Tech Talk for Tuesday May 7th 2019
U.S. equity index futures were lower this morning. S&P 500 futures were down 18 points in pre-opening trade. Investors remain concerned about trade negotiation between the U.S. and China.
Canadian Pacific (CP $298.86) is expected to open higher after increasing its dividend by 27.5%.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/05/clip_image0011-1.png "clip_image001[1]")
WestJet (WJA $18.84) is expected to open higher after reporting higher than consensus first quarter earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/05/clip_image0021-2.png "clip_image002[1]")
Boeing dropped $4.22 to $367.38 after Barclays downgraded the stock to Equal Weight from Overweight.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/05/clip_image0031-1.png "clip_image003[1]")
American International Group added $2.71 to $49.82 after reporting higher than consensus first quarter sales and earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/05/clip_image0041-2.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/05/06/stock-market-outlook-for-may-7-2019/
Hap Sneddon on BNN Bloomberg last night
Following are links:
Market comment
https://www.bnnbloomberg.ca/video/hap-sneddon-s-market-outlook~1676585
Top Picks
https://www.bnnbloomberg.ca/video/hap-sneddon-s-top-picks~1676644
Past Picks
https://www.bnnbloomberg.ca/video/hap-sneddon-s-past-picks~1676622
StockTwits released yesterday @EquityClock
Copper Miners ETF $COPX moved below $20.70 setting an intermediate downtrend.
China Large Cap iShares $FXI moved below $43.30 setting an intermediate downtrend
Vietnam ETF $VNM moved below $16.09 completing a double top pattern.
Technical action by S&P 500 stocks by 10:00: Quiet. Intermediate breakout: $RHT. No breakdowns.
Editor's Note: After 10:00 AM EDT, intermediate breakout: IT. No breakdowns.
Martinrea $MRE.CA moved below $11.73 and $11.64 completing a double top pattern.
BMO Equal Weight Energy ETF $ZEO.CA moved below $44.11 setting an intermediate downtrend.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for May 6th 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for May 6th 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 6th 2019
Green: Increase from previous day
Red: Decrease from previous day
Technical Scoop
David Chapman's weekly comment complements of www.EnrichedInvesting.com
Note study on "Sell in May and go away".
S&P 500 Momentum Barometer
The Barometer dropped 3.20 to 69.80 yesterday. It remains Intermediate Overbought and rolling over.
TSX Momentum Barometer
The Barometer slipped another 0.65 to 45.53 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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