Pre-opening Comments for Wednesday May 17^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points at 8:35 AM EDT.

Index futures were unchanged following release of the April U.S. Housing Starts Report at 8:30 AM EDT. Consensus was a slip to 1.400 million units from 1.4200 units in March. Actual was 1.401 million units.

Northrop Grumman added $1.66 to $437.29 after increasing its quarterly dividend by 8%.

Target gained $0.43 to $157.34 after reporting higher than consensus first quarter earnings.

Wynn Resorts advanced $3.13 to $106.18 after Barclays upgraded the stock from Equal Weight to Overweight. Target was raised from $120 to $135.

TJX slipped $1.09 to $77.13 after reporting less than consensus first quarter revenues.

 

EquityClock’s Daily Comment

Headline reads “Building materials and garden equipment store sales showing the weakest performance through the first four months of the year in decades, not good for companies like Home Depot”.

http://www.equityclock.com/2023/05/16/stock-market-outlook-for-may-17-2023/

Technical Notes

Medical Devices iShares $IHI moved below $55.28 completing a double top pattern.

Home Depot $HD a Dow Jones Industrial Average stock moved below $279.93 extending an intermediate downtrend. The company reported lower than consensus first quarter results.

Amazon $AMZN an S&P 100 stock moved above $114.00 extending an intermediate uptrend.

Advanced Micro Devices $AMD a NASDAQ 100 stock moved above $102.43 extending an intermediate uptrend.

Gold equity ETFs $GDX and XGD.TO moved below intermediate support. GDX moved below US$33.06 and XGD.TO moved below Cdn$19.84.

Barrick Gold $ABX.TO a TSX 60 stock moved below intermediate support at Cdn$25.49.

Agnico-Eagle $AEM.T0 a TSX 60 stock moved below intermediate support at Cdn$75.10.

Couche Tard $ATD.TO a TSX 60 stock moved below Cdn$66.00 completing a double top pattern.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 16^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May16^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 16^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

Small Caps Lead As Growth Stocks Strengthen | Tom Bowley | Trading Places (05.16.23)

Small Caps Lead As Growth Stocks Strengthen | Tom Bowley | Trading Places (05.16.23) – YouTube

A.I. arms race heats up: Tech giants compete for leadership:CNBC

A.I. arms race heats up: Tech giants compete for leadership – YouTube

Technical Chart of the Day

Technical score for TSX 60 Index drops from 0 to -4

· Intermediate trend remains Neutral. Score: 0

· Strength relative to S&P 500: changed from Neutral to Negative. Score: 0 to -2

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

· Daily momentum indicators (Stochastics, RSI, MACD) trend remains Down. Score: -1

· Total score now is 0-2-1-1= -4

S&P 500 Momentum Barometers

The intermediate term Barometer plunged 8.20 to 40.20. It remains Neutral.

The long term Barometer dropped 5.80 to 43.80. It remains Neutral. Daily trend is down.

TSX Momentum Barometers

The intermediate barometer dropped 6.90 to 50.00. It remains Neutral.

The long term Barometer dropped 4.74 to 55.17. 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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