Pre-opening Comments for Tuesday May 9^th 2023

U.S. equity index futures were lower this morning. S&P 500 futures were down 13 points at 8:30 AM EDT.

PayPal dropped $4.35 to $71.17 after reporting a lower than consensus first quarter profit margin.

Lucid fell $0.67 to $7.04 after lowering production guidance.

Wayfair fell $2.75 to $37.22 after announcing a convertible bond offering.

New York Times gained $0.75 to $40.65 after announcing a $100 million distribution deal with Google for the next three years.

 

EquityClock’s Daily Comment

Headline reads “A short-term head-and-shoulders top on the chart of Bitcoin presents a near-term risk to broader investor sentiment”.

http://www.equityclock.com/2023/05/08/stock-market-outlook-for-may-9-2023/

 

Technical Notes

Chile iShares $ECH moved above $30.14 to a two year high extending an intermediate uptrend. Units are responding to higher copper price and political interference with the mining industry in Peru. Lundin Mining $LUN.TO a copper producer moved above $11.11 extending an intermediate uptrend.

Global X Uranium ETF $URA moved above $20.33 setting an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 8^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 8^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 8^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

Market Coiling For Next Big Move | John Kosar, CMT | Your Daily Five | 05.08.23)

https://www.youtube.com/watch?v=wc5EWKLIeaI

 

Do Stocks Have Bad Breadth? | Bruce Fraser | Power Charting (05.05.23)

https://www.youtube.com/watch?v=LY7WAboAxdY

 

Sprott April uranium report

https://sprott.com/insights/sprott-uranium-report-uranium-s-april-breakthrough/?utm_source=insights&utm_medium=email&utm_campaign=sprott-uranium-report-uranium-s-april-

 

Technical Chart of the Day

Technical score for TSX Base Metals iShares (XBM.TO) changed from -6 to 0

· Intermediate trend remains down: Score:-2

· Strength relative to S&P changed from negative to neutral. Score changed from -2 to 0

· Price moved above its 20 day moving average. Score changed from -1 to +1

· Daily momentum indicators (Stochastics, RSI, MACD) changed from down to up. Score changed from -1 to +1

· Score moved from -6 to (-2+0+1+1) = 0

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.00 to 53.80. It remains Neutral.

The long term Barometer added 0.80 to 52.80. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer added 2.59 to 58.19. It remains Neutral.

The long term Barometer slipped 0.86 to 56.90. 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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