The Bottom Line
U.S. equity markets are closed today for the Memorial Day holiday. Trading activity on Canadian exchanges is expected to be lower than average.
Earnings and Revenue Consensus for S&P 500 Companies
Source: www.factset.com
Analysts increased their 2026 earnings and revenue estimates again last week: 94% of companies have reported first quarter results to date: 84% have reported higher than consensus earnings and 81% have reported higher than consensus revenues.
- Consensus for first quarter 2026 was a 28.4% earnings gain versus a 27.7% gain last week. Revenue gains increased to 11.6% from 11.4%.
- Consensus for second quarter 2026 earnings gains increased to 21.0% from 20.5% last week. Consensus for revenue gains increased to 11.5% from 11.4%.
- Consensus for third quarter 2026 earnings gains increased to 24.2% from 23.6%.last week. Consensus for revenue gains increased to 10.2% from 10.1%.
- Consensus for fourth quarter 2026 earnings gains increased to 21.7% from 21.1%. Revenue gains increased to 10.4% from 10.3%.
- For all of 2026, consensus for earnings gains increased to 22.1% from 21.5%. Consensus for revenue gains increased to 10.4% from 10.3%.
Economic News This Week
Source: www.MarketWatch.com
April U.S. Durable Goods Orders released at 8:30 AM EST on Thursday are expected to increase 3.3% versus a 0.8% increase in March.
April U.S. New Home Sales released at 10:00 AM EST on Thursday are expected to drop to 665,000 from 682,000 in March
Second estimate of first quarter U.S. GDP released at 8:30 AM EST on Friday is expected to remain unchanged at 2.0%
April U.S. Personal Income released at 8:30 AM EST on Friday is expected to increase 0.4% versus a 0.6% increase in March. April U.S. Consumer Spending is expected to increase 0.5% versus a 0.9% increase in March.
April Core PCE Price Index released at 8:30 AM EST on Friday is expected to increase 0.3% versus a 0.3% increase in March. On a year-over-year basis, the Index is expected to increase 3.3% versus a 3.2% increase in March.
Selected Earnings News This Week
Source: www.Investing.com )
Focuses this week are on fiscal second quarter reports released by Canada’s big banks
Tuesday: Zscaler
Wednesday: Marvell, Bank of Montreal, Salesforce.com, Scotia Bank, Synopsys, National Bank, Agilent, Dick’s Sporting Goods
Thursday: Royal Bank, Toronto Dominion Bank, Dell, Canadian Imperial Bank of Commerce, Autodesk, MongoDB, NetApp, Dollar Tree, Okta, Lulu lemon, Gap
Friday: Laurentian Bank
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for May 22nd 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 22nd 2026
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 22nd 2026
Green: Increase from previous day
Red: Decrease from previous day
Technical Notes on Friday
Dow Jones Industrial Average moved above 50,512.79 to an all-time high extending an intermediate uptrend.
IBM (IBM) a Dow Jones Industrial Average stock moved above $256.61 extending an intermediate uptrend.
TSX Composite Index briefly moved above 34,544.46 to an all-time high on Friday.
S&P/TSE 60 Index closed above 2001.68 to an all-time high
S&P 100 and NASDAQ 100 stocks moving above resistance extending an intermediate uptrend included Copart (CPRT) on a move above $34.51, Metlife (MET) on a move above $85.27 to an all-time high, Cadence Design Systems (CDNS) on a move above $376.45 to an all-time high
Links offered by valued providers
Money Talks for Saturday May 23rd 2026
Michael Campbell’s MoneyTalks – Complete Show (mikesmoneytalks.ca)
Wall Street Bull Brian Belski Sees Correction Before S&P Run Into the 8,000s: Dan Nathan
Wall Street Bull Brian Belski Sees Correction Before S&P Run Into the 8,000s – YouTube
Nvidia earnings shows ‘unrelenting demand’, says Fundstrat’s Tom Lee
Nvidia earnings shows ‘unrelenting demand’, says Fundstrat’s Tom Lee – YouTube
Market bears still in hibernation mode after Nvidia earnings, says Wedbush’s Dan Ives
Market bears still in hibernation mode after Nvidia earnings, says Wedbush’s Dan Ives – YouTube
Crude Oil Plunges! Crucial Technical Levels To Watch: Verified Investing
Crude Oil Plunges! Crucial Technical Levels To Watch – YouTube
The New Fed Head Seems Right: Bob Hoye
https://www.howestreet.com/2026/05/the-new-fed-head-seems-right-bob-hoye/
Trading Desk Notes for May 23, 2026: Victor Adair
https://www.howestreet.com/2026/05/trading-desk-notes-for-may-23-2026/
Changes Last Week
S&P 500 Momentum Barometers
The intermediate term Barometer added 3.20 on Friday and gained 13.80 last week to 58.00. It remained Neutral. Daily uptrend was set.
The short term Barometer added 7.60 on Friday and advanced 23.40 last week to 59.40. It changed from Oversold to Neutral on a recovery above 40.00. Daily uptrend was set.
The long term Barometer added 2.00 on Friday and advanced 7.00 last week to 59.40. It remained Neutral. Daily uptrend was set.
TSX Momentum Barometers
The intermediate term Barometer was unchanged on Friday and gained 13.53 last week to 57.73. It remained Neutral.
The short term Barometer added 2.73 on Friday and gained 1.37 last week to 56.82. It remained Neutral.
The long term Barometer added 0.45 on Friday and gained 1.81 last week to 56.82. It remained Neutral.
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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Equity Clock Publications