{"id":165895,"date":"2023-05-04T02:22:00","date_gmt":"2023-05-04T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=165895"},"modified":"2023-05-04T08:44:34","modified_gmt":"2023-05-04T12:44:34","slug":"tech-talk-for-thursday-may-4th-2023","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2023\/05\/04\/tech-talk-for-thursday-may-4th-2023\/","title":{"rendered":"Tech Talk for Thursday May 4th 2023"},"content":{"rendered":"

Pre-opening Comments for Thursday May 4th<\/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 8:35 AM EDT.<\/em><\/p>\n

Index futures were unchanged after release of the March U.S. Trade Deficit report at 8:30 AM EDT.<\/b> Consensus was a recover to $63.80 billion from $70.05 billion in February. Actual was a deficit of $64.2 billion.<\/em><\/p>\n

First Horizon National dropped $6.21 to $8.90<\/b> after Toronto Dominion Bank withdrew its US$13.4 billion takeover offer.<\/em><\/p>\n

\"clip_image001[5]\"<\/a><\/p>\n

Trip.com dropped $0.95 to $16.15<\/b> after reporting a higher than consensus first quarter loss.<\/em><\/p>\n

\"clip_image002[5]\"<\/a><\/p>\n

QualComm fell $2.62 to $110.20<\/b> after lowering guidance below consensus.<\/em><\/p>\n

\"clip_image003[5]\"<\/a><\/p>\n

Avnet advanced $1.26 to $42.00 <\/b>after reporting higher than consensus fiscal third quarter revenues and earnings.<\/em><\/p>\n

\"clip_image004[5]\"<\/a><\/p>\n

 <\/p>\n

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

Headline reads \u201cDespite a demand backdrop that remains upbeat and supply that is stable, the price of oil has broken down, diverging from the trend of seasonal norms heading through the spring<\/strong>\u201d.<\/em><\/p>\n

http:\/\/www.equityclock.com\/2023\/05\/03\/stock-market-outlook-for-may-4-2023\/<\/em><\/a><\/p>\n

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

Editor\u2019s Note:<\/b> Next Tech Talk report is to released on Monday May 8th<\/sup><\/font><\/em><\/p>\n

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

Responses to FOMC news released at 2:00 PM EDT yesterday<\/strong><\/font><\/p>\n

FOMC raised the Fed Fund Rate by 0.25% to 5.00%-5.25% as expected. It also noted that future changes to the Fed Fund Rate will be \u201cdata dependent\u201d. <\/p>\n

Initially, U.S. equity indices moved higher, but quickly moved lower after Fed Chairman Jerome Powell implied that a reduction in the Fed Fund Rate is unlikely to occur \u201cany time soon\u201d.<\/p>\n

\"clip_image001\"<\/a><\/p>\n

The VIX Index moved higher<\/p>\n

\"clip_image002\"<\/a><\/p>\n

Long term Bond prices moved higher<\/p>\n

\"clip_image003\"<\/a><\/p>\n

U.S. Bank ETF moved sharply lower.<\/p>\n

\"clip_image004\"<\/a><\/p>\n

Regional Bank ETF was notably weaker<\/p>\n

\"clip_image005\"<\/a><\/p>\n

Weakness is expected to extend at the opening today after PacWest announced plans to \u201cexamine strategy options including possible sale\u201d. The Bank is on the list of 11 banks that are experiencing financial distress. The stock dropped another $1.70 to $4.70 after the close.<\/p>\n

\"clip_image006\"<\/a><\/p>\n

 <\/p>\n

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

Solar ETF $TAN moved below $68.60 extending an intermediate downtrend. <\/p>\n

\"clip_image007\"<\/a><\/p>\n

CVS Health $CVS an S&P 100 stock moved below $71.52 extending an intermediate downtrend.<\/p>\n

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

Natural Gas ETN $UNG moved below $6.27 extending an intermediate downtrend.<\/p>\n

\"clip_image009\"<\/a><\/p>\n

Corn ETN $CORN moved below $22.87 extending an intermediate downtrend. <\/p>\n

\"clip_image010\"<\/a><\/p>\n

Selected NASDAQ 100 stocks moved above resistance extending an intermediate uptrend:<\/p>\n

Marriott International moved above $181.12. Biogen moved above $311.88. VeriSign stock moved above $224.56. Verisk moved above $205.91. <\/p>\n

\"clip_image011\"<\/a><\/p>\n

\"clip_image012\"<\/a><\/p>\n

\"clip_image013\"<\/a><\/p>\n

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

Gold stocks responded to higher gold prices. Barrick Gold $ABX.TO moved above Cdn$27.05 and Kinross moved above Cdn$7.16 extending an intermediate uptrend. <\/p>\n

\"clip_image015\"<\/a><\/p>\n

\"clip_image016\"<\/a><\/p>\n

Fortis $FTS.TO a TSX 60 stock moved above Cdn$60.64 extending an intermediate uptrend.<\/p>\n

\"clip_image017\"<\/a><\/p>\n

 <\/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 3rd<\/sup> 2023<\/p>\n

\"clip_image019\"<\/a><\/p>\n

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

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

 <\/p>\n

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

Daily Seasonal\/Technical Commodities Trends for May 3rd<\/sup> 2023<\/p>\n

\"clip_image021\"<\/a><\/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 3rd<\/sup> 2023 <\/p>\n

\"clip_image023\"<\/a><\/p>\n

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

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

 <\/p>\n

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

 <\/p>\n

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

\"clip_image024\"<\/a><\/p>\n

The intermediate term Barometer dropped 1.80 to 45.20. It remains Neutral.<\/p>\n

\"clip_image025\"<\/a><\/p>\n

The long term Barometer dropped 3.60 to 47.60. It remains Neutral.<\/p>\n

 <\/p>\n

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

\"clip_image026\"<\/a><\/p>\n

The intermediate term Barometer slipped 0.43 to 53.45. It remains Neutral.<\/p>\n

\"clip_image027\"<\/a><\/p>\n

The long term Barometer slipped 0.43 to 56.90. It remains Neutral.<\/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 Thursday May 4th U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points at 8:35 AM EDT. Index futures were unchanged after release of the March U.S. Trade Deficit report at 8:30 AM EDT. Consensus was a recover to $63.80 billion from $70.05 billion in February. Actual […]<\/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-165895","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/165895","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=165895"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/165895\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=165895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=165895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=165895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}