Pre-opening Comments for Wednesday May 1^st

U.S. equity index futures were lower this morning. S&P 500 futures were down 20 points at 8:30 AM EDT.

Focus today is on the FOMC’s announcement on the Fed Fund Rate at 2:00 PM EDT. Consensus calls for no change in the Rate at 5.25%-5.50%.

Amazon added $2.16 to $177.16 after reporting higher than consensus first quarter revenues and earnings.

Starbucks plunged $10.03 to $78.46 after reporting less than consensus quarterly revenues and earnings.

Super Micro Computers dropped $31.55 to $858.80 after reporting less than consensus third quarter revenues.

Advanced Micro Devices dropped $5.94 to $152.40 after forecasting less than consensus second quarter revenues.

 

Technical Notes

Aerospace & Defense ETF $PPA moved above $102.00 to an all-time high extending an intermediate uptrend.

MMM $MMM a Dow Jones Industrial Average stock moved above $95.67 extending an intermediate uptrend.

Altria $MO an S&P 100 stock moved above $44.02 extending an intermediate uptrend

PayPal $PYPL a NASDAQ 100 stock moved above $68.21 extending an intermediate uptrend.

McDonald’s $MCD a Dow Jones Industrial Average stock moved below $265.11 extending an intermediate downtrend. Quarterly results were less than consensus.

Warner Discovery $WBD a NASDAQ 100 stock moved below $8.02 extending an intermediate downtrend.

Align $ALGN a NASDAQ 100 stock moved below $296.14 and $296.50 completing a Head & Shoulders pattern.

A move by the U.S. Federal Government to “legitimize” cannabis had a strong positive impact on related Canadian and U.S. stocks and Exchange Traded Funds.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for April 30^th 2024

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

 

Commodities

Daily Seasonal/Technical Commodities Trends for April 30^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for April 30^th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Key Levels for AMZN, AMD, & AAPL Earnings! Dave Keller

Key Levels for AMZN, AMD, & AAPL Earnings! – YouTube

 

Cracking the Code of Earnings Season: Tom Bowley

Cracking the Code of Earnings Season – YouTube

 

FOMC Meeting On Deck + Apple/Amazon Earnings Preview: Dan Nathan, Guy Adami, Liz Young

FOMC Meeting On Deck + Apple/Amazon Earnings Preview – YouTube

 

Earnings to be a key driver of equities this year: Merrill’s Marci McGregor Lauren Goodwin

Earnings to be a key driver of equities this year: Merrill’s Marci McGregor – YouTube

 

Here’s why JPMorgan’s Michael Feroli still expects three rate cuts this year

Here’s why JPMorgan’s Michael Feroli still expects three rate cuts this year – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 9.80 to 40.40. It remains Neutral.

The long term Barometer dropped 4.40 to 72.00. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 3.57 to 52.23. It remains Neutral.

The long term Barometer dropped 1.34 to 66.52. It remains Overbought.

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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