Tech Talk for Wednesday May 1st 2019

U.S. equity indices moved higher this morning. S&P 500 futures advanced 9 points in pre-opening trade.

Traders are waiting for news from the FOMC meeting to be released at 2:00 PM EDT. The Federal Reserve is expected to maintain the Fed Fund rate at 2.50%.

Index futures were virtually unchanged following release of the ADP Private Employment Report released at 8:15 AM EDT. Consensus was an increase in April Private Employment to 180,000 from 129,000 in March. Actual was 275,000.

Apple gained $11.43 to $200.67 after reporting higher than consensus quarterly earnings. The company also announced a $75 billion share buyback program and increased its dividend.

Advanced Micro Devices (AMD $27.63) is expected to open higher after reporting higher than consensus first quarter earnings.

Amgen (AMGN $179.32) slipped $0.82 to $178.50 despite reporting higher than consensus first quarter earnings.

Yum Brands (YUM $104.39) dropped $2.39 to $102.00 despite reporting higher than consensus first quarter earnings.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/04/30/stock-market-outlook-for-may-1-2019/

Note seasonality charts on the Consumer Staples sector, S&P 500 Index and Canadian GDP.

StockTwits released yesterday @EquityClock

Canada GDP up 3.7% (NSA) in February, weaker than the 4.5% increase that is average for the month

Canada Industrial Product Prices up 1.3% in March, much stronger than average increase for the month of 0.5%. $MACRO #CDNecon #CAD

Technical action by S&P 500 stocks to 10:00: Mixed. Intermediate breakouts: $MHK $LH $FIS. Breakdowns: $LEG $RIG $GLW

Editor's Note: After 10:00 AM EDT, intermediate breakouts included DRE $D $ETR and AWK. No breakdowns.

Birchcliff Energy $BIR.CA moved below $3.48 completing a double top pattern.

Another Canadian oil stock breakdown! Tourmaline Oil $TOU.CA moved below $20.27.

Maple Leaf Foods $MFI.CA moved above $31.11 extending an intermediate uptrend.

Lithium ETN $LIT moved below $27.55 setting an intermediate downtrend.

US Home Prices up 0.2% (NSA) in February, stronger than the 0.1% decline that is average for the month. $MACRO #Housing

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for April 30th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for April 30th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for April 30th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sell in May and Go Away???

Following is a study released yesterday on Market Watch

https://www.marketwatch.com/story/sell-the-stock-market-in-may-and-go-awaynot-so-fast-say-experts-2019-04-30?siteid=nwhpm

S&P 500 Momentum Barometer

The Barometer was unchanged at 71.80 yesterday. It remains intermediate overbought

TSX Momentum Barometer

The Barometer slipped another 0.42 to 58.05 yesterday. It remains intermediate overbought 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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