Pre-opening Comments for Wednesday May 8^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 19 points at 8:30 AM EDT.

Electronic Arts dropped $5.54 to $124.70 after reporting less than consensus quarterly revenues.

Wynn Resorts gained $2.79 to $100.05 after reporting higher than consensus quarterly revenues and earnings.

Lyft advanced $0.50 to $17.10 after reporting higher than consensus first quarter revenues. The company also offered positive guidance.

Reddit advanced $8.29 to $57.70 after reporting higher than consensus first quarter revenues.

 

Technical Notes

Europe iShares $IEV moved above $55.90 to an all-time high extending an intermediate uptrend.

Qualcomm $QCOM a NASDAQ 100 stock moved above $183.62 to an all-time high extending an intermediate uptrend.

Coca Cola EuroPacific $CCEP a NASDAQ 100 stock moved above $72.67 to an all-time high extending an intermediate uptrend.

Datadog $DDOG a NASDAQ 100 stock moved below $118.40 completing a double top pattern.

Illumina $ILMN a NASDAQ 100 stock moved below $115.73 extending an intermediate downtrend.

Royal Bank $RY.TO a TSX 60 stock moved above Cdn$139.35 to an all-time high extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 7^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 May7^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 7^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

The Market Breadth Indicator You Should Be Following; David Keller

The Market Breadth Indicator You Should Be Following – YouTube 

 

Outlook for energy amid supply concerns with Eric Nuttall

Outlook for energy amid supply concerns with Eric Nuttall – YouTube

 

Time To Get Bullish Oil? Guy Adami, Dan Nathan and Carter Worth

Time To Get Bullish Oil? – YouTube

 

Bullish call for oil. We like TSX but continue to lean towards U.S.: strategist

Bullish call for oil. We like TSX but continue to lean towards U.S.: strategist – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.20 to 52.80. It remains Neutral.

The long term Barometer added 1.60 to 76.00. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 5.38 to 61.61. It remains Overbought.

The long term Barometer dropped 1.34 to 67.41. 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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