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Tech Talk for Tuesday April 7th 2020

 

StockTwits released yesterday @EquityClock

Canadian food distributor stocks $MRU.CA $L.CA $EMP.A.CA are soaring this morning. Metro moved above $58.69 to an all-time high extending an intermediate uptrend. Loblaw Companies moved above $72.88 and is testing its all-time high.

Vertex Pharma $VRTX, a NASDAQ 100 stock moved above $249.85 to an all-time high extending an intermediate uptrend.

 

Observations

Yesterday was a “risk on” day for North American equity markets. Lots of “green shoots”! Notable stronger was the technology sector (including short term breakouts by CSCO, PYPL, MU, V, MSFT and TXN).

 

Trader’s Corner

 

Note breakouts above 20 day moving averages

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for April 6th 2020

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Seasonal/Technical Commodities Trends for April 6th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 6th 2020

Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

Thank you to David Chapman and www.EnrichedInvesting.com for a link to the weekly report. Headline reads, “Stunned jobs, shutdown forecast, bear anatomy, feeble gold, Dollar rise, euro question, oil move, April hope”. Following is the link:

http://enrichedinvesting.com/wp-content/uploads/2020/04/Stunned-jobs-shutdown-forecast-bear-anatomy-feeble-gold-Dollar-rise-euro-question-oil-move-April-hope.pdf

 

S&P 500 Momentum Barometer

We have “lift off”. The Barometer jumped 7.04 to 12.07 yesterday. It remains deeply intermediate oversold and has started to recover from a bottoming pattern.

 

TSX Momentum Barometer

Ditto for the TSX Barometer! It gained 4.78 to 10.87 yesterday. It remains deeply intermediate oversold and has started to recover from a bottoming pattern.

 

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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