Pre-opening Comments for Thursday May 18^th

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.

Cisco dropped $2.18 to $45.45 despite reporting higher than consensus quarterly revenues and earnings. The company also announced a decline in orders.

Wal-Mart added $2.34 to $151.90 after reporting higher than consensus first quarter results. The company also raised guidance.

Bath and Body Works advanced $3.34 to $37.36 after reporting higher than consensus first quarter earnings.

 

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 17^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May17^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 17^th 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

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