Tech Talk for Wednesday May 20th 2020
U.S. equity index futures were higher this morning. S&P 500 futures were up 36 points in pre-opening trade.
The Canadian Dollar was virtually unchanged at US 72.00 cents following release of the April Canadian Consumer Price Index at 8:30 AM EDT. Consensus was a drop of 0.6% versus a decline of 0.6% in March. Actual was a drop of 0.7%..
Lowe's gained $6.80 to $123.67 after reporting higher than consensus first quarter sales and earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/05/clip_image0011-11.png "clip_image001[1]")
McKesson dropped $5.63 to $139.00 after lowering guidance for the fiscal first quarter.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/05/clip_image0021-11.png "clip_image002[1]")
Target added $0.88 to $124.05 after reporting higher than consensus first quarter earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/05/clip_image0031-11.png "clip_image003[1]")
Walmart advanced $1.19 to $126.14 after target price on the stock was raised by JP Morgan and Credit Suisse.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/05/clip_image0041-8.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/05/19/stock-market-outlook-for-may-20-2020/
Note seasonality chart on U.S. Housing Starts
Technical Notes
Editor's Note: Lots of breakouts above 15 day trading ranges
South Africa iShares (EZA) moved above $33.18 extending an intermediate uptrend.
Frontier iShares (FM) moved above $23.24 extending an intermediate uptrend.
Crude Oil ETN (ZEO) moved above $28.92 extending an intermediate uptrend.
Semiconductor iShares (SOXX) moved above $244.63 setting an intermediate uptrend.
Metals and Mining iShares (XME) advanced above $20.40 extending an intermediate uptrend.
Base Metals iShares moved (XBM) above $8.78 Cdn. extending an intermediate uptrend.
Coal ETF (KOL) moved above $68.60 setting an intermediate uptrend.
NetApp (NTAP), a NASDAQ 100 stock moved above $45.14 extending an intermediate uptrend.
Amazon (AMZN), a NASDAQ 100 stock moved above $2475.00 to an all-time high extending an intermediate uptrend.
KLA Tencor (KLAC), a NASDAQ 100 stock moved above $176.32 setting an intermediate uptrend.
Inter Pipeline (IPL), a TSX 60 stock moved above $12.28 Cdn. extending an intermediate uptrend.
Abbott Labs (ABT), an S&P 100 stock moved below $88.71 setting an intermediate downtrend.
Marijuana ETF (HMMJ) moved above $6.96 completing a base building pattern.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for May 19th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Seasonal/Technical Commodities Trends for May 19th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 19th 2020
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Barometer
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/05/clip_image0011-12.png "clip_image001[1]")
The Barometer dropped 6.81 to 76.15 yesterday. It remains intermediate overbought and showing early signs of a short term peak.
TSX Barometer
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/05/clip_image0021-12.png "clip_image002[1]")
The Barometer added 12.95 to 75.45 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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