Pre-opening Comments for Tuesday May 16^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 9 points at 8:35 AM EDT.

Index futures moved lower following release of April U.S. Retail Sales at 8:30 AM EDT. Consensus was an increase of 0.7% versus a drop of 0.6% in March. Actual was an increase of 0.4%. Excluding auto sales, consensus was an increase of 0.3% versus a drop of 0.4% in March. Actual was an increase of 0.4%.

The Canadian Dollar added 0.12 to US74.44 cents following release of Canada’s April Canadian Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.5% versus a gain of 0.5% in March. Actual was an increase of 0.7%. On a year-over-year basis, consensus was an increase 4.1% versus a gain of 4.3% in March. Actual was an increase of 4.4% Excluding food and energy, consensus was an increase of 0.5% versus a gain of 0.5% in March. Actual was an increase of 0.5%. On a year-over-year basis consensus was an increase of 4.4% versus a gain of 4.3% in March. Actual was an increase of 4.2%.

Voxx International dropped $2.19 to $9.81 after reporting less than consensus fiscal fourth quarter results.

Capital One advanced $5.21 to $94.33 on news that Berkshire Hathaway has purchased an interest in the company.

Home Depot dropped $7.54 to $281.00 after reporting less than consensus first quarter sales. The company also lowered guidance.

 

EquityClock’s Daily Comment

Headline reads “Manufacturer sentiment and shipping activity continue to attest to a manufacturing economy that is in recession”.

http://www.equityclock.com/2023/05/15/stock-market-outlook-for-may-16-2023/

Technical Notes

Lam Research $LRCX a NASDAQ 100 stock moved above $546.87 extending an intermediate uptrend.

Micron $MU a NASDAQ 100 stock moved above $64.36 extending an intermediate uptrend.

Brookfield Infrastructure $BIP a TSX 60 stock moved above US$36.24 extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 15^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May15^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 15^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

Why This Bull Market Is Unrelenting! | Tom Bowley | Your Daily Five (05.15.23)

Editor’s Note: Note seasonality comments

Why This Bull Market Is Unrelenting! | Tom Bowley | Your Daily Five (05.15.23) – YouTube

 

The bull and bear case for stocks, according to T. Rowe Price’s Page and BMO’s Belski

The bull and bear case for stocks, according to T. Rowe Price’s Page and BMO’s Belski – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.80 to 48.40. It remains Neutral.

The long term Barometer added 0.80 to 49.60. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer added 3.88 to 56.90. It remains Neutral.

The long term Barometer was unchanged at 59.91. 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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