Pre-opening Comments for Friday May 24^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 17 points at 8:35 AM EDT

The Canadian Dollar was unchanged at US72.91 cents following release of March Canadian Retail Sales at 8:30 AM EDT. Consensus was a drop of 0.1% versus a decline of 0.1% in February. Actual was a decline of 0.2%. Excluding auto sales, March Retail Sales consensus was a drop of 0.2%. Actual was a decline of 0.6%.

Intuit dropped $38.76 to $623.50 after offering guidance below consensus.

Deckers Outdoor advanced $70.35 to $979.75 after reporting higher than consensus fiscal fourth quarter revenues and profits.

Ross Stores gained $8.46 to $140.50 after offering guidance above consensus.

Workday dropped $27.90 to $233.00 after the company lowered its forecast for subscription revenues.

 

EquityClock’s Highlight for May 24^th

An outside reversal candlestick on major equity benchmarks is threatening to produce a significant topping pattern.

See: https://equityclock.com/2024/05/23/stock-market-outlook-for-may-24-2024/

 

Technical Notes

Dow Jones Transportation Average iShares $IYT moved below $63.91 extending an intermediate downtrend.

Weakness in the transportation sector was led by United Parcel Services on a move below intermediate support at $139.79.

Nvidia $NVDA a NASDAQ 100 stock led the NASDAQ advance in early trading on Friday after reporting higher than consensus quarterly results. Target prices were raised significantly by several brokers

Semiconductor ETFs $SMH and $SOXX responded to strength in Nvidia by breaking to all-time highs.

Cisco $CSCO a Dow Jones Industrial Average stock moved below intermediate support at $46.60

PDD Holdings a NASDAQ 100 stock moved above $974.00 extending an intermediate uptrend.

Vertex Pharma $VRTX a NASDAQ 100 stock moved above $448.40 to an all-time high extending an intermediate uptrend.

Home Depot $HD an S&P 100 stock moved below $326.90 completing a Head & Shoulders pattern.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 23^rd 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 23^rd 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 23^rd 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Nvidia’s Blow Out Earnings Lifts Futures: Tom Bowley

NVDA Blow Out Earnings Lifts Futures – YouTube

 

Live Charts: Guy Adami and Carter Worth

Live Charts: $NVDA $SMH $MU $TLT $XLF $AXP $GS – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer plunged 11.80 to 45.80. It remains Neutral. Daily downtrend was extended.

The long term Barometer dropped 5.80 to 72.60. It remains Overbought. Daily trend has turned down.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 5.83 to 54.71. It changed from Overbought to Neutral on a drop below 60.00. Daily trend has turned down.

The long term Barometer dropped 4.04 to 67.71. It remains Overbought. Daily trend has turned down.

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

More from the network: Stock Market Outlook for December 23, 2024 Stock Market Outlook for December 20, 2024 Stock Market Outlook for December 19, 2024 Stock Market Outlook for December 18, 2024 Stock Market Outlook for December 17, 2024