Tech Talk for Thursday May 18th 2023
U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points at 9:35 AM EDT.
Index futures were unchanged following release of the May Philly Fed Index at 8:30 AM EDT. Consensus was an improvement to -20.0 from -31.3 in April. Actual was an improvement to -10.4.
Take Two Interactive advanced $10.48 to $133.50 after reporting higher than consensus fiscal fourth quarter revenues and earnings. The company also offered positive guidance.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/05/clip_image0011-8.png "clip_image001[1]")
Cisco dropped $2.18 to $45.45 despite reporting higher than consensus quarterly revenues and earnings. The company also announced a decline in orders.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/05/clip_image0021-8.png "clip_image002[1]")
Wal-Mart added $2.34 to $151.90 after reporting higher than consensus first quarter results. The company also raised guidance.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/05/clip_image0031-8.png "clip_image003[1]")
Bath and Body Works advanced $3.34 to $37.36 after reporting higher than consensus first quarter earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/05/clip_image0041-4.png "clip_image004[1]")
EquityClock's Daily Comment
Headline reads "The risk-on shift on Wednesday has caused one defensive play that had been flourishing to lose some traction relative to the market".
http://www.equityclock.com/2023/05/17/stock-market-outlook-for-may-18-2023/
Technical Notes
Hong Kong iShares $EWH moved below $19.77 extending an intermediate downtrend.
Healthcare SPDRs $XLV moved below $130.62 completing a double top pattern.
Pharma ETF $PPH moved below $77.72 completing a double top pattern.
AbbVie $ABBV an S&P 100 stock moved below intermediate support at $142.13.
Amgen $AMGN an S&P 100 stock moved below $223.29 extending an intermediate downtrend.
UnitedHealth Group $UNP an S&P 100 stock moved below $478.36 setting an intermediate downtrend.
Nike $NKE a Dow Jones Industrial Average stock moved below $115.79 completing a double top pattern.
Broadcom $AVGO a NASDAQ 100 stock moved above $651.95 to an all-time high extending an intermediate uptrend.
Applied Materials $AMAT a NASDAQ 100 stock moved above $125.62 extending an intermediate uptrend.
CCL Industries $CCL.B.TO a TSX 60 stock moved above Cdn$69.11 extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for May 17th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for May17th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 17th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive seasonal ratings: www.equityclock.com
Link offered by a valued provider
Understanding Breadth Analysis | Greg Schnell, CMT | Market Buzz (05.18.23)
https://www.youtube.com/watch?v=EjxmFm5WpBU
Your Debt Ceiling Resolution | Jane Gallina | Your Daily Five (05.17.23)
https://www.youtube.com/watch?v=yOK7qZ55ACA
S&P 500 Momentum Barometers
The intermediate Barometer advanced 6.80 to 47.00. It remains Neutral.
The long term Barometer added 3.80 to 47.60. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer gained 3.88 to 53.88. It remains Neutral.
The long term Barometer added 3.45 to 58.62. It remains Neutral.
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
| More from the network: |