Tech Talk for Friday May 10th 2019

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Pre-opening Comments for Friday May 10th

U.S. equity index futures were lower this morning. S&P 500 futures were down 20 points in pre-opening trade after the U.S. government raised its tariffs to 25% from 10% on Chinese goods valued at $200 billion. Talks with China continue. The Shanghai Composite Index gained 3.10% to 2,939.21 in overnight trading.

Index futures were virtually unchanged following release of the April Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.4% versus a gain of 0.4% in March. Actual was an increase of 0.3%. Excluding food and energy, consensus for the April Consumer Price Index was an increase of 0.2% versus a gain of 0.1% in March. Actual was an increase of 0.1%.

The Canadian Dollar gained 0.40 to 74.60 cents U.S. following release of Canada’s April Employment report at 8:30 AM EDT. Consensus was an increase of 15,000 workers versus a decline of 7,000 in March. Actual was an increase of 106,500. Consensus for the April Unemployment Rate was unchanged from March at 5.8%. Actual was a decline to 5.7%..

Nutrien (NTR $) is expected to open lower after reporting lower than consensus first quarter earnings.

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Bombardier (BBD.B $) is expected to open lower following release of alleged corruption charges.

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Marriott dropped $4.47 to $131.00 after reporting lower than consensus first quarter earnings.

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Chevron (CVX $121.19) is expected to open higher after confirming that it will not submit a higher offer for Anadarko.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/05/09/stock-market-outlook-for-may-10-2019/

Note seasonality charts on Wholesale Sales, Wholesale Inventories, U.S. Trade Exports, U.S. Trade Imports, Canadian Trade Exports and Canadian Trade Imports.

Upcoming BNN Appearance

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

Broadly based U.S. equity indices break below their 50 day moving average: $SPX $INDU $TRAN $COMPQ $RUT

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TSX Composite Index breaks below its 50 day moving average $TSX.CA

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Technical action by S&P 500 stocks to 10:15: Bearish. No breakouts. 17 breakdowns including $OXY $BXP $STT $WX $CAT $DE $EMR $ROK $HPE $FFIV $AOS $LYB $NUE $PEG $ABBV $MMM $XRX

Editor’s Note: After 10:00 AM EDT, breakdowns included M and TAP. Breakout: MKC.

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Utilities SPDRs $XLU moved below $56.98 completing a double top pattern.

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United Kingdom iShares $EWU moved below $32.80 completing a double top pattern.

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Emerging Markets iShares $EEM moved below $41.39 setting an intermediate downtrend.

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Base Metals ETN $DBB moved below $15.81 extending an intermediate downtrend

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U.S. Base Metals ETF $PICK moved below $29.67 extending an intermediate downtrend.

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Another major base metal stock $BHP breaks support.

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Nutrien $NTR.CA, a TSX 60 stock moved below $68.74 setting an intermediate downtrend

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US #Wholesale #Sales up 15.1% (NSA) in March, inline with average change for this time of year. #Inventories down 0.1%. $MACRO #Economy

US #Exports trending 1.6% above average through the first quarter, while #Imports lag their historic norm by 5.6%. Exports showing the best first quarter change since 2012. $MACRO #Economy#Trade

Materials SPDRs $XLB moved below support at $53.83

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Magna International $MG.CA $MGA, a TSX 60 stock moved below support at$63.18 Cdn. on lower guidance.

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Cascades $CAS.CA moved above $8.67 completing a base building pattern.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 9th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 9th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 9th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Investors Digest

Don Vialoux was interviewed on Wednesday for Investors Digest “Top Picks”. Subscribers to www.adviceforinvestors.com will receive the comment today. Top pick was the biotech sector (IBB, BBH, FBT).

 

S&P 500 Momentum Barometer

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The Barometer slipped another 1.40 to 51.40 yesterday. It remains intermediate neutral and trending down.

 

TSX Momentum Barometer

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The Barometer added 0.66 to 44.73 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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3 Responses to “Tech Talk for Friday May 10th 2019”

  1. Larry/ON Says:

    Canada employment growth was a record monthly number in April and the unemployment rate dropped to 5.7%. What about all of those doomsday forecasts about a Canadian recession and a collapse of the real estate market? All those traders trying to short Cdn banks are dead wrong. That kind of economic growth should show up in the earnings of a bank like CM.

  2. Larry/ON Says:

    Rosenberg Watch – He’s on BNN talking about “lies” on the Canadian jobs report. The poor guy is in some kind of twilight zone where the world does not meet his perception of reality.

  3. Ron/BC Says:

    The $SPX Friday sold off to the 2825 ‘area’ and bounced off this stronger support like a rubber ball off of concrete. Price closed above the 50ema as well as the 2875 first support level just like Thursday’s close. Very impressive price action. Note the RSI 21 testing the 50 line and curling back up again. The last two trading day bars have seen a high close with long tails. It is not acting like it wants to sell off anymore for awhile. Perhaps this selloff made the short sellers some money and they’ve reversed their positions now. And I see the Fear Index is in FEAR mode. Always a good sign for a rebound but it’s not at an extreme either so one shouldn’t read too much in it at this point.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p56117417864&a=582707024

    https://money.cnn.com/data/fear-and-greed/

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