Pre-opening Comments for Thursday May 21^st

U.S. equity index futures were lower this morning. S&P 500 futures were down 19 points at 8:35 AM EST.

S&P 500 futures recovered 9 points following release of economic news at 8:30 AM EST. Consensus for April U.S. Home Starts was a drop to 1.40 million units from 1.50 million units in March. Actual was a drop to 1.465 million units. Consensus for the May Philly Fed Index was a drop to 18.0 from 26.7 in April. Actual was a drop to -0.4.

Nvidia added $0.87 to $224.34 after reporting higher than consensus first quarter revenues and earnings. The company also announced an $80 billion share buyback program

Intuit dropped $55.24 to $328.69 on lower than consensus fiscal third quarter revenues. The company announced plans to reduce its workforce by 17%.

Deere dropped $18.39 to $541.57 despite reporting higher than consensus fiscal second quarter results.

Share prices of quantum-computing companies moved higher after the Trump administration reportedly struck deals with nine companies, including taking minority equity stakes.

EquityClock’s Market Outlook for May 21^st

Despite Wednesday’s drop in the cost of borrowing, the headwind that the trend of interest rates is imposing on the market has not been eliminated. See:

https://equityclock.com/2026/05/20/stock-market-outlook-for-may-21-2026/

Javed Mirza’s Top Picks on BNN’s Market Call

https://www.bnnbloomberg.ca/markets/2026/05/20/javed-mirzas-top-picks-for-may-20-2026/

Technical Notes

Retail SPDRs (XRT) moved below $77.92 completing a double top pattern.

Trip.com (TCOM) a NASDAQ 100 stock moved below$48.48 extending an intermediate downtrend.

Booking (BKNG) an S&P 100 stock moved below $150.28 extending an intermediate downtrend.

Goldman Sachs (GS) a Dow Jones Industrial Average stock moved above $979.54 to an all-time high extending an intermediate uptrend.

Metlife (MET) an S&P 100 stock moved above $82.62 resuming an intermediate uptrend.

North American railway stocks were notably stronger. CSX (CSX) a NASDAQ 100 stock moved above $46.55 to an all-time high extending an intermediate uptrend. Canadian National Railway (CNR.TO) a TSX 60 stock moved above Cdn$158.25 extending an intermediate uptrend.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 20^th 2026

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 20^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 20^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Ichimoku Cloud Charts Explained: Trend Signals Most Traders Miss: Dave Keller

Ichimoku Cloud Charts Explained: Trend Signals Most Traders Miss – YouTube

NVIDIA Earnings TODAY: Surge And Rejection at $245 Resistance? Oil, Yields, Gold, Silver, Bitcoin: Verified Investing

NVIDIA Earnings TODAY: Surge And Rejection at $245 Resistance? Oil, Yields, Gold, Silver, Bitcoin – YouTube

The BEST Stocks to Own During War (Top 7 Picks): ValueTrendCanada

The BEST Stocks to Own During War (Top 7 Picks) – YouTube

The Case for Staying Bullish on Equities: Mike Wilson/Morgan Stanley

The Case for Staying Bullish on Equities – YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer advanced 5.40 to 53.00. It remains Neutral.

The short term (20 days) Barometer advanced 7.20 to 46.60. It recovered from Oversold to Neutral on a move above 40.00.

The long term Barometer added 2.60 to 56.60. It remains Neutral.

TSX Momentum Barometers

The intermediate term Barometer added 7.27 to 56.36. It remains Neutral.

The short term (20 days) Barometer jumped 10.00 to 50.45. It remains Neutral.

The long term Barometer added 3.18 to 68.64. 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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