Tech Talk for Friday May 26th 2023

May 26, 2023 / www.timingthemarket.ca / Article Link

:  As Monday is a U.S. holiday, Tech Talk will next appear on Tuesday, May 30th.

Pre-opening Comments for Friday May 26th

Editor's Note: Next Tech Talk report is released on Tuesday May 30th. Monday is a U.S. holiday and trading activity on the TSX is minimal.

U.S. equity index futures were higher this morning. S&P 500 futures were up 2 points at 8:35 AM EDT.

Lots of economic news released at 8:30 AM EDT! Index futures dropped 6 points on the news.

April Durable Goods Orders were expected to drop 1.1% versus a gain of 2.8% in March. Actual was a gain of 1.1%. Excluding Transportation Orders, April Durable Goods Orders was expected to increase 0.3% versus a gain of 0.3% in March. Actual was an increase of 0.2%

April Core PCE Price Index was expected to increase 0.3% versus a gain of 0.3% in March. Actual was an increase of 0.3%.On a year-over-year basis, core PCE Price Index is expected to increase 4.6% versus a gain of 4.6% in March. Actual was an increase of 4.7%

April Personal Income was expected to increase 0.4% versus a gain of 0.3% in March. Actual was an increase of 0.4%. April Personal Spending was expected to increase 0.5% versus unchanged in March. Actual was an increase of 0.8%

Costco dropped $10.55 to $479.02 after reporting less than consensus fiscal third quarter revenues and earnings.

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Marvell advanced $6.73 to $56.28 after reporting higher than consensus first quarter results. The company also raised guidance.

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Gap Stores advanced $1.06 to $8.48 after reporting a big improvement in profit margins.

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Workday advanced $15.59 to $212.00 after reporting greater than consensus first quarter results.

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Canadian Western Bank $CWB.TO is expected to open lower after reporting less than consensus fiscal second quarter earnings.

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EquityClock's Daily Comment

Headline reads "Despite substantial downward revisions to prior week's data, the year-to-date change of jobless claims is still running at the highest pace since the years surrounding the Great Financial Crisis".

http://www.equityclock.com/2023/05/25/stock-market-outlook-for-may-26-2023/

 

Technical Notes

U.S. Aerospace iShares $ITA moved below $109.19 completing a double top pattern.

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Travelers $TRV a Dow Jones Industrial Average stock moved below intermediate support at $175.82.

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NASDAQ 100 stocks moving below intermediate support: Dollar Tree $DLTR moved below $133.38. Gilead $GILD moved below $$76.53. T Mobile $TMUS moved below $136.26 Illumina moved below $190.26.

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S&P 100 stocks moving below intermediate support included Bristol-Myers Squibb, General Dynamics, Intel, Raytheon Technologies, Comcast, Emerson Electric, Simon Property and Verizon.

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Canadian Bank stocks and related ETFs moved lower following release of lower than consensus fiscal second quarter results. Bank of Montreal $BMO.TO moved below Cdn$112.14 extending an intermediate downtrend.

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Dollarama $DOL.TO a TSX 60 stock moved below $81.91 completing a double top pattern.

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Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 25th 2023

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 25th 2023

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 25th 2023

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Green: Increase from previous day

Red: Decrease from previous day

Source for positive seasonal ratings: www.equityclock.com

 

Links offered by valued providers

The Pitch | Mark Newton, CMT, Joe Rabil, Dave Landry, Dave Keller, CMT (05.25.23)

https://www.youtube.com/watch?v=Xyo8XTBpQvk

 

NASDAQ Topping … IMMINENT COLLAPSE Ahead! | Jeffrey Huge, CMT | Your Daily Five (05.25.23)

https://www.youtube.com/watch?v=tFBn7VymaBA

 

Selling Is Smoke & Mirrors | Tom Bowley | Trading Places (05.25.23)

https://www.youtube.com/watch?v=HaFjpp0b0TA

 

S&P 500 Momentum Barometers

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The intermediate term Barometer slipped 1.20 to 32.00. It remains Oversold, Daily trend is down.

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The long term Barometer dropped 1.80 to 41.20. It remains Neutral. Daily trend is down.

 

TSX Momentum Barometers

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The intermediate term Barometer dropped 6.03 to 34.05. It changed from Neutral to Oversold on a move below 40.00. Daily trend continues down.

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The long term Barometer slipped 0.43 to 50.43. It remains Neutral. Daily trend continues down.

 

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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