Pre-opening Comments for Wednesday May 3^rd 2023

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

Focus today is on news on the Fed Fund Rate announced by the FOMC at 2:00 PM EDT.

Responses to quarterly results after the close yesterday were surprisingly negative despite quarterly revenue and earnings reports that were better than consensus. Starbucks dropped $4.31 to $110.15. Advanced Micro Devices plunged $4.91 to $85.00. Ford lost $0.30 to $11.50.

Kraft Heinz added $0.55 to $40.00 after reporting higher than consensus first quarter results.

 

EquityClock’s Daily Comment

Headline reads “The largest decline on record for retail job openings during the first quarter is not exactly an indication of a thriving consumer economy”.

http://www.equityclock.com/2023/05/02/stock-market-outlook-for-may-3-2023/

 

Technical Notes

S&P Bank SPDRs $KBE moved below $34.33 extending an intermediate downtrend.

S&P Regional Bank SPDRs $KRE led the decline in U.S. bank stocks.

Bank of New York Mellon $BK an S&P 100 stock moved below $41.20 extending an intermediate downtrend.

American Express $AXP a Dow Jones Industrial Average company moved below $154.33 extending an intermediate downtrend.

AT&T $T an S&P 100 stock moved below $17.14 completing a Head & Shoulders pattern.

Dupont $DD an S&P 100 stock moved below $72.86 completing a Head & Shoulders pattern.

Agriculture iShares $COW.TO moved below Cdn$63.55 extending an intermediate downtrend.

Thomson Reuters $TRI.TO a TSX 60 stock moved below intermediate support at $173.15.

Cenovus $CVE.TO a TSX 60 stock moved below Cdn$20.67 extending an intermediate downtrend.

Franco-Nevada $FNV.TO a TSX 60 stock moved above Cdn$213.79 extending an intermediate uptrend. Responded to higher gold prices!

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 2^nd 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 2^nd 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 2^nd 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for positive seasonal ratings: www.equityclock.com

Links offered by valued providers

Stocks Pause As Fed Nears | Tom Bowley | Trading Places (05.02.23)

Stocks Pause As Fed Nears | Tom Bowley | Trading Places (05.02.23) – YouTube

 

Strong Seasonal Sector Rotation | Julius de Kempenaer | Sector Spotlight (05.02.23)

Strong Seasonal Sector Rotation | Julius de Kempenaer | Sector Spotlight (05.02.23) – YouTube

 

Technical Chart of the Day

Technical Score for TSX Energy iShares (XEG.TO) dropped from 0 to -6

· Intermediate trend remains down. Score: -2

· Relative strength changed from Neutral to Negative. Score dropped from 0 to-2

· Price dropped below its 20 day moving average. Score dropped from +1 to -1

· Daily momentum indicators (Stochastics, RSI, MACD) dropped from +1 to -1

· Technical score dropped from 0 to (-2-2-1-1) = -6

 

S&P 500 Momentum Barometers

The intermediate term Barometer plunged 13.00 to 47.00. It changed from Overbought to Neutral on a drop below 60.00.

The long term Barometer dropped 4.80 to 51.20. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer plunged 10.34 to 53.88. It changed from Overbought to Neutral on a break below 60.00.

The long term Barometer dropped 4.31 to 57.33. It changed from Overbought to Neutral on a drop below 60.00.

 

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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