Tech Talk for Friday April 27th 2018

Dow Jones Industrial and S&P 500 futures were lower this morning. S&P 500 futures were down 4 points in pre-opening trade.

Index futures were virtually unchanged following release of first estimate of U.S. Real GDP. Consensus was growth at a 2.0% rate. Actual was 2.3%.

First quarter reports continue to pour in. Companies that released results from yesterday's close included Amazon, Cabot Oil & Gas, Colgate Palmolive, Dominion Energy, Exxon Mobil, Expedia, Intel, Mattel, Microsoft, Phillips 66, Rockwell Collins and Starbucks.

Amazon jumped $122.54 to $1640.50 after reporting higher than consensus first quarter results. Wedbush raised its target price to $1800 from $1750.

Microsoft added $3.36 to $97.62 after reporting higher than consensus first quarter results. JP Morgan upgraded the stock to Overweight from Neutral. Target was raised to $110 from $94.

U.S. Steel dropped $2.72 to $34.98 after lowering guidance.

Intel jumped $3.65 to $56.70 after reporting higher than consensus first quarter results.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/04/26/stock-market-outlook-for-april-27-2018/

Note seasonality charts on Durable Goods Orders, Technology sector, U.S. Dollar Index. U.S. Imports and U.S. Exports.

Observations

U.S. equity indices (except Transports) pushed higher yesterday on a plethora of higher than expected first quarter earnings reports. Based on results released to date, consensus is that first quarter earnings by S&P 500 companies increased 23% versus 18.5% projected at the end of last week. Added to encouragement were several key stocks that reported higher than consensus first quarter results after the close last night including Amazon, Cisco and Microsoft. Amazon soared to $1613 in after-hours trade and tested its all-time high at $1617.54.

Technical signs of an economic slowdown in Europe! The Euro dropped below 121.55 completing a double top pattern.

StockTwits Released Yesterday @EquityClock

Tech action by S&P 500 stocks to 10:15: Mixed. Breakouts: $TSCO $F $ORLY $XOM $UPS $ANTM $BAX. Breakdowns: $MGM $IVZ $UHS, $EBAY $T $RTN

Editor's Note: After 10:15 AM EDT, breakouts included: ALXN, PNW, V. PPL, PHM, DUK and ED. Breakdowns: KSU and XYL

Exxon Mobil $XOM, a Dow Jones Industrial stock moved above $79.87 completing a double bottom pattern.

AT&T $T, a Dow Jones Industrial stock moved below $33.96 extending an intermediate downtrend.

Saputo $SAP.CA, a TSX 60 stock moved above $41.81 completing a double bottom pattern.

Natural gas $NATGAS at $2.83 moved above $2.81 completing a double bottom pattern.

U.S. Natural gas inventories $NATGAS continue to move lower, well below their 5 year average for this time of year.

'Tis the season for natural gas and "gassy" stocks to move higher to mid-June! $NATGAS

End of natural gas withdrawal period now confirmed to be 3 weeks past due.

U.S. Exports showing strength in March, up 16% vs 14% average gain for month #Economy #TRADE #MACRO

U.S. Durable Goods Orders up 3.3% in the first quarter, best start to the year since 2011. #ECONOMY #MANUFACTURING $MACRO $STUDY

Platinum ETN $PPLT moved below $86.42 extending an intermediate downtrend.

WestJet $WJA.CA moved below $22.19 on labour negotiations extending an intermediate downtrend.

Visa $V, a Dow Jones Industrial stock moved above $126.66 to an all-time high extending an intermediate uptrend.

U.S. Utility breakouts this afternoon: $DUK $ED $PHM $PNW.

Trader's Corner

Daily Seasonal/Technical Equity Trends for April 26th 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for April 26th 2018

Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

Daily Seasonal/Technical Sector Trends for April 26th 2018

Green: Increase from previous day

Red: Decrease from previous day

Schachter Energy Report for April

Josef's latest monthly report was released recently. His subscription service is available at

www.shachterenergyreport.ca. Josef remains relatively bearish on North American equity markets and the energy sector, but bullish on natural gas prices and related equities. See Josef on BNN's Market Call at 1:00 PM on Tuesday May 1st

S&P 500 Momentum Barometer

The Barometer added 1.00 to 43.00 yesterday. It remains intermediate neutral.

TSX Momentum Barometer

The Barometer added another 4.69 to 64.20 yesterday. It returned to intermediate overbought from intermediate neutral, but continues to move higher.

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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