Pre-opening Comments for May 7^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points at 8:35 AM EST.

S&P 500 futures were unchanged following First Quarter U.S Productivity released at 8:30 AM EST. Consensus called for a 1.1% increase versus a 1.8% increase in the fourth quarter of 2025. Actual was a 0.8% increase.

Zillow (Z) dropped $3.72 to $40.81 after issuing guidance below consensus

Door Dash (DASH) added $19.07 to $187.04 after reporting higher than consensus first quarter earnings. The company also issued positive second quarter guidance.

Snap (SNAP) dropped $0.36 to $5.75 after issuing a cautious outlook for the second quarter.

Fortinet advanced $13.54 to $103.49 after reporting higher than consensus first quarter results. The company also issued positive second quarter guidance.

EquityClock’s Market Outlook for May 7^th

Complacency is the highest in years, leaving the market vulnerable to a shock. See:

https://equityclock.com/2026/05/06/stock-market-outlook-for-may-7-2026/

Here’s the Next Move After Semiconductors: Tom Bowley

https://www.youtube.com/watch?v=Lu5iMoZaEZc

Technical Notes

Emerging Markets iShares (EEM) moved above $86.96 to an all-time high extending an intermediate uptrend.

Italy iShares (EWI) moved above $59.17 to an all-time high extending an intermediate uptrend.

Hong Kong iShares (EWH) moved above $24.27 to an all-time high extending an intermediate uptrend.

BHP (BHP) one of the world’s largest base metals miners moved above $81.61 to an all-time high extending an intermediate uptrend. A major contributor to strength in Global Base Metals iShares (XBM.TO)!

Shopify (SHOP.TO) a TSX 60 stock moved below Cdn$143.00 extending an intermediate downtrend.

Loblaw Companies (L.TO) a TSX 60 stock moved below Cdn$60.14 completing a Head & Shoulders pattern.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 6^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for May 6^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 6^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Market Rotation. Where’s the Money Moving Now? Frank Capperelli

Market Rotation. Where’s the Money Moving Now? – YouTube

The Mania Nobody Wants to Call a Mania: Guy Adami and Dan Nathan

The Mania Nobody Wants to Call a Mania – YouTube

Is the AI Bubble About to Pop Or Can It Go On Forever? AMD Surges 20% & Bitcoin Hits $82,500! Verified Investing

Is the AI Bubble About to Pop Or Can It Go On Forever? AMD Surges 20% & Bitcoin Hits $82,500! – YouTube

Why breakouts like Micron’s still work — my : Dave Keller

https://www.youtube.com/shorts/sANY-hsIAc4

S&P 500 Momentum Barometers

The intermediate term Barometer added 4.92 to 55.40. It remains Neutral.

The short term (20 days) Barometer added 2.00 to 52.40. It remains Neutral.

The long term Barometer added 2.00 to 52.80. It remains Neutral.

TSX Momentum Barometers

The intermediate term Barometer added 2.73 to 56.36. It remains Neutral.

The short term (20 days) Barometer jumped 7.27 to 58.64. It remains Neutral.

The long term Barometer added $3.55 to 74.55. It remains Overbought.

Disclaimer: Seasonality ratings 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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