Tech Talk for Thursday May 30th 2019

U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade.

Equity index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for revised estimated U.S. first quarter real GDP is 3.0% versus the previous estimate at 3.2%. Actual was 3.1%. Consensus for Weekly Jobless Claims was 215,000 versus 211,000 last week. Actual was 215,000

National Bank (NA $61.89) is expected to open lower after reporting lower than consensus fiscal second quarter earnings.

Dollar General gained $6.04 to $124.55 after reporting higher than consensus first quarter results.

Dollar Tree (DLTR $95.32) is expected to open lower after reporting lower than consensus first quarter results. The company also lowered guidance.

Comcast added $0.53 to $42.45 after Guggenheim upgraded the stock to Buy from Neutral.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/05/29/stock-market-outlook-for-may-30-2019/

Observations

Canadian Dollar moved below U.S.73.96 cents extending an intermediate downtrend.

New hope for Greece?

U.S. Equity Index Short Term Breakdowns

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bearish. No intermediate breakouts. Breakdowns: $BBBY $NKE $BKNG $CLX $GIS $KR $CXO $DVN $NBL $BEN $CMA $GIS $MAC $PLD $SPG $TROW $UNM $ALXN $JNJ $AME $FAST $NSC $ROP $JNPR $TXN $EMN

Editor's Note: After 10:00 AM EDT, no breakouts. Breakdowns: YUM, CBS, NWL, CAG, PBCT, CAH, UHS, AGN and BAX.

Industrial SPDRs $XLI moved below $72.62 completing a modified Head & Shoulders pattern.

Consumer Staples SPDRs $XLP moved below $56.19 completing a double top pattern

Dow Jones Industrial Average ETF $DIA moved below $251.96 completing a Head & Shoulders pattern.

iShares MSCI Eurozone $EZU moved below $38.17 completing a Head & Shoulders pattern

Dow Jones Transportation ETF $IYT moved below $179.55 setting an intermediate downtrend.

S&P Mid-cap 400 SPDRs $MDY moved below $335.14 setting an intermediate downtrend.

Pharmaceutical ETF $PPH moved below $55.99 extending an intermediate downtrend.

Corn ETN $CORN moved above $16.67 extending an intermediate uptrend

Canadian National Railway $CNR.CA $CNI, a TSX 60 stock moved below $121.99 Cdn and $90.68 U.S. completing a double top pattern.

Bausch Health $BHC.CA, a TSX 60 stock moved below $30.27 setting an intermediate downtrend.

Gildan Activewear $GIL.CA, a TSX 60 stock moved below $48.96 completing a double top pattern.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 29th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May 29th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 29th 2019

Green: Increase from previous day

Red: Decrease from previous day

Keith Richard's Blog

Keith discusses hedging portfolio risk. Following is a link:

https://www.valuetrend.ca/hedging-portfolio-risk/

S&P 500 Momentum Barometer

The Barometer dropped another 6.00 to 30.80 yesterday. It remains intermediate oversold and trending down.

TSX Momentum Barometer

The Barometer dropped another 7.17 to 37.97 yesterday. It changed to intermediate oversold from intermediate neutral on a move below 40.00 and continues to trend 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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