Pre-opening Comments for Friday April 11^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 44 points at 8:35 AM EDT.

China raised its tariffs on U.S. goods to 125%.

S&P 500 futures added 20 points following release of the March Producer Price Index at 8:30 AM EDT. Consensus called for a 0.2% increase versus no change in February. Actual was a 0.4% drop. On a year-over-year basis, consensus called for a 3.3%% increase versus a 3.2% increase in February. Actual was a 2.7% increase. Excluding food and energy, consensus called for a 0.3% increase versus a 0.1% drop in February. Actual was a 0.1% drop. On a year-over-year basis, consensus for core PPI was a 3.6% increase versus a 3.4% gain in February. Actual was a 3.3% increase.

JP Morgan added $5.93 to $232.61 after reporting higher than consensus first quarter results.

Morgan Stanley advanced $2.92 to$109.50 after reporting higher than consensus first quarter results.

Blackrock gained $18.73 to $877.51 after reporting higher than consensus first quarter results.

EquityClock’s Market Outlook for April 11^th

The Volatility Index is showing signs of upside exhaustion, which could/should lend itself to a short-term low in stocks; intermediate-term, however, the market has a lot of healing to do. See:

https://equityclock.com/2025/04/10/stock-market-outlook-for-april-11-2025/

Technical Notes

Technical action by actively traded equities and ETFs was surprisingly quiet despite increased price volatility. Gold (GLD) and gold equity ETFs (GDX and GDXJ) moved higher to multi-year highs.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 10^th 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 10^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 10^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Market Volatility: Pain Points, Brights Spots & Strategies

Market Volatility: Pain Points, Brights Spots & Strategies – YouTube

Ives: Buckle up—Tech is heading into a period of major volatility

Ives: Buckle up—Tech is heading into a period of major volatility – YouTube

This Is the Calm Before the Inflation Storm, Says JPM’s Kelly

This Is the Calm Before the Inflation Storm, Says JPM’s Kelly – YouTube

Earnings results will be very good but outlook will be changing, says Morgan Stanley’s Betsy Graseck

Earnings results will be very good but outlook will be changing, says Morgan Stanley’s Betsy Graseck – YouTube

Stocks Sink After Trump Tariff Pause Sparks Historic Rally: Dan Nathan and Carter Worth

https://www.youtube.com/watch?v=mPSZ8dIOEaQ

Is the Market About to Bounce? Key Breadth Signal Explained: Dave Keller

https://www.youtube.com/watch?v=b9hT5R0zk4k

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 2.20 to 14.80. It remains deeply oversold.

The long term Barometer dropped 5.00 to 26.80. It remains deeply oversold.

TSX Momentum Barometers

The intermediate term Barometer dropped 7.34 to 21.10. It remains deeply oversold.

The long term Barometer dropped 9.17 to 31.19. It remains oversold.

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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