Tech Talk for Wednesday May 8th 2019

U.S. equity index futures were lower this morning. S&P 500 futures were down 16 points in pre-opening trade. Index futures responded partially to another 1.12% drop by the Shanghai Composite Index to 2,893.76

McKesson added $1.57 to $127.25 after reporting higher than consensus fiscal fourth quarter earnings.

Wendy's added $0.28 to $18.75 after reporting higher than consensus first quarter sales and earnings.

U.S. Steel dropped $0.74 to $15.67 after UBS downgraded the stock to Sell from Neutral.

Mosaic added $0.75 to $24.00 after JP Morgan upgraded the stock to Overweight from Neutral.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/05/07/stock-market-outlook-for-may-8-2019/

Note seasonality chart on U.S. Job Openings.

StockTwits released yesterday @EquityClock

Broadly based U.S. equity indices break below their 20 day moving average: $SPX $INDU $COMPQ $TRAN $RUT

VIX Index spikes above 18.33 to a 3 month high. $VIX

Technical action by S&P 500 stocks to 10:00: Bearish. No intermediate breakouts. Breakdowns: $HAL $MYL $REGN $IT $KLAC

Editor's Note: After 10:00 AM EDT, no intermediate breakouts. Breakdowns included:

VLO, BA, RL, PVH, MGM, XEC, AMT, AA, AZO and IBM

India ETF $PIN moved below $24.87 completing a double top pattern.

Air Canada $AC.CA moved above $33.50 to all-time high on higher than consensus earnings extending an intermediate uptrend

IAMGold $IMG.CA moved below $3.70 extending an intermediate downtrend.

Boeing $BA, a Dow Jones Industrial stock moved below $362.92 on a downgrade by Barclays extending an intermediate downtrend.

Brazil iShares $EWZ moved below $39.20 extending an intermediate downtrend.

Nickel ETN $JJNTF moved below $14.44 completing a double top pattern.

TSX Energy iShares $XEG.CA moved below support at $9.70.

Italy iShares $XLI moved below $27.47 completing a double top pattern.

US Job Openings showing the weakest first quarter change since the last recession, up a mere 6.1%. $MACRO #Economy #Employment

Precision Drilling $PD.CA $PDS moved below $2.90 Cdn and $2.21 U.S. setting an intermediate downtrend

Loblaw Companies $L.CA, a TSX 60 stock moved above $67.44 to an all-time high extending an intermediate uptrend

China Large Cap iShares $FXI moved below $42.51 setting an intermediate downtrend.

Another Canadian. autoparts stock breakdown! Linamar $LNR.CA moved below $46.56 setting an intermediate downtrend.

Constellation Software $CSU.CA, a TSX 60 stock moved below $1,135.00 completing a double top pattern

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 7th 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May 7th 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 7th 2019

Green: Increase from previous day

Red: Decrease from previous day

Keith Richard's Blog

Keith asks, "China end game or just a correction"? See:

https://www.valuetrend.ca/china-end-game-or-just-a-correction/

S&P 500 Momentum Barometer

The Barometer plunged 16.20 to 53.60 yesterday. It changed from intermediate overbought to intermediate neutral, but is trending down.

TSX Momentum Barometer

The Barometer added 1.50 to 47.03 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

Sponsored By...