{"id":165787,"date":"2023-05-02T02:22:00","date_gmt":"2023-05-02T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=165787"},"modified":"2023-05-02T08:37:39","modified_gmt":"2023-05-02T12:37:39","slug":"tech-talk-for-tuesday-may-2nd-2023","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2023\/05\/02\/tech-talk-for-tuesday-may-2nd-2023\/","title":{"rendered":"Tech Talk for Tuesday May 2nd 2023"},"content":{"rendered":"

Pre-opening Comments for Tuesday May 2nd<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were lower this morning<\/b>. S&P 500 futures were down 11 points at 8:30 AM EDT.<\/em><\/p>\n

President Biden has called for a meeting on May 9th<\/sup> with Congressional leaders<\/b> to discuss the Federal government debt limit. Treasury secretary Janet Yellen noted that the debt limit could be breached as early as June 1st<\/sup>.<\/em><\/p>\n

Blackberry gained $0.24 to US$4.22<\/b> after weighing plans to separate some of its business divisions into new entities.<\/em><\/p>\n

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Chegg plunged $6.28 to $11.32<\/b> after lowering guidance for second quarter revenues. JP Morgan lowered its target price from $19 to $14. <\/em><\/p>\n

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MGM Resorts added $0.33 to $46.37<\/b> after announcing higher than consensus first quarter results.<\/em><\/p>\n

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Stryker dropped $14.89<\/em> to $285.00<\/em><\/b> after reporting less than consensus first quarter earnings. <\/em><\/p>\n

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 <\/p>\n

EquityClock\u2019s Daily Comment<\/strong><\/font><\/em><\/p>\n

Headline reads \u201cUS Dollar Index showing a double bottom at the February low, a technical event that should concern equity investors<\/strong>\u201d.<\/em><\/p>\n

http:\/\/www.equityclock.com\/2023\/05\/01\/stock-market-outlook-for-may-2-2023\/<\/em><\/a><\/p>\n

 <\/p>\n

Technical Notes<\/strong><\/font><\/p>\n

S&P 500 SPDRs $SPY briefly moved above $416.72 extending an intermediate uptrend.<\/p>\n

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20+ Treasury iShares moved below intermediate support at $103.08. Possible anticipation of FOMC action on interest rates on Wednesday!<\/p>\n

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Check Point $CHKP a NASDAQ 100 stock moved below $123.05 completing a double top pattern.<\/p>\n

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Rogers Communications $RCI a TSX 60 stock moved above US$49.76 extending an intermediate uptrend. <\/p>\n

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 <\/p>\n

Trader\u2019s Corner<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Equity Indices and Related ETFs<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Equity Trends for May 1st<\/sup> 2023<\/p>\n

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Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/em><\/p>\n

 <\/p>\n

Commodities<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Commodities Trends for May 1st<\/sup> 2023<\/p>\n

\"clip_image008\"<\/a><\/b> <\/b><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

 <\/p>\n

Sectors<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Sector Trends for May 1st<\/sup> 2023 <\/p>\n

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Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

<\/em><\/p>\n

Source for positive seasonal ratings: <\/strong><\/em>www.equityclock.com<\/strong><\/em><\/a><\/p>\n

 <\/p>\n

Links offered by valued providers<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Market Holds Its Breath | Carl Swenlin & Erin Swenlin<\/font><\/em><\/strong> | The DecisionPoint Trading Room (05.01.23)<\/p>\n

Market Holds Its Breath | Carl Swenlin & Erin Swenlin | The DecisionPoint Trading<\/a><\/p>\n

Room (05.01.23) \u2013 YouTube<\/p>\n

 <\/p>\n

The Fed’s next move: Pause, pivot or hike? Comments by CNBC\u2019s Steve Leisman<\/font><\/em><\/strong><\/p>\n

The Fed’s next move: Pause, pivot or hike? \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Technical Chart of the Day<\/strong><\/font><\/p>\n

Technical score for Consumer Discretionary SPDRS (Symbol: XLY) changed from 4 to 0<\/p>\n

\u00b7 Intermediate trend remains up: Score: 2<\/p>\n

\u00b7 Strength relative to the S&P 500 changed from Neutral to Negative: <\/p>\n

   Score: 0 to -2<\/p>\n

\u00b7 Price moved below its 20 day moving average: Score: +1 to -1<\/p>\n

\u00b7 Daily momentum indicators remain positive: Score: +1<\/p>\n

\u00b7 Total score: 2-2-1+1= 0<\/p>\n

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 <\/p>\n

S&P 500 Momentum Barometers<\/strong><\/font><\/p>\n

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The intermediate term Barometer added 1.80 to 60.00. It changed from Neutral to Overbought on a return to 60.00.<\/p>\n

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The long term Barometer dropped 2.60 to 56.00. It remains Neutral.<\/p>\n

 <\/p>\n

TSX Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image014\"<\/a><\/p>\n

The intermediate term Barometer was unchanged at 64.22. It remains Overbought.<\/p>\n

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The long term Barometer slipped 0.43 to 61.64. It remains Overbought.<\/p>\n

<\/b><\/p>\n

Disclaimer:<\/b> Seasonality ratings and technical ratings offered in this report and at<\/em><\/p>\n

www.equityclock.com<\/em><\/a> 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<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-opening Comments for Tuesday May 2nd U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points at 8:30 AM EDT. President Biden has called for a meeting on May 9th with Congressional leaders to discuss the Federal government debt limit. Treasury secretary Janet Yellen noted that the debt limit could […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-165787","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/165787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/comments?post=165787"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/165787\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=165787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=165787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=165787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}