Tech Talk for Tuesday May 1st 2018

U.S. equity index futures were slightly lower this morning. S&P 500 futures were down 2 points in pre-opening trade.

The Canadian Dollar rallied to U.S. 77.88 cents following released of Canada's February Real GDP report. Consensus was an increase of 0.3% versus a gain of 0.1% in January. Actual was an increase of 0.4%. On a year-over-year basis, Canada's GDP grew at a 3.0% rate.

First quarter reports continue to pour in. Reports released since yesterday's close included Aetna, Akamai, Archer Daniels Midland, AutoNation, BP, Encana, IMAX, Lumber Liquidators, Merck, Pfizer, Shopify, Tapestry and Under Armour.

McDonalds slipped $0.40 to $167.04 despite target increases by RBC Capital, SunTrust and Stifel Nicolaus. Yesterday, McDonalds reported higher than consensus first quarter results.

Facebook added $0.36 to $172.36 after Wedbush added the stock to its "Best Ideas" list.

Pfizer dropped $0.51 to $36.10 after reporting slightly higher than consensus first quarter earnings, but slightly lower than consensus revenues.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/04/30/stock-market-outlook-for-may-1-2018/

Note seasonality charts on the Energy, Health Care and Consumer Staples sectors.

Observations

Short term technical indicators deteriorated significantly yesterday for broadly based U.S. equity indices and economic sensitive sectors. See ratings below. 'Tis start of the season for weakness in U.S. equity markets!

Despite continuing strength in the U.S. Dollar Index, commodity prices are surging. Strength was most notable yesterday in corn, wheat, gasoline, heating oil, crude oil and lumber.

StockTwits released yesterday @EquityClock

McDonalds $MCD, a Dow Jones Industrial stock moved above $165.40 on higher than consensus results extending an intermediate uptrend.

Corn ETN $CORN moved above $18.21 extending an intermediate uptrend.

Wal-Mart $WMT, a Dow Jones Industrial stock completed a short term base building pattern on a move above $88.56.

Technical action by S&P 500 stocks to 10:00: Mixed. Breakouts: $MCD $WMT $L $TMK. Breakdowns: $LEG $RCL $CCI

Oil services stocks on both sides of the border continue to move higher. $PD.CA $PDS $OIH

Turkey iShares $TUR moved below $37.96 extending an intermediate downtrend

Trader's Corner

Daily Seasonal/Technical Equity Trends for April 30th 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for April 30th 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 30th 2018

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The Barometer dropped 4.00 to 46.40 yesterday. It remains intermediate neutral.

TSX Momentum Barometer

The Barometer slipped 1.10 to 64.05 yesterday. It remains intermediate overbought.

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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