Tech Talk for Wednesday May 2nd 2018

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.

Index futures were virtually unchanged following release of the April ADP employment report. Consensus for April private employment was 193,000 versus 241,000 in March. Actual was 204,000.

First quarter earnings continue to pour in. Reports released since yesterday's close included ADP, Amerisource Bergen, Apple, Chesapeake Energy, Clorox, CVS, Este Lauder, Garmin, Gilead, Humana, Juniper Networks, Loblaw, Lululemon, Mastercard, Molson Coors, Mondelez, Snap, T-Mobile,Yum Brands, Wyndham Worldwide and Zoetis.

Apple gained $6.42 to $175.52 after reporting higher than consensus quarterly sales and earnings. The company also announced a $100 billion share buyback program.

Facebook (FB $173.72) is expected to open higher after announcing plans to enter the dating service industry.

Snap plunged $2.74 to $11.39 after reporting lower than consensus quarterly results. Target price was lowered by RBC Capital, SunTrust and Wedbush.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/05/01/stock-market-outlook-for-may-2-2018/

Note seasonality charts on Staples sector relative to Consumer Discretionary sector, Industrial sector, TSX Financial sector, Canadian GDP and Construction Spending.

Observations

Continuing strength in the U.S. Dollar Index and its related ETN finally had an impact on commodity prices and commodity stock prices. See commodity section below.

Other major currencies were under technical pressure. The British Pound dropped below137.12 completing a double top pattern.

StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:30: Bearish. Breakouts: $SPG. Breakdowns: $AMP $HCA $VRTX $CMI $LLL $ PCAR $STX $AYI

Editor's Note: After 10:30 AM EDT, breakouts included PSA, HCP and ARE. Breakdowns included GILD, WAT, SNA, INCY and CME.

Cameco $CCJ $CCO.CA, a TSX 60 stock moved above $14.06 Cdn. extending an intermediate uptrend.

Silver ETN $SLV moved below support at $15.19.

'Tis the season for weakness in Silver until the end of June!

Coal ETF $KOL moved below $15.25 extending an intermediate downtrend.

Aerospace/Defense ETF $PPA moved below $55.24 completing a double top pattern.

'Tis just before the season for weakness in the Aerospace/Defense industry to October.

Ameriprise Financial $AMP moved below $140.10 extending an intermediate downtrend.

'Tis the season for weakness in Ameriprise Financial $AMP to the end of June!

Paccar $PCAR moved below $62.82 extending an intermediate downtrend.

'Tis the season for Paccar $PCAR to move lower to the end of June!

Industrial SPDRs $XLI moved below $71.20 extending an intermediate downtrend.

'Tis the season for the U.S. Industrial sector to move lower to October!

Gold ETN $GLD moved below $123.57 completing a double top pattern.

South Africa iShares $EZA moved below $63.93 completing a double top pattern.

Canada GDP up 4.7% (NSA) in February, marginally better than 4.5% average gain for month. #CDNecon #CAD $MACRO

U.S. Construction spending up 2.0% in first quarter, firmly above 0.8% average increase. #Economy $MACRO

Trader's Corner

Daily Seasonal/Technical Equity Trends for May 1st 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for May 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 May 1st 2018

Green: Increase from previous day

Red: Decrease from previous day

S&P Momentum Barometer

The Barometer slipped 0.40 to 46.00 yesterday. It remains intermediate neutral.

TSX Momentum Barometer

The Barometer added 0.41 to 64.46 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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