Tech Talk for Friday May 3rd 2024

U.S. equity index futures were higher this morning. S&P 500 futures added 58 points at 8:35 AM EDT

S&P 500 futures added 39 points following release of the U.S. April Employment Report at 8:30 AM EDT. Consensus for April Non-farm Payrolls was a drop to 210,000 from 303,000 in March. Actual was a drop to 175,000. Consensus for the April Unemployment Rate was unchanged from March at 3.8%. Actual was up 0.1 to 3.9%. Consensus for April Average Hourly Earnings was an increase of 0.3% versus a gain of 0.3% in March. Actual was up 0.2%.

Apple advanced $12.12 to $185.15 after reporting higher than consensus fiscal second quarter revenues and earnings. The company also announced the biggest share buyback program in corporate history and increased its dividend.

Amgen gained $30.60 to $308.99 after reporting higher than consensus first quarter revenues and earnings. The company also announced test results on its proposed obesity drug.

Booking Holdings $327.19 to $3800.10 after reporting higher than consensus first quarter revenues and earnings.

Expedia dropped $8.21 to $127.88 after reporting less than consensus quarterly results.

Technical Notes

Emerging Markets iShares $EEM moved above $41.87 to a two year high extending an intermediate uptrend.

Canadian equivalent BMO Emerging Markets ETF $ZEM.TO moved above Cdn$20.55 to a two year high extending an intermediate uptrend.

Asia 50 iShares moved above $62.50 to a 14 month high extending an intermediate uptrend.

India ETF $PIN moved above $27.36 to an all-time high extending an intermediate uptrend.

Qualcomm $QCOM a NASDAQ 100 stock moved above $177.59 to a 26 month high extending an intermediate uptrend.

Metlife $MET an S&P 100 stock moved below $68.58 completing a double top pattern.

Thomson Reuters $TRI.TO a TSX 60 stock moved above Cdn$217.10 to an all-time high extending an intermediate uptrend.

Loblaw Companies $L.TO a TSX 60 stock moved above Cdn$154.70 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 2nd 2024

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for May 2nd 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 2nd 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Market Pops Then Drops on Fed Day: David Keller

Market Pops Then Drops on Fed Day - YouTube

There are ‘very favorable signs’ inflation will come down, says Wharton’s Jeremy Siegel

There are ‘very favorable signs’ inflation will come down, says Wharton’s Jeremy Siegel - YouTube

Markets On Edge – 20 Day MA is Key: Tom Bowley

Markets On Edge – 20 Day MA is Key - YouTube

Veteran investors David Rosenberg and Ed Devlin share their top investing ideas

Veteran investors David Rosenberg and Ed Devlin share their top investing ideas - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.00 to 41.20. It changed from Oversold to Neutral on a recovery above 40.00.

The long term Barometer added 1.20 to 71.40. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 4.46 to 55.80. It remains Neuttral.

The long term Barometer added 1.79 to 66.96. It remains Overbought.

Disclaimer: Seasonality ratings 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