Tech Talk for Wednesday April 29th 2020

U.S. equity index futures were higher this morning. S&P 500 futures were up 44 points in pre-opening trade. Investors are waiting for news from the Federal Reserve at 2:00 PM EDT. Consensus is that the Fed Fund Rate will remain unchanged.

Index futures were virtually unchanged following release of first estimate of U.S. first quarter GDP at 8:30 AM EDT. Consensus was a drop of 4.0% versus a gain of 2.1% in the fourth quarter last year. Actual was a drop of 4.8%.

Alphabet gained $93.41 to $1326.00 after reporting higher than expected first quarter revenues. JP Morgan and Deutsche Bank raised their target price on the stock.

Ford slipped $0.07 to $5.10 after reporting a $2 billion first quarter loss. The company also lowered second quarter earnings guidance predicting a loss exceeding $4 billion.

Starbucks dropped $1.41 to $77.28 after reporting a 10% drop in fiscal second same store sales.

Advanced Micro Devices fell $2.65 to $53.84 after lowering its second quarter guidance.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/04/28/stock-market-outlook-for-april-29-2020/

Note seasonality chart on the Case/Shiller Home Price Index.

StockTwits released yesterday @EquityClock

Expedia $EXPE, a NASDAQ 100 stock moved above $70.71 completing a double bottom pattern.

Amgen $AMGN, a NASDAQ 100 stock moved above $243.26 to an all-time high extending an intermediate uptrend.

Maxim Integrated Products $MXIM, a NASDAQ 100 stock moved above $55.59 setting an intermediate uptrend.

Agribusiness ETF $MOO moved above $55.41 setting an intermediate uptrend.

Editor's Note: SOIL and COW.TO have similar technical patterns

China Large Cap iShares $FXI moved above $39.10 setting an intermediate uptrend.

Grain ETN $JJGFF ( 1/3 each in Wheat, Soybeans and Corn) recorded a substantial gain on a move above $19.93 completing a base building pattern.

Editor's Note: Chinese buying???

Transportation iShares $IYT, an ETF that closely tracks the Dow Jones Transportation Average, moved above $151.64 setting an intermediate uptrend.

Canadian National Railway $CNR.CA $CNI, a TSX 60 stock moved above $116.92 Cdn and $83.67 U.S. setting an intermediate uptrend.

US Home prices were showing above average growth prior to the coronavirus related shutdown. Case-Shiller Home Price index was higher by 0.5% (NSA) in February, stronger than the 0.1% decline that is the norm for the winter month. $MACRO $STUDY #Economy #Housing

Shaw Communications $SJR $SJR.B.CA, a TSX 60 stock moved above US$16.84 setting an intermediate uptrend.

Forest product stocks and related ETFs $WOOD are moving strongly today in anticipation of greater demand for lumber from China. Global timber iShares moved above $51.35 setting an intermediate uptrend. Stocks with similar breakouts today include $WFT.CA $IFP.CA $CFP.CA and $OSB.CA

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for April 28th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for April 28th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 28th 2020

Green: Increase from previous day

Red: Decrease from previous day

Changes in Seasonal Influences at this time of year

Many equity indices and sectors record changes in seasonality rating near the end of April. Most of the rating changes are from Positive to Neutral or Negative. Gold equities are the exception. Following are the charts:

S&P 500 Momentum Barometer

The Barometer gained another 7.01 to 59.52 yesterday. It remains intermediate neutral and trending higher.

TSX Momentum Barometer

The Barometer added 3.98 to 50.44 yesterday. It remains intermediate neutral and trending 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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