Tech Talk for Friday May 3rd 2019
U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade.
Index futures moved higher following release of April Employment Report. Consensus for Non-farm Payrolls was 190,000 versus 196,000 in March. Actual was 263,000. Consensus for April Unemployment Rate was unchanged from March at 3.8%. Actual was down 0.2 to 3.6%, lowest level in 49 years. Consensus for April Hourly Earnings was an increase of 0.3% versus a gain of 0.1% in March. Actual was an increase of 0.6%.
Amazon added $41.68 to $1942.50 following news that Berkshire Hathaway has been buying the stock.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/05/clip_image0011.png "clip_image001[1]")
Electronic Arts (EA $94.40) is expected to open lower after MKM Partners downgraded the stock to Neutral from Buy.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/05/clip_image0021-1.png "clip_image002[1]")
Newell Brands gained $0.56 to $15.24 after reporting higher than consensus first quarter sales and earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/05/clip_image0031.png "clip_image003[1]")
Gilead added $0.11 to 65.41 after reporting higher than consensus first quarter earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/05/clip_image0041-1.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/05/02/stock-market-outlook-for-may-3-2019/
Note seasonality chart on Non-Farm Payrolls.
Technical Action Yesterday
Technical action by S&P 500 stocks was bearish yesterday. Intermediate breakouts included PSA and RMD. Breakdowns included NWSA, FL, NWS, DO, HFC, MRO, NOV, SLB, AMG, FLR, CTSH, GOOG, GOOGL, BLL, OI, CTL and NRG
Suncor $SU.CA, a TSX 60 stock moved below $43.11 completing a double top pattern.
Inter Pipeline $IPL.CA, a TSX 60 stock moved below $21.31 setting an intermediate downtrend.
Russel Steel $RUS.CA moved below $23.01 completing a double top pattern.
Maple Leaf Foods $MFI.CA moved above 31.11 extending an intermediate uptrend.
Editor's Note: A response to the wildly successful "Beyond Meat" IPO
Chile ETF $ECH moved below $42.14 extending an intermediate downtrend.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for May 2nd 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for May 2nd 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 2nd 2019
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer dropped 6.00 to 67.40 yesterday. It remains intermediate overbought and has rolled over.
TSX Momentum Barometer
The Barometer dropped another 7.41 to 50.64 yesterday. It remains intermediate neutral and trending down.
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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