Pre-opening Comments for Friday May 10^th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 16 points at 8:35 AM EDT.

The Canadian Dollar advanced 0.15 to US73.27 cents following release of Canada’s April Employment Report at 8:30 AM EDT. Consensus called for an employment increase of 20,900 in April versus an employment decrease of 2,200 in March. Actual was an increase of 90,400.. Consensus called for an increase in the April Unemployment Rate to 6.2% from 6.1% in March. Actual was unchanged at 6.1%.

Gold futures jumped $32.00 to US$2372.30 in pre-opening trade.

H&R Block gained $1.06 to $50.25 after reporting higher than consensus fiscal third quarter revenues.

Akamai Technology dropped $10.46 to 192.00 after offering guidance below consensus.

Yelp dropped $2.62 to $37.00 after offering guidance below consensus.

 

Technical Notes

EAFE iShares $EFA (measures equity index performance beyond North America) moved above $80.06 to an all-time high extending an intermediate uptrend.

Eurozone iShares $EZU moved above $51.46 to an all-time high extending an intermediate uptrend.

U.S. major center banks SPDRs $KBE moved above $47.26 extending an intermediate uptrend.

U.S. Broker/Dealer iShares $IAI moved above $116.16 to an all-time high extending an intermediate uptrend.

TSX Composite Index moved above 22,380.16 to an all-time high extending an intermediate uptrend.

Strength by the TSX Composite was led by strength in TSX Financials and their related iShares $XFN.TO on a move above $50.02. Individual breakouts included National Bank on a move above Cdn$114.05 to an all-time high, Manulife Financial on a move above Cdn$34.05 to an all-time high and Power Corp on move above Cdn$39.71 to an all-time high.

Wheaton Precious Metals $WPM.TO a TSX 60 stock moved above Cdn$74.72 and US$54.87 to an all-time high extending an intermediate uptrend.

Nutrient $NTR.TO a TSX 60 stock moved above Cdn$77.94 extending an intermediate uptrend.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 9^th 2024

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 9^th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 9^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Utilities is the Top Performing Sector?!? David Keller

Utilities is the Top Performing Sector?!? – YouTube

 

Buy, Sell, Hold These Stocks Into Earnings: Guy Adami and Carter Worth

(Note comment on Silver)

Buy, Sell, Hold These Stocks Into Earnings – YouTube

 

What’s Going On With the S&P Sectors? Tom Bowley

(Note seasonality chart on the Toy sector)

What’s Going On With the S&P Sectors? – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 6.00 to 57.20. It remains Neutral.

The long term Barometer added 2.20 to 77.60. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer added 0.90 to 65.92. It remains Overbought.

The long term Barometer was unchanged at 70.40. It remains Overbought.

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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