Pre-opening Comments for Thursday April 3^rd

U.S. equity indices moved sharply lower following President Trump’s tariff announcement released after the close yesterday. S&P 500 Index dropped 188.00 to 5,524.75. Dow Jones Industrial Average dropped 1,198 to 41,292. NASDAQ 100 Index dropped 796.50 to 19,011.50

The Canadian Dollar advanced 0.66 to US70.94 on weakness in the U.S. Dollar Index

Notably weaker following Trump’s announcement were U.S. big cap technology stocks. Apple dropped $16.00 to $207.93. Amazon dropped $12.16 to $183.85. Meta Platform dropped $26.43 to $557.12. Alphabet dropped $4.59 to $154.27.

EquityClock’s Market Outlook for April 3^rd

The rotation that benefited stocks outside of the US during the first quarter is under scrutiny as the All-Country World ex-US index carves out double-top resistance. See:

https://equityclock.com/2025/04/02/stock-market-outlook-for-april-3-2025/ Technical Notes

Dollarama $DOL.TO a TSX 60 stock moved above Cdn$156.25 to an all-time high extending an intermediate uptrend.

Manulife Financial $MFC.T0 a TSX 60 stock moved above Cdn$45.65 to an all-time high extending an intermediate uptrend.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 2^nd 2025

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for April 2^nd 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 2^nd 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Trend-Following Stocks: How Low ADX Can Signal Huge Breakouts!

Trend-Following Stocks: How Low ADX Can Signal Huge Breakouts! – YouTube

Uncertain times require investor discipline, not reaction, says BMO Capital Markets’ Brian Belski

Uncertain times require investor discipline, not reaction, says BMO Capital Markets’ Brian Belski – YouTube

Hot Picks in natural gas stocks

Hot Picks in natural gas stocks – YouTube

Chart This with David Keller

https://www.youtube.com/watch?v=ZR0m-y9er60

Mish Schneider on Macro Themes, Silver Versus Gold, and the Economic Modern Family

Mish Schneider on Macro Themes, Silver Versus Gold, and the Economic Modern Family – YouTube

Earnings are likely to hold up better than expectations, says Fundstrat’s Tom Lee

Earnings are likely to hold up better than expectations, says Fundstrat’s Tom Lee – YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.60 to 42.80. It remains Neutral.

The long term Barometer advanced 4.40 to 49.80. It remains Neutral.

TSX Momentum Barometers

The intermediate term Barometer added 1.83 to 58.26. It remains Neutral.

The long term Barometer added 2.29 to 59.63. It remains Neutral. Daily uptrend resumed.

Disclaimer: Seasonality ratings 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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