Tech Talk for Thursday May 9th 2019

U.S. equity index futures were lower this morning. S&P 500 futures dropped 22 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was a drop to 220,000 from 230,000 last week. Actual was a drop to 228,000. Consensus for April Producer Prices was an increase of 0.2% versus a gain of 0.6% in March. Actual was an increase of 0.2%. Excluding food and energy, consensus for April Producer Prices was an increase of 0.2% versus a gain of 0.3% in March. Actual was an increase of 0.4%. Consensus for March Trade Deficit was $51.1 billion versus $49.4 billion in February. Actual was $50.0 billion.

The Canadian Dollar was virtually unchanged at 74.15 cents U.S. following release of the March Canadian Trade Deficit report. Consensus was $2.30 billion versus $2.90 billion in February. Actual was $3.21 billion

Walt Disney added $0.51 to $135.50 after reporting higher than consensus fiscal second quarter earnings.

Fox gained $1.67 to $39.09 after reporting higher than consensus fiscal third quarter earnings.

Tapestry gained $5.19 to $35.94 after reporting higher than consensus fiscal third quarter earnings. The company also announced a $1 billion share buyback program.

Magna International (MG $71.71 Cdn) is expected to open lower after reducing its 2019 guidance.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/05/08/stock-market-outlook-for-may-9-2019/

Note seasonality charts on U.S. Utilities sector and Total Vehicle Sales

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Jon Vialoux will be on BNN's Market Call Tonight at 6:00pm ET this Friday, May 10th taking your calls on Technical Analysis and Seasonal Investing.  CALL TOLL-FREE 1-855-326-6266,  EMAIL marketcall@bnnbloomberg.ca,  or TWEET @MarketCall.

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quietly bearish. No intermediate breakouts. Breakdowns: $TRIP $ISRG $EXC

Editor's Note: After 10:00 AM EDT, no intermediate breakouts. Breakdowns: MPC, D, PNW, NEE and DUK.

Global Timber iShares $WOOD moved below $61.75 setting an intermediate downtrend

Canadian forest product stocks under technical pressure. Breakdowns by $IFP.CA and $WFT.CA

TSX Base Metals iShares moved below $11.97 setting an intermediate downtrend. $XBM.CA

Editor's Note: Base metal prices (copper, zinc, aluminum) have virtually collapsed during the past five weeks, down over 7%.

Total #Vehicle Sales down 16.9% in April, almost double the average decline for the month of 8.6%. $MACRO #Economy #Autos

Bausch Health $BHC.CA, a TSX 60 stock moved above $35.65 extending an intermediate uptrend

Cogeco Cable $CCA.CA moved above $91.79 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 8th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May 8th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 8th 2019

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer slipped another 0.80 to 52.80 yesterday. It remains intermediate neutral and trending down.

TSX Momentum Barometer

The Barometer dropped another 2.97 to 44.07 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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