Tech Talk for Friday May 7th 2021

Pharmaceutical ETF PPH moved above $70.79 to an all-time high extending an intermediate uptrend.

Gold stocks are responding to higher gold prices. Barrick Gold, a TSX 60 stock, moved above Cdn$28.88 extending an intermediate uptrend.

Another Canadian Gold stock breakout! Yamana Gold moved above Cdn$6.20 extending an intermediate uptrend.

Junior Gold ETF (GDXJ) moved above $51.19 extending an intermediate uptrend.

Base metal stocks continue to respond to higher copper prices. HudBay Minerals (HBM) moved above $Cdn10.67 extending an intermediate uptrend.

Italy iShares (EWI) moved above $32.45 to an all-time high extending an intermediate uptrend.

Pre-opening Comments for Friday May 7th

U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade.

Equity index futures were virtually unchanged following release of the April employment report at 8:30 AM EDT. Consensus for Non-farm Payrolls was an increase of 978,000 versus a downwardly revised increase of 770,000 in March. Actual was an increase of 266,000. Consensus for the Unemployment Rate was a drop to 5.8% from 6.0% in March. Actual was an increase to 6.1%.. Consensus for Average Hourly Earnings was an increase of 0.1% versus a decline of 0.1% in March. Actual was an increase of 0.3%.

Gold was notably higher following release of the April employment report. Gold gained $24.10 to $1,839.80 per ounce.

The Canadian Dollar was virtually dropped 0.15 to US82.07 cents following release of Canada's April employment report. Consensus was a loss of 175,000 versus a gain of 303,100 in March. Actual was a loss of 207,100. Consensus for the Unemployment Rate was an increase to 7.8% from 7.5% in March. Actual was an increase to 8.1%.

Expedia gained $8.18 to $173.00 after reporting higher than consensus first quarter earnings. Benchmark raised its target price from $175 to $215.

Beyond Meat fell $7.34 to $111.70 after reporting a first quarter loss.

Tilray (TLRY Cdn$17.17) is expected to open higher after Jefferies upgraded the stock from Underperform to Buy.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2021/05/06/stock-market-outlook-for-may-7-2021/

Technical Notes for Thursday

Netflix $NFLX, an S&P 100 stock moved below $492.85 setting an intermediate downtrend.

Docusign $DOCU, a NASDAQ 100 stock moved below $188.91 extending an intermediate downtrend.

Silver stocks and Silver equity ETF $SIL are on the move. Pan American Silver $PAAS moved above $34.93

Gold equities and related ETFs including GDX, XGD.CA and GDXJ are moving higher this morning. Nice move by GDX above $36.83 extending an intermediate uptrend!

T Mobile $TMUS, a NASDAQ 100 stock moved above $36.83 to an all-time high extending an intermediate uptrend.

Canadian "gassy" stocks are moving higher. Nice breakout by ARC Resources ARX.CA to a two year high extending an intermediate uptrend!

Schlumberger $SLB, an S&P 100 stock moved above $30.41 extending an intermediate uptrend.

Morgan Stanley ($MS), an S&P 100 stock moved above $86.27 to an all-time high extending an intermediate uptrend.

EAFE iShares $EFA moved above $79.42 to an all-time high extending an intermediate uptrend.

Russia ETF $RSX moved above $27.14 to an all-time high extending an intermediate uptrend.

First Quantum $FM Minerals moved above $31.56 to an all-time high extending an intermediate uptrend.

Bank of Nova Scotia $BNS.TO, a TSX 60 stock moved above $71.25 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 6th 2021

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May 6th 2021

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 6th 2021

Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index

Market Buzz

Greg Schnell focuses on "Building with Industrials". Following is a link:

https://www.youtube.com/watch?v=IQw0KUkzFRg

S&P 500 Momentum Barometer

The intermediate Barometer added 0.20 to 80.56 yesterday. It remains Extremely Overbought.

The long term Barometer slipped 0.80 to 92.38 yesterday. It remains Extremely Overbought and showing early signs of rolling over.

TSX Momentum Barometer

The intermediate term Barometer added 2.87 to 74.87 yesterday. It remains Overbought.

The long term Barometer dropped 1.12 to 75.38 yesterday. It remains Overbought and showing early signs of rolling over.

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