Tech Talk for Tuesday May 8th 2018

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

First quarter reports continue to pour in. Reporting companies since yesterday's close included AMC Entertainment, Crocs, Dean Foods, Discovery, Dish, George Weston, Hertz, Jacobs Engineering, Mosaic, Nutrien, SeaWorld, Valeant, WestJet and Zillow.

The Canadian Dollar was virtually unchanged at U.S. 77.18 cents following release of Canada's April Housing Start report at 8:15 AM EDT. Consensus was a slip to 210,000 units from 225,000 units in March. Actual was 214,400 units.

NVidia added $0.87 to $249.55 after Susquenhanna raised its target price to $230 from $200.

Valeant gained $1.59 to $19.75 after reporting higher than consensus first quarter results. The company also offered positive guidance and announced plans to change its name to Bausch Health. New symbol will be BHC.

Citigroup gained $1.15 to $68.50 on news that an activist investor has acquired a $1.2 billion position in the stock.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/05/07/stock-market-outlook-for-may-8-2018/

Observation

The TSX Composite Index moved above 15,791.15 to reach a three month high.

StockTwits released yesterday @EquityClock

Bombardier $BBD.B.CA, a TSX 60 stock moved above $4.18 extending an intermediate uptrend.

Technical action by S&P 500 stocks to 10:00: Mixed. Breakouts: $COP $I
R $NVDA. Breakdowns: $XRAY $CTSH.

Editor's Note: After 10:00 intermediate breakouts included ILMN, SYY, CSCO, INFO and RHT. Breakdowns included GPS, IFF and CELG.

Energy stocks and ETFs on both sides of the border lead equity markets on the upside: $OIH $XOP $COP $XLE $XEG.CA

"Gassy" stocks and ETFs joined strength in the energy sector: $ZJN.CA $FCG

Medical Devices iShare $IHI moved above $194.25 to an all-time high extending an intermediate uptrend.

Canadian National Railway $CNR.CA $CNI, a TSX 60 stock moved above $101.10 setting intermediate uptrend.

Intertape Polymer $ITP.CA moved below $19.20 extending an intermediate downtrend.

Cisco $CSCO, a Dow Jones Industrial stock moved above $45.79 to a 17 year high extending an intermediate uptrend.

Ivanhoe Mines $IVN.CA moved above $2.91 completing a double bottom pattern.

Trader's Corner

Daily Seasonal/Technical Equity Trends for May 7th 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for May 7th 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 7th 2018

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer added 0.40 to 47.60 yesterday. It remains intermediate neutral.

TSX Momentum Barometer

The Barometer added another 3.28 to 70.90 yesterday. It remains intermediate overbought, but continues to trend up.

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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