43.1. Consensus for Weekly Jobless Claims was 2.400 million versus a revised 2.687 million last week. Actual was 2.438 million

Facebook added $2.43 to $232.35 after Stifel Nicolaus raised its target price from $245 to $260.

Expedia gained $3.52 to $83.10 after reporting higher than consensus first quarter revenues. In addition, its target price was raised by Benchmark, Deutsche Bank and SunTrust.

Lowe's gained $0.79 to $117.78 after Wedbush raised its target price from $105 to $130. Also, Stifel Nicolaus upgraded the stock from Hold to Buy.

Aurora Cannabis advanced $3.85 to $16.60 after announcing the purchase of U.S. based Reliva.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/05/20/stock-market-outlook-for-may-21-2020/

Note seasonality charts on the NASDAQ 100, Crude Oil Days of Supply and Canadian Consumer Price Index.

Technical Notes

Editor's Note: More upside breakouts above 15 day trading ranges!

Materials SPDRs (XLB) moved above $53.74 resuming an intermediate uptrend.

Pharmaceutical ETF (PPH) moved above $62.16 resuming an intermediate uptrend.

Another Semiconductor ETF breakout! SMH moved above $139.36 resuming an intermediate uptrend.

S&P/TSX Energy iShares (XEG) moved above $5.25 Cdn. extending an intermediate uptrend.

BMO Global Metals ETF (ZMT) moved above $29.21 Cdn resuming an intermediate uptrend.

South Korea iShares (EWY) moved above $52.79 resuming an intermediate uptrend.

Facebook (FB), one of the FAANG stocks moved above $224.20 to an all-time high extending an intermediate uptrend.

Railway stocks on both sides of the border (Canadian Pacific, CSX, Union Pacific) moved above three week trading ranges setting intermediate uptrends.

Intel (INTC), a Dow Jones Industrial stock moved above $61.78

ASML (ASML), a NASDAQ 100 stock moved above $317.57 to an all-time high extending an intermediate uptrend.

Synopsys (SNPS) a NASDAQ 100 stock moved above $166.87 to an all-time high extending an intermediate uptrend.

Analog Devices (ADI), a NASDAQ 100 stock moved above $114.06 resuming an intermediate uptrend.

Kinder Morgan (KMI), an S&P 100 stock moved above $15.68 resuming an intermediate uptrend.

Comcast (CMCSA), an S&P 100 stock moved above $39.12 resuming an intermediate uptrend.

Canadian Forest Product stocks continue to move higher. Canfor (CFP) moved above $10.25 Cdn. extending an intermediate uptrend.

Constellation Software (CSU), a TSX 60 stock moved above $1,522.71 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 20th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for May 20th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 20th 2020

Green: Increase from previous day

Red: Decrease from previous day

Greg Schnell's "Weekly Buzz"

Greg asks, "Can cyclicals cycle up"? Following is the link:

https://www.youtube.com/watch?v=x_kjxycCaP4&feature=youtu.be

S&P 500 Momentum Barometer

The Barometer added 6.01 to 82.15 yesterday. It remains intermediate overbought.

TSX Momentum Barometer

The Barometer added another 2.23 to 77.68 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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