Pre-opening Comments for Wednesday May 24th
U.S. equity index futures were lower this morning. S&P 500 futures were down 14 points at 8:30 AM EDT.
Bank of Montreal and Scotia Bank are expected to open lower after announcing larger than expected loan loss provisions in their fiscal second quarter report.
Intuit dropped $23.80 to $426.00 after reporting lees than consensus fiscal third quarter revenues.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/05/clip_image0011-10.png "clip_image001[1]")
Agilent fell $8.43 to $120.21 after lowering guidance for fiscal third quarter revenues and earnings.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/05/clip_image0021-11.png "clip_image002[1]")
Palo Alto Networks gained $7.24 to $197.01 after reporting higher than consensus fiscal third quarter revenues.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/05/clip_image0031-11.png "clip_image003[1]")
Toll Brothers added $1.80 to $65.55 after reporting higher than consensus quarterly revenues.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/05/clip_image0041-6.png "clip_image004[1]")
EquityClock’s Daily Comment
Headline reads “Consumer Discretionary ETF breaks out, while the Consumer Staples ETF breaks down”.
http://www.equityclock.com/2023/05/23/stock-market-outlook-for-may-24-2023/
Link offered by a valued provider
Potential UPSIDE PLAYS in Energy | David Keller, CMT | The Final Bar (05.23.23)
https://www.youtube.com/watch?v=PefmIaDUjOo
Technical Notes
Global Timber & Forest iShares $WOOD moved above $72.98 resuming an intermediate uptrend.
Russell 2000 iShares $IWM moved above $179.78 setting an intermediate uptrend.
Raytheon Technologies $RTX an S&P 100 stock moved below intermediate support at $94.15.
DexCom $DXCM a NASDAQ 100 stock moved below $115.01 completing a double top pattern.
NetEase $NTES a NASDAQ 100 stock moved below $83.75 completing a double top pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for May 23rd 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for May 23rd 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 23rd 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive seasonal ratings: www.equityclock.com
Links offered by a valued providers
5 Stocks Showing Strength | Joe Rabil | Your Daily Five (05.23.23)
https://www.youtube.com/watch?v=38DddRFrVSw
Are Small Caps and Transports a Problem? | Tom Bowley | Trading Places (05.23.23)
https://www.youtube.com/watch?v=z9SACAeeYrY
SPX FAILS AGAIN to Surpass 4200 | David Keller, CMT | The Final Bar (05.22.23)
https://www.youtube.com/watch?v=DUOWhs1CdSs
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 9.00 to 42.80. It remains Neutral.
The long term Barometer slipped 3.00 to 47.40. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer dropped 5.60 to 46.98. It remains Neutral.
The long term Barometer slipped 0.43 to 55.60. 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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May 24th, 2023 at 3:50 pm
RE: ZEB.TO
There is the break down. Next stop the March low ~ 32?
https://schrts.co/jBACNBdG
May 24th, 2023 at 4:51 pm
ZEB has a gap at 32.85…the banks are in an unfavourable position until late June….we’ll see if there is any further reaction tomorrow to the RY earnings….
May 24th, 2023 at 4:57 pm
Bruce,
RE ZEB.TO
Good noticing on that gap. I took a small position in RY to day. TD is also out with earnings tomorrow I think. I already own some of that.
May 24th, 2023 at 7:35 pm
Paula
My concern is the U.S.DEBT CEILING. If Trump really controls the Republics they will not vote to raise the debt ceiling and deliberately let all hell brake lose in the financial world. Then Trump will have exactly what he wants to get re-elected. I’m not buying anything right now.