Tech Talk for Friday March 2nd 2018

U.S. equity index futures were lower this morning. S&P 500 futures were down 21 points in pre-opening trade.

The Canadian Dollar dropped another U.S. 0.30 to 77.69 cents after President Trump announced intentions to place tariffs on aluminum and steel. Canada is the biggest supplier of aluminum to the U.S.

The Canadian Dollar was virtually unchanged following release of Canada's December GDP report. Consensus for December was a month-over-month gain of 0.1%. Actual was a gain of 0.1%. Fourth quarter GDP rose at a 1.7% annual rate.

JC Penney dropped $0.40 to $3.52 after reporting lower than consensus fourth quarter revenues.

McDonalds fell $2.86 to $152.84 after RBC Capital lowered its target price to $170 from $190.

Footlocker plunged $4.87 to $41.01 after reporting lower than consensus fourth quarter revenues. The company also lowered its guidance.

Wal-Mart dropped $1.23 to $87.85 after Oppenheimer downgraded the stock to Perform from Outperform.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/03/01/stock-market-outlook-for-march-2-2018/

Note seasonality charts on Construction Spending, Steel industry and REIT Index

StockTwits Released Yesterday @EquityClock

U.S. Dollar Index and related ETF $UUP completed a double bottom pattern on a move above 90.45.

Editor's Note: The Index reversed following news of the proposed steel/aluminum tariffs

Gold ETF $GLD moved below $124.79 moved below $124.79 completing a double top pattern.

'Tis the season for gold to move lower into April! $GLD

Silver ETN $SLV moved below $15.26 extending an intermediate downtrend.

Homebuilders SPDRs $XHB moved below $40.13 extending an intermediate downtrend.

Platinum ETN $PPLT moved below $91.21 completing a double top pattern.

More S&P 500 stocks break support following news of steel and aluminum tariffs. $HIG $DLPH $CVS $HSIC $DVA $JCI $ROK $MLM $ZBH $TSCO $CB $BHF $SNA.

U.S. construction spending fell 9.7% in January, marginally greater than the 9.0% average decline for first month of the year.

S&P 500 Index averaged a gain of 1.2% in March, positive in 66% of periods during past 50 periods.

General Motors $GM moved below $39.51 in response to steel/aluminum tariff proposal extending an intermediate downtrend.

Trader's Corner

Note the important change in momentum by a wide variety of indices, commodities and sectors

Daily Seasonal/Technical Equity Trends for March 1st 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for March 1st 2018

Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

Daily Seasonal/Technical Sector Trends for March 1st 2018

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer plunged 9.28 to 29.60 yesterday. It has returned to an intermediate oversold level.

TSX Momentum Barometer

The Barometer added 0.81 to 26.02 yesterday. It remains intermediate oversold.

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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