Pre-opening Comments for Wednesday May 31^st

U.S. equity index futures moved lower this morning. S&P 500 futures were down 20 points at 8:30 AM EDT.

The Canadian Dollar added 0.04 to US73.31 cents at 8:35 AM ED T following release of Canada’s March GDP report at 8:30 AM EDT. Consensus was a decline of 0.1% versus a gain of 0.1% in February. Actual was unchanged.

July WTI Crude oil dropped $2.32 to $67.17 prior to the OPEC + meeting this weekend.

HP Inc. slipped $0.34 to $30.59 after reporting less than consensus fiscal second quarter revenues.

Hewlett Packard Enterprises dropped $0.67 to $15.52 after reporting less than consensus fiscal second quarter revenues.

Box added $0.65 to $28.67 after reporting better than consensus first quarter earnings.

Advance Auto Parts dropped $28.89 to $83.31 after reporting lower than consensus first quarter revenues and earnings.

 

EquityClock’s Daily Comment

Headline reads “Home prices are back rising above seasonal norms, conducive to giving consumers the confidence to spend”.

http://www.equityclock.com/2023/05/30/stock-market-outlook-for-may-31-2023/

 

Technical Notes

Agribusiness ETF $COW.TO moved below $Cdn$59.92 extending an intermediate downtrend.

Philip Morris International $PM an S&P 100 stock moved below $90.08 extending an intermediate downtrend.

Booking $BKNG an S&P 100 stock moved below $2,524.34 extending an intermediate downtrend.

Target $TGT an S&P 100 stock moved below $137.88 and $133.71 extending an intermediate downtrend.

Enbridge $ENB.TO a TSX 60 stock moved below Cdn$48.60 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 30^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 30^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 30^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

Silver can do it! Sprott

Silver Can Do It! (sprott.com)

 

Consumer Strength Rotating To Discretionary | Tom Bowley | Trading Places (05.30.23)

https://www.youtube.com/watch?v=xlkDtg-7kC0

 

Are Copper Markets About To Feel The Weight Of A $2 Billion Stockpile?

Are Copper Markets About To Feel The Weight Of A $2 Billion Stockpile? | Seeking Alpha

 

Technical Chart of the Day

Energy commodity and equity prices came under technical pressure yesterday. On a seasonal basis, favourable seasonal influences traditionally peak either just before or just after the U.S. Memorial Day holiday. Technicals have turned sharply negative. Trader rumors suggest that the OPEC + nations are unlikely to reduce quotas when they meet this weekend. Indeed, one of its largest members, Russia is widely rumored to be cheating (i.e. producing more that its quota).

Trust levels between members are believed to be low. Transportation equities and related ETFs are benefitting.

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 1.40 to 34.20. It remains Oversold. Daily trend remains down.

The long term Barometer eased 1.20 to 42.80. It remains Neutral. Daily trend remains down.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 7.75 to 33.19. It changed from Neutral to Oversold on a move below 40.00. Daily trend remains down.

The long term Barometer slipped 1.72 to 49.14. It remains Neutral. Daily trend remains 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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