Pre-opening Comments for Tuesday May 23^rd

U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points at 8:35 AM EDT.

Index futures moved lower following release of the May Philly Fed Index at 8:30 AM EDT. The Index was reported at -16.0 versus -22.8 in April.

Chevron added $1.44 to $153.88 after HSBC upgraded the stock to Buy.

Lowe’s dropped $2.65 to $200.50 after lowering second quarter guidance.

Nordson gained $3.63 to $219.87 after reporting higher than consensus fiscal second quarter revenues.

Zoom added $0.51 to $71.92 after reporting higher than consensus first quarter revenues.

 

Technical Notes

Amex Biotech ETF $FBT moved above $159.29 extending an intermediate uptrend. Seasonal influences for the Biotech sector currently are favourable.

Walt Disney $DIS a Dow Jones Industrial Average stock moved below intermediate support at $90.46.

Starbucks $SBUX a Dow Jones Industrial Average stock moved below $103.29 setting an intermediate downtrend.

MercadoLibre $MELI a NASDAQ 100 stock moved above 1,337.75 extending an intermediate uptrend.

Paychex $PAYX a NASDAQ 100 stock moved above $109.80 setting an intermediate uptrend.

Wheat ETN $WEAT moved below support at $6.11 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 22^nd 2023

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May 22^nd 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 22^nd 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for positive seasonal ratings: www.equityclock.com

 

Link Offered by a Valued Provider

Where Are Equities Headed? Greg Harmon, CMT | Your Daily Five (05.22.23)

Comments on gold, U.S. Dollar, NASDAQ 100 and S&P 500.

https://www.youtube.com/watch?v=Nw3WQuEoL2M

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.20 to 51.80. It remains Neutral.

The long term Barometer added 0.40 to 50.40. 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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