Pre-opening Comments for Friday May 12^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points at 8:30 AM EDT.

Air Canada (AC Cdn$21.01) is expected to open higher after reporting higher than consensus first quarter revenues and earnings.

Twillo dropped $0.73 to $46.75 after Mizuho downgraded the stock from Buy to Neutral. Target was reduced from $90 to $55.

SNC Lavalin (SNC.TO $33.35) is expected to open higher following its selection to coordinate the refurbishing of a nuclear power plant in southern Ontario.

 

EquityClock’s Daily Comment

Headline reads “The shallowest decline in initial claims through the first four months of the year since 1970 is highly indicative of a labor market that is no longer on the solid foundation that it once was”.

http://www.equityclock.com/2023/05/11/stock-market-outlook-for-may-12-2023/

Technical Notes

Agriculture ETF $MOO moved below US$82.11 extending an intermediate downtrend. Responding to weakness in grain prices! Soybean ETN $SOYB moved below $25.92 extending an intermediate downtrend.

Copart $CPRT a NASDAQ 100 stock moved above $80.56 to an all-time high extending an intermediate uptrend.

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Johnson & Johnson $JNJ a Dow Jones Industrial Average stock moved below $159.65 setting an intermediate downtrend. The stock responded to a CNN Special Report describing the company’s legal challenges related to “Baby Powder”.

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Base Metal equities and related ETFs (XBM.TO, PICK) are responded to lower copper prices extending intermediate downtrends. Freeport McMorran moved below US$34.75, First Quantum Minerals dropped below Cdn$30.65. Lundin Mining fell below Cdn$10.02

Silver equities and related ETFs (SLV SIL) responded to lower silver futures prices. SLV and PAAS moved below intermediate support.

Pressure on U.S. regional banks continues.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 11^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May11^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 11^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for positive seasonal ratings: www.equityclock.com

 

Links offered by valued providers

HUGE Breakout In Key Industry! | Tom Bowley | Treading Places (05.11.23)

https://www.youtube.com/watch?v=jWdL1CM_EWE

 

U.S. Debt Default, Recessions, And S&P 500 | Jeffrey Huge, CMT | Your Daily Five (05.11.23)

https://www.youtube.com/watch?v=9327srE6DW0

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 2.80 to 47.20. It remains Neutral.

The long term Barometer dropped 2.40 to 48.60. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 2.59 to 51.72. It remains Neutral.

The long term Barometer slipped 0.43 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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