Tech Talk for Wednesday May 9th 2018

Index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade. Most of the gains came from the energy sector. Crude Oil advanced $1.67 to $70.73 per barrel in overnight trade.

Index futures were virtually unchanged following release of the April Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 0.3% in March. Actual was an increase of 0.1%. Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.3% in March. Actual was an increase of 0.2%.

First quarter reports continue to pour in. Reporting companies included ADT, Coty, Disney, Electronic Arts, Monster Beverages, Mylan Labs, Office Depot, Trip Advisor and Wendy's .

Trip Advisor jumped $7.51 to $46.29 after reporting higher than consensus quarterly results.

Monster Beverages dropped $3.68 to $49.40 after reporting less than consensus quarterly results. Stifel Nicolaus lowered its target price to $63 from $71. JP Morgan downgraded the stock to Neutral from Overweight and lowered its target price to $52 from 67.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/05/08/stock-market-outlook-for-may-9-2018/

Note seasonality chart on Job Openings.

Observations

Responses to President Trump's announcement on Iran at 2:00 PM EDT were muted.

Responses by Mexican equity indices and related ETFs suggest that finalization of NAFTA negotiations is not going well.

StockTwits Released Yesterday @EquityClock

Chile iShares $ECH moved below $51.29 completing a double top pattern.

Frontier iShares $FM moved below $32.25 completing a double top pattern.

Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $FOX $BHF $EXPD $IT $JEC. Breakdown: $SRE

Editor's Note: After 10:00 AM EDT, breakouts included MLM, EVHC, WFC, FIS, NTAP and ADBE. Breakdowns: DTE, D, MTD and WBA.

TMX Group $X.CA moved below $73.77 completing a double top pattern.

Trader's Corner

Daily Seasonal/Technical Equity Trends for May 8th 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for May 8th 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 8th 2018

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer slipped 0.80 to 46.80 yesterday. It remains intermediate neutral

TSX Momentum Barometer

The Barometer added another 0.29 to 71.19 yesterday. It remains intermediate overbought, but continues to trend higher.

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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