Pre-opening Comments for Tuesday May 28th
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points at 8:30 AM EDT.
Apple added $3.22 to $193.20 following news that iPhone sales in China have exceeded expectations.
Bank of Nova Scotia (BNS.TO Cdn$65.59) is expected to open higher after releasing higher than consensus fiscal second quarter earnings
![clip_image002[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/05/clip_image0025-3.png "clip_image002[5]")
Insmed jumped $29.04 to $51.04 after reporting positive data from a drug trial.
US Cellular advanced $3.52 to $46.50 after announcing sale of its wireless operations to T-Mobil for $4.4 billion.
![clip_image004[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/05/clip_image0045-3.png "clip_image004[5]")
EquityClock Outlook for Tuesday May 28th
The withdrawal of liquidity from the market is presenting a headwind to equity prices moving forward.
See: https://equityclock.com/2024/05/27/stock-market-outlook-for-may-28-2024/
Technical Notes
The TSX Composite Index has a history of reaching a seasonal peak in the first week of June.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for May 24th 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 24th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 27th 2024
Green: Increase from previous day
Red: Decrease from previous day
Link offered by a valued provider
Larry Berman was on BNN yesterday discussing “Sell in May and go away” and “The U.S. Presidential Cycle”
https://www.bnnbloomberg.ca/video/larry-berman-s-educational-segment~2929445
TSX Momentum Barometers
Intermediate term Barometer added 1.79 to 60.09. It returned to Overbought from Neutral on a move 60.00.
Long term Barometer was unchanged at 68.16. 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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May 28th, 2024 at 11:11 am
Re Canadian smugness: RON/BC that is an old chestnut. This country has been doing it for years but I actually think those days have come to a bit of an end. Who talks about Canadian contributions to peacekeeping and the “blue helmets” anymore. One thing though – my wife and I have family in Hungary and we are there a lot. It’s a different universe over there and I am left shaking my head with what goes on. Every time I go there I come back thankful that I live in Canada where we have democracy and a relatively prosperous existence. We have problems but in comparison they are much smaller than what is going on in many other places. It’s good that we have the US to compare ourselves to because in economic terms it sets the bar higher.
May 28th, 2024 at 1:19 pm
Larry/ON,
Thanks for posting your broader perspective. I come from immigrant parents who had their share of nightmare stories. I have always been grateful to be a Canadian.
May 28th, 2024 at 10:11 pm
Larry & Paula
I’ve always been proud of being Canadian but have always been envious of the U.S. I would love to move to Washington state without the language issue here in everything and metric system. And am not impressed with our leaders here. I do have roots in the U.S.so perhaps I’m biased. And statistically Canadians are the highest taxed society in the industrial world. Not impressed!!!
May 29th, 2024 at 7:17 am
My parents arrived in Canada from Asia in 1960. Many people from my ethnicity always tells me how lucky I am to be born here. I do feel fortunate not just to be born here and be Canadian, but to also have parents that had the foresight to provide me with a better life. No country is perfect. I do feel as much as we complain about our healthcare system it is still far better than the US or anywhere in the world. AS for politics I feel it’s the same, bad everywhere. It’s better to be in a country where we do get to vote, freedom of speech and choices.