Tech Talk for Tuesday May 19th 2020
U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade. Investors are waiting for Federal Reserve Chairman Powell's testimony later today during a Senate hearing.
Equity index futures were virtually unchanged following release of the April Housing Starts at 8:30 AM EDT. Consensus was a drop to 927,000 units from 1.276 million in March. Actual was a drop to 891,000 units.
Disney slipped $0.61 to $116.24 after Deutsche Bank lowered its target price from $147 to $128.
![clip_image001[3]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/05/clip_image0013.png "clip_image001[3]")
Walmart added $4.84 to $132.50 after reporting higher than consensus first quarter earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/05/clip_image0021-10.png "clip_image002[1]")
Home Depot dropped $4.47 to $240.88 after reporting lower than consensus first quarter earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/05/clip_image0031-10.png "clip_image003[1]")
NVIDIA added $3.99 to $354.00 after Susquehanna raised its target price from $355 to $410.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/05/clip_image0041-7.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/05/16/stock-market-outlook-for-may-19-2020/
Note seasonality charts on U.S. Retail Trade, Utilities and Industrial Production.
Technical Notes
Editor's Note: Canada iShares (EWC) gained 3.71% yesterday while the TSX was closed for a holiday. Look for the TSX Composite Index and the TSX 60 Index to respond accordingly at the open.
Editor's Note: Many U.S. equities and ETFs moved above three week trading ranges yesterday. Notable were ETFs tracking the S&P 500 Index (SPY above 294.88) and Dow Jones Industrial Average (DIA above 247.18)
Base Metal stocks (BHP, RIO,VALE) and related ETFs (PICK, COPX) moved above intermediate resistance levels to re-establish an intermediate uptrend.
Retail SPDRs (XRT) moved above $38.43 resuming an intermediate uptrend.
Healthcare iShares (XLV) moved above $102.26 resuming an intermediate uptrend.
Consumer Discretionary SPDRs (XLY) moved above $118.21 resuming an intermediate uptrend.
Disney (DIS), a Dow Jones Industrial stock moved above $112.70 resuming an intermediate uptrend.
Home Depot (HD), a Dow Jones Industrial stock moved above $246.72 to an all-time high extending an intermediate uptrend.
Blackrock (BLK), an S&P 100 stock moved above $516.00 extending an intermediate uptrend.
MasterCard (MA), an S&P 100 stock moved above $285.00 resuming an intermediate uptrend.
Align Technologies, (ALGN), a NASDAQ 100 stock moved above $227.44 resuming an intermediate uptrend.
Expedia (EXPE), a NASDAQ 100 stock moved above $76.54 resuming an intermediate uptrend.
Junior Gold Equity ETF (GDXJ) moved above $46.42 extending an intermediate uptrend.
Platinum moved above $838.20 resuming an intermediate uptrend.
T-Mobile (TMUS), a NASDAQ 100 stock moved above $101.35 to an all-time high extending an intermediate uptrend.
Germany iShares (EWG) moved above $24.07 setting an intermediate uptrend.
Emerging Markets iShares (EEM) moved above $37.50 resuming an intermediate uptrend.
Russia ETF moved above $19.75 in response to higher crude oil prices .setting an intermediate uptrend.
General Motors (GM) an S&P 100 stock moved above $15.00 setting an intermediate uptrend.
KraftHeinz (KHC), an S&P 100 stock moved above $31.03 resuming an intermediate uptrend.
Lithium ETN (LIT) moved above $26.17 resuming an intermediate uptrend.
Baidu (BIDU), a NASDAQ 100 stock moved above $107.67 resuming an intermediate uptrend.
Take Two Interactive (TTWO), a NASDAQ 100 stock moved above $135.70 resuming an intermediate uptrend.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for May 18th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Seasonal/Technical Commodities Trends for May 18th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 18th 2020
Green: Increase from previous day
Red: Decrease from previous day
Technical Scoop
Thank you to David Chapman and www.enrichedinvesting.com for the link to this weekly report. Headline reads, "Re-opening risks, toppy divergences, breakout verges, ugly numbers, coronavirus consolidates, oil divergence". See:
S&P 500 Momentum Barometer
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/05/clip_image0011-10.png "clip_image001[1]")
The Barometer vaulted 23.05 to 82.97 yesterday. It changed from intermediate neutral back to intermediate overbought on a recovery above 60.00.
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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