Tech Talk for Thursday May 10th 2018

U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.

The British Pound moved slightly lower after the Bank of England maintained its overnight lending rate at 0.5%.

Index futures moved slightly higher following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was 220,000 versus 211,000 last week. Actual was 211,000. Consensus for the April Consumer Price Index was an increase of 0.3% versus a decline of 0.1% in March. Actual was an increase of 0.2%. Excluding food and energy, consensus for the April Consumer Price Index was an increase of 0.2% versus a gain of 0.2% in March. Actual was an increase of 0.1%

Qualcomm gained $0.96 to $54.13 after announcing a $10 billion share buyback program.

First Solar added $2.05 to $71.48 after JP Morgan raised its rating on the stock to Overweight from Neutral. Target was raised to $85 from $74.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/05/09/stock-market-outlook-for-may-10-2018/

Note seasonality charts on Crude Oil Days of Supply, Gasoline Days of Supply and Crude Oil.

Observations

S&P 500 Index and Dow Jones Industrial Average moved above their intermediate downtrend yesterday, a short term positive technical sign.

StockTwits Released Yesterday @EquityClock

Wal-Mart $WMT, a Dow Jones Industrial stock moved below $84.64 extending an intermediate downtrend.

Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $TRIP $RIG $CSX $EA. Breakdowns: $WMT $ED

Kinross Gold $KGC $K.CA, a TSX 60 stock moved below $13.57 Cdn. on news.

AltaGas Income $ALA.CA moved above $25.70 extending an intermediate uptrend.

TransCanada PipeLines $TRP.CA, a TSX 60 stock moved above $56.40 setting an intermediate uptrend.

Intact Financial $IFC.CA moved below $94.57 extending an intermediate downtrend.

Oil services stocks on both sides of the border leading North American equity markets on upside: $OIH $RIG $SLB $PDS $DO $TCW.CA

U.S. utilities move lower when 10 year Treasuries yield moved above 3.00%. $NEE $ED

#PPI higher at 0.6% (NSA) in April, edging out the average increase for month of 0.5%. #Inflation #Economy $MACRO

United Kingdom iShares $EWU moved above $35.65 extending an intermediate uptrend.

Manulife Financial $MFC.CA, a TSX 60 stock moved above $24.77 completing a modified reverse Head & Shoulders pattern.

Bank of Montreal $BMO.CA, a TSX 60 stock moved above $99.06 setting an intermediate uptrend.

Big rebound in the level of gasoline supplied helping to draw on stockpiles in the recent week. #OIL $USO $UGA $XLE

Trader's Corner

Daily Seasonal/Technical Equity Trends for May 9th 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for May 9th 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 9th 2018

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer gained 6.00 to 52.80 yesterday. It remains intermediate neutral.

TSX Momentum Barometer

The Barometer slipped 2.88 to 68.31 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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