Editor’s Note: Next Tech Talk report is released on Tuesday. Monday is a federal statutory holiday in Canada.

Pre-opening Comments for Friday May 17^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points at 8:30 AM EDT.

Cracker Barrel dropped $6.36 to $50.91 after lower fiscal third and fourth revenue and earnings guidance.

Doximity advanced $3.36 to $27.10 after reporting higher than consensus fiscal fourth quarter results.

DXC Technology dropped $4.00 to $15.88 after reporting less than consensus first quarter results. The company also lowered guidance.

Reddit advanced $5.27 to $61.65 after entering into a partnership with Chat GPT maker Open AI.

 

EquityClock Highlight for May 17^th

The increased demand on the power grid as a result of the Artificial Intelligence (AI) boom is finally showing up in electric utility production, which just reported the third strongest April change on record.

See: https://equityclock.com/2024/05/16/stock-market-outlook-for-may-17-2024/

 

Technical Notes

Australia iShares $EWA moved above $25.04 to an all-time high extending an intermediate uptrend.

Financial SPDRs $XLF moved above $42.22 to an all-time high extending an intermediate uptrend.

Natural Gas ETN $UNG moved above intermediate resistance at $17.98

More technical evidence that China’s equity market is trending higher led by the technical sector! China Internet ETF KWEB moved above $31.52 extending an intermediate uptrend. Units have advanced 41% since late January.

Walmart $WMT a Dow Jones Industrial Average stock moved above $61.44 to an all-time high extending an intermediate uptrend.

Broadcom $AVGO an S&P 100 stock moved above $1,432.07 to an all-time high extending an intermediate uptrend.

Alphabet $GOOGL a NASDAQ 100 stock moved above $174.71 to an all-time high extending an intermediate uptrend.

Trade Desk $TTD a NASDAQ 100 stock moved above $94.00 to a 30 month high extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 16^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 May 16^th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 16^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Chart of the Day

Spot copper futures prices briefly moved above $5.04 to an all-time high.

 

Links offered by valued providers

Copper Short Squeeze Rocks Metal Markets

Copper Short Squeeze Rocks Metal Markets – YouTube

 

Bad News for Bears! S&P 500 Hits New All Time High: Tom Bowley

Bad News for Bears! S&P 500 Hits New All Time High – YouTube

 

Live Trade Ideas & Updates: $SPY, $CSCO, $DELL, $INTC, $WMT, $KWEB, $XBI, $ARKK: Dan Nathan, Guy Adami and Carter Worth

Live Trade Ideas & Updates: $SPY, $CSCO, $DELL, $INTC, $WMT, $KWEB, $XBI, $ARKK – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 1.80 to 62.60. It remains Overbought.

The long term Barometer added 0.20 to 79.80. It remains Overbought. Daily trend remains up.

 

TSX Momentum Barometers

The intermediate term Barometer added 2.24 to 67.26. It remains Overbought. Daily trend remains up.

The long term Barometer added 0.90 to 71.30. It remains Overbought. Daily trend remains up.

 

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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