The Bottom Line Levels set by U.S. equity markets (2,400.98 for the S&P 500 Index on March 1st, 21,169.11 for the Dow Jones Industrial Average on March 1st and 15,903.09 for the TSX Composite Index on February 21st at 15,903.09) remained intermediate highs that likely will last well into May and possibly longer. Geopolitical uncertainties are weighing on world equity markets. Earnings reports are a focus this week. Results to date have exceeded consensus, but responses generally have been “sell on news”. Caution for equity markets continues to make sense. Economic News This Week April Consumer Confidence to be released at 10:00 AM EDT on Tuesday March New Home Sales to be release at 10:00 AM EDT on Tuesday are expected to slip to 588,000 from 592,000 in February Canadian February Retail Sales to be released at 8:30 AM EDT on Wednesday are expected to be unchanged versus a gain of 2.2% in January. Initial Weekly Jobless Claims to be released at 8:30 AM EDT on Thursday March Durable Goods Orders to be released at 8:30 AM EDT on Thursday are expected to increase 1.3% versus a gain of 1.8% in February. Excluding Transportation, March Durable Goods Orders are expected to increase 0.5% versus a gain of 0.5% in February. U.S. First Quarter Real GDP to be released at 8:30 AM EDT on Friday is expected to grow at a 1.2% rate versus growth at a 2.1% rate in the fourth quarter. Canadian February Real GDP to be released at 8:30 AM EDT on Friday is expected increase 0.1% versus a gain of 0.6% in January. Earnings News This Week With 4,787 companies listed by Yahoo scheduled to report this week, individual listings were too long to include in this report. Observations Technical action by S&P 500 stocks last week was actively mixed: 59 stocks broke intermediate resistance and 41 stocks broke intermediate support. Utilities dominated the list of stocks breaking intermediate resistance while Energy dominated the list of stocks breaking support. Number of stocks in an uptrend dropped to 273 from 280, number of stocks in a neutral trend remained at 48 and number of stocks in a downtrend increased to 189 from 182. The up/down ratio dropped last week to (273/189=) 1.44 from 1.73. Short term technical indicators (momentum, 20 day moving average) are trending down, but are oversold. Intermediate technical indicators (Percent trading above 50 day moving average, Bullish Percent Index) generally are overbought and trending down. Geopolitical events (French preliminary election, North Korea, Syria, Venezuela, Brazil) continue to weigh on equity market. Important U.S. political events that could influence equity markets this week include announcement of tax reform on Wednesday, a need to raise the debt ceiling, possible passing of a Health Care bill by the House, more ”sabre rattling” against North Korea, the start of trade wars (e.g. imposition of tariffs against Canada on softwood) and more revelation about Russian interference in the U.S election. Favourable seasonal influences for equity markets around the world that normally last into May are not happening this year. Economic news this week is expected to show a slowing of first quarter growth in the U.S. and Canada relative to the fourth quarter. U.S. equity markets have a history of moving sideways/lower into May during the first year after a U.S. Presidential election. This week is the busiest week for first quarter earnings reports by S&P 500 and Dow Jones Industrial companies. Earnings reports generally have exceeded consensus estimates. Consensus for S&P 500 earnings is a gain of 9.2% on a year-over-year basis. Consensus for Dow Jones Industrial companies is an average (median) gain of 2.1%. Responses to reports to date generally have been slightly negative despite better than consensus results. Reports by TSX 60 companies start to trickle in this week. Consensus calls for an average (median) gain of 10.4% on a year-over-year basis. Equity Indices and Related ETFs Daily Seasonal/Technical Equity Trends for April 21st 2017 Green: Increase from previous day Red: Decrease from previous day Calculating Technical Scores Technical scores are calculated as follows: Intermediate Uptrend based on at least 20 trading days: Score 2 Higher highs and higher lows Intermediate Neutral trend: Score 0 Not up or down Intermediate Downtrend: Score -2 Lower highs and lower lows Outperformance relative to the S&P 500 Index: Score: 2 Neutral Performance relative to the S&P 500 Index: 0 Underperformance relative to the S&P 500 Index: Score –2 Above 20 day moving average: Score 1 At 20 day moving average: Score: 0 Below 20 day moving average: –1 Up trending momentum indicators (Daily Stochastics, RSI and MACD): 1 Mixed momentum indicators: 0 Down trending momentum indicators: –1 Technical scores range from -6 to +6. Technical buy signals based on the above guidelines start when a security advances to at least 0.0, but preferably 2.0 or higher. Technical sell/short signals start when a security descends to 0, but preferably -2.0 or lower. Long positions require maintaining a technical score of -2.0 or higher. Conversely, a short position requires maintaining a technical score of +2.0 or lower. The S&P 500 Index added 19.74 points (0.85%) last week. Intermediate trend remains up. The Index returned to below its 20 day moving average on Friday. Short term momentum indicators are trending down but showing early signs of bottoming. Percent of S&P 500 stocks trading above their 50 day moving average (also known as the S&P 500 Momentum barometer) increased last week to 51.80 from 43.09. Percent is slightly overbought and trending down. Percent of S&P 500 stocks trading above their 200 day moving average increased last week to 76.20 from 75.35. Percent remains intermediate overbought and trending down. Bullish Percent Index for S&P 500 stocks was unchanged last week at 71.40% and remained below its 20 day moving average. The Index remains intermediate overbought and trending down. Bullish Percent Index for TSX stocks was unchanged last week at 73.39% and remained above its 20 day moving average. The Index remains intermediate overbought. The TSX Composite Index added 79.00 points (0.51%) last week. Intermediate trend remains neutral (Score: 0). Strength relative to the S&P 500 Index remains Positive (Score:2). The Index dropped back below its 20 day moving average on Friday (Score:-1). Short term momentum indicators are trending down (Score: -1). Technical score remained last week at 0. Percent of TSX stocks trading above their 50 day moving average (also known as the TSX Momentum Barometer) dropped last week to 57.02 from 59.58. Percent remains intermediate overbought and trending down. Percent of TSX stocks trading above their 200 day moving average slipped last week to 67.77 from 68.33. Percent remains intermediate overbought and trending down. The Dow Jones Industrial Average added 94.51 points (0.46%) last week. Intermediate trend changed to down from up on a move below 20,400. Strength relative to the S&P 500 Index changed to negative from neutral. The Average remained below its 20 day moving average. Short term momentum indicators are trending down. Technical score dropped last week to -6 from 0. Bullish Percent Index for Dow Jones Industrial stocks was unchanged last week at 86.67% and remained above its 20 day moving average. The Index remains intermediate overbought. Bullish Percent Index for NASDAQ Composite stocks increased last week to 59.81% from 59.11%, but remained below its 20 day moving average. The Index remains intermediate overbought and trending down. The NASDAQ Composite Index gained 105.37 points (1.82%) last week. Intermediate trend remains up. Strength relative to the S&P 500 Index remains positive. The Index moved above its 20 day moving average. Short term momentum indicators are trending up. Technical score increased last week to 6 from 2. The Russell 2000 Index gained 34.61 points (2.50%) last week. Intermediate trend remains neutral. Strength relative to the S&P 500 Index turned positive from neutral. The Index moved above its 20 day moving average. Short term momentum indicators are trending up. Technical score increased last week to 4 from -2. The Dow Jones Transportation Average increased 259.25 points (2.92%) last week. Intermediate trend remains down. Strength relative to the S&P 500 Index turned positive from neutral. The Average moved above its 20 day moving average. Short term momentum indicators have turned up. Technical score increased last week to 2 from -6. The Australia All Ordinaries Composite Index slipped 40.30 points (0.68%) last week. Intermediate trend remains up. Strength relative to the S&P 500 Index changed to neutral from positive. The Index remains below its 20 day moving average. Short term momentum indicators are trending down. Technical score dropped last week to 0 from 6. The Nikkei Average added 193.91 points (1.05%) last week. Intermediate trend remains neutral. Strength relative to the S&P 500 Index remains negative. The Average remained below its 20 day moving average. Short term momentum indicators have turned up. Technical score increased last week to -2 from -4. Europe iShares added $0.23 (0.56%) last week. Intermediate trend changed to down from up. Strength relative to the S&P 500 Index remained neutral. Units remained below their 20 day moving average. Short term momentum indicators have turned up. Technical score slipped last week to 0 from 2. The Shanghai Composite Index dropped 102.81 points (3.14%) last week. Intermediate trend changed to down from up on moves below 3,195.85 and 3,193.16. Strength relative to the S&P 500 Index changed to negative from positive. The Index dropped below its 20 day moving average. Short term momentum indicators are trending down. Technical score dropped last week to -6 from 4. Emerging Markets iShares added $0.16 (0.41%) last week. Intermediate trend remains up. Strength relative to the S&P 500 Index remained neutral. Units remain below their 20 day moving average. Short term momentum indicators have turned up. Technical score increased last week to 2 from 0. Currencies The U.S. Dollar Index dropped 0.66 (0.66%) last week. Intermediate trend remains down. The Dollar remains below its 20 day moving average. Short term momentum indicators are trending down. The Euro gained 0.84 (0.79%) last week. Intermediate trend remains up. The Euro moved above its 20 day moving average. Short term momentum indicators are trending up. The Canadian Dollar dropped US 0.97 cents (1.29%) last week. Intermediate trend remains neutral. The Canuck Buck moved below its 20 day moving average. Short term momentum indicators are trending down. The Japanese Yen was unchanged last week. Intermediate trend remains up. The Yen remains above its 20 day moving average. Short term momentum indicators are trending up. The British Pound added 2.93 (2.34%) last week. Intermediate trend changed to up from down on a move above 127.71. The Pound remains above its 20 day moving average. Short term momentum indicators are trending up. Commodities and Related ETFs Daily Seasonal/Technical Commodities Trends for April 21st 2017 Green: Increase from previous day Red: Decrease from previous day * Excludes adjustment from rollover of futures contracts The CRB Index plunged 5.90 (3.14%) last week. Intermediate trend remains down. Strength relative to the S&P 500 Index changed to negative from positive. The Index dropped below its 20 day moving average. Short term momentum indicators are trending down. Technical score dropped last week to -6 from 2. Gasoline dropped $0.09 per gallon (5.17%) last week. Intermediate trend remains up. Strength relative to the S&P 500 Index changed to negative from positive. Gas dropped below its 20 day moving average. Short term momentum indicators are trending down. Technical score dropped last week to -2 from 6. Crude Oil dropped $3.56 per barrel (6.69%) last week. Intermediate trend remains down. Strength relative to the S&P 500 Index changed to negative from positive. Crude dropped below its 20 day moving average. Short term momentum indicators are trending down. Technical score dropped last week to -6 from 2. Natural Gas dropped $0.13 per MBtu (4.02%) last week. Intermediate trend remains down. Strength relative to the S&P 500 Index changed to neutral from positive. “Natty” moved below its 20 day moving average. Short term momentum indicators are trending down. Technical score dropped last week to -4 from 0. The S&P Energy Index dropped 10.87 points (2.13%) last week. Intermediate trend remains down. Strength relative to the S&P 500 Index changed to negative from positive. The Index remained below their 20 day moving average. Short term momentum indicators are trending down. Technical score dropped last week to -6 from -2. The Philadelphia Oil Services Index dropped 7.30 points (4.44%) last week. Intermediate trend changed to down from up on a move below 160.61. Strength relative to the S&P 500 Index turned negative from neutral. The Index remained below its 20 day moving average. Short term momentum indicators are trending down. Technical score dropped last week to -6 from 0. Gold added $0.60 per ounce (0.05%) last week. Intermediate trend remains up. Strength relative to the S&P 500 Index remains positive. Gold remains above its 20 day moving average. Short term momentum indicators are trending up. Technical score remained last week at 6. Silver dropped $0.65 per ounce (3.51%) last week. Intermediate trend remains up. Strength relative to the S&P 500 Index changed to neutral from positive. Silver dropped below its 20 day moving average. Short term momentum indicators are trending down. Technical score dropped last week to 0 from 6. The AMEX Gold Bug Index dropped 7.34 points (3.45%) last week. Intermediate trend remains neutral. Strength relative to the S&P 500 Index changed to neutral from positive. The Index remained above its 20 day moving average. Short term momentum indicators have turned down. Technical score dropped last week to 0 from 4. Platinum added $0.20 per ounce (0.02%) last week. Intermediate trend remains up. Relative strength changed to neutral. PLAT remained above its 20 day MA. Momentum: Down Palladium dropped $5.15 per ounce. Intermediate trend changed to neutral from up. Strength relative to the S&P 500 Index remains neutral. PALL moved below its 20 day moving average. Short term momentum indicators are trending up. Technical score remained last week at 0. Copper dropped $0.03 per lb. (1.17%) last week. Intermediate trend remained down. Strength relative to the S&P 500 Index remained negative. Copper remained below its 20 day moving average. Short term momentum indicators are trending down. Technical score remained last week at -6. BMO Base Metal ETF dropped $0.15 (1.55%) last week. Intermediate trend remains down. Strength relative to the S&P 500 Index turned negative. Units remained below their 20 day moving average. Short term momentum indicators are trending up. Technical score last week remained at -4. Lumber added 13.50 (3.51%) last week. Trend remains up. Relative strength remains positive. Trades above its 20 day MA. Short term momentum indicators are trending up. The Grain ETN dropped $0.95 (3.39%) last week. Intermediate trend remains down. Strength relative to the S&P 500 Index turned negative. Units remained below their 20 day moving average. Short term momentum indicators are trending down. Technical score dropped to -6 The Agriculture ETF dropped $0.07 (0.13%) last week. Intermediate trend remains down. Strength relative to the S&P 500 Index changed to neutral from positive. Units remained below its 20 day moving average. Short term momentum indicators are trending down. Technical score dropped last week to -4 from -2. Interest Rates The yield on 10 year Treasuries slipped 0.7 basis point (0.13%) last week. Intermediate trend remains down. Yield remains below its 20 day moving average. Short term momentum indicators are trending down and are oversold. Conversely, price of the Treasury ETF added $0.05 (0.57%) last week. Intermediate trend remains up. Units remain above their 20 day moving average. Volatility The VIX Index dropped 1.40 (8.73%) last week. Intermediate trend remains up. The Index remains above its 20 day moving average. Sectors Daily Seasonal/Technical Sector Trends for April 21st 2017 Green: Increase from previous day Red: Decrease from previous day StockTwits Released on Friday @EquityClock S&P 500 clears 20 day moving average, pushing back toward trendline resistance around 2,370. Technical action by S&P 500 stocks to 10:00: Bullish. Breakouts: $ETFC, $SYK $COL $HON $ITW $SWK $UTX $V $NEE $GPN. Breakdowns: $MAT $KMB $EOG $APA Editor’s Note: After 10:00 AM EDT, breakouts included FISV, SRE, EA EFX, SNA and EFX. Breakdowns included PHM and CELG United Technologies $UTX, a Dow Jones Industrial stock moved above $114.44 to a 2 year high extending uptrend. Solar ETF $TAN moved below support at $17.03 extending an intermediate downtrend. TransAlta $TA.CA moved below $7.00 completing a double top pattern. TMX Group $X.CA moved above $75.82 extending an intermediate uptrend. Accountability Report Platinum ($977.60), the metal and its related ETF PPLT ($93.12) initially were supported in StockTwits and Tech Talk comment for a seasonal trade on December 5th with Platinum at $932.70 and PPLT at $89.99. PPLT also was supported in Tech Talk’s appearance on BNN on March 14th. The period of seasonal strength ends this week. On the charts, short term momentum indicators currently are overbought and showing early signs of rolling over. Accordingly, the seasonal trade no longer is supported. WALL STREET RAW RADIO – APRIL 22, 2017 – WITH HOST MARK LEIBOVIT AND GUESTS SINCLAIR NOE, HENRY WEINGARTEN, HARRY BOXER and DOUGLAS DiSANTI FROM GREEN LEAF INVESTMENT FUND. http://tinyurl.com/ks57esp Disclaimer: Seasonality and technical ratings offered in this report and 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