Tech Talk for Friday May 4th 2018

U.S. equity index futures were lower this morning. S&P 500 futures were down 12 points in pre-opening trade.

U.S. equity index futures were virtually unchanged following release of the April Employment Report. Consensus for Non-farm Payrolls was 185,000 versus an upwardly revised 135,000 in March. Actual was 164,000. Consensus for the Unemployment Rate was 4.0% versus 4.1% in March. Actual was 3.9%. Consensus for Hourly Earnings was an increase of 0.2% versus a gain of 0.3% in March. Actual was an increase of 0.1%.

First quarter reports continue to pour in. Reports released since the close yesterday included Activision, Alibaba, CBS, Celgene, Herbalife, Newell Brands, Shake Shack, VF Corp and Weight Watchers.

Celgene gained $1.60 to $87.00 after reporting higher than consensus first quarter results.

Alibaba added $0.43 to $182.88 after reporting higher than consensus fiscal fourth quarter results.

Apple gained $2.02 to $178.91 on news that Berkshire Hathaway purchased an additional 75 million shares of the stock in the first quarter.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/05/03/stock-market-outlook-for-may-4-2018/

Note seasonality charts on Non-farm Payrolls, Manufacturer's New Orders, Canadian Merchandise Exports and Canadian Merchandise Imports.

Keith Richards' Blog

According to Keith, Bear-o-meter turns bearish. Following is a link:

http://www.valuetrend.ca/bear-o-meter-goes-bearish/

Observations

Broadly based U.S. equity indices once again bounced from near their 200 day moving average.

StockTwits Released Yesterday @EquityClock

Grain ETN $JJGTF moved above $27.75 extending an intermediate uptrend

Wheat ETN $WEAT moved above $6.90 extending an intermediate uptrend.

Tech action by S&P 500 stocks to 10:15: Bearish. Breakouts: $MRO $FMC. Breakdowns: $AIG $BEN $CB $COF $ICE $MMC $CAH $CERN $AVGO $FE $EQIX

Coca Cola $KO, a Dow Jones Industrial stock moved below $$41.82 extending an intermediate downtrend.

BCE $BCE.CA, a TSX 60 stock moved below $53.00 on quarterly report extending an intermediate downtrend.

Gildan Activewear $GIL.CA, a TSX 60 stock moved above $$36.83 completing a double bottom pattern.

Bed Bath & Beyond $BBBY moved below $17.19 extending an intermediate downtrend.

'Tis the season for weakness in Bed Bath & Beyond $BBBY to move lower to August.

American International Group $AIG moved below $55.42 extending an intermediate downtrend.

'Tis the season for American International Group $AIG to move lower to mid-July!

Franklin Resources $BEN moved below $32.41 extending an intermediate downtrend.

'Tis the season for Franklin Resources $BEN to move lower to late June!

Technical action by S&P 500 stocks from 10:15 to 11:15: Bearish. Breakdowns: $BWA $DIS $NCLH $TWX $BAC $SYF $HBAN $CFG $STI $STT $HON $KSU $GLW

Bank of America $BAC completed a classic Head & Shoulders pattern on a move below $29.04.

Financial SPDRs $XLF moved below $26.55 completing a topping pattern.

'Tis the season for U.S. Financials to move lower to mid-October.

U S Financials breaking support this morning: $AIG $BEN $CB $COF $ICE $PRU $BAC $syf $HBAN $CFG $STI $STT

Walt Disney $DIS, a Dow Jones Industrial stock moved below $97.70 extending an intermediate downtrend.

'Tis the season for Walt Disney $DIS to move lower to Septermber!

JP Morgan Chase $JPM, a Dow Jones Industrial stock moved below $105.54 completing a modified Head & Shoulders pattern.

'Tis the season for JP Morgan Chase to move lower to mid-October!

U.S. Factory Orders up 15.9%, well above 11.9% average increase for the month. #Economy #Manufacturing $MACRO

Canada Trade Balance widened in March as Imports trend above average while exports fall below #CDNecon #CAD $MACRO

Franco-Nevada $FNV.CA moved above $93.90 Cdn completing a double bottom pattern.

'Tis the season for strength in Franco-Nevada $FNV.CA to September!

Trader's Corner

Daily Seasonal/Technical Equity Trends for May 3rd 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for May 3rd 2018

Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

Daily Seasonal/Technical Sector Trends for May 3rd 2018

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer slipped 1.40 to 39.00 yesterday. It has moved down to the intermediate oversold level, but continues to trend lower.

TSX Momentum Barometer

The Barometer slipped 2.47 to 63.37 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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