{"id":166210,"date":"2023-05-17T08:45:25","date_gmt":"2023-05-17T12:45:25","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=166210"},"modified":"2023-05-17T08:45:25","modified_gmt":"2023-05-17T12:45:25","slug":"tech-talk-for-wednesday-may-17th-2023","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2023\/05\/17\/tech-talk-for-wednesday-may-17th-2023\/","title":{"rendered":"Tech Talk for Wednesday May 17th 2023"},"content":{"rendered":"

Pre-opening Comments for Wednesday May 17th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning.<\/b> S&P 500 futures were up 11 points at 8:35 AM EDT.<\/em><\/p>\n

Index futures were unchanged following release of the April U.S. Housing Starts Report at 8:30 AM EDT<\/b>. Consensus was a slip to 1.400 million units from 1.4200 units in March. Actual was 1.401 million units.<\/em><\/p>\n

Northrop Grumman<\/b> added $1.66 to $437.29<\/b> after increasing its quarterly dividend by 8%.<\/em><\/p>\n

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Target gained $0.43 to $157.34<\/b> after reporting higher than consensus first quarter earnings.<\/em><\/p>\n

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Wynn Resorts advanced $3.13 to $106.18<\/b> after Barclays upgraded the stock from Equal Weight to Overweight. Target was raised from $120 to $135.<\/em><\/p>\n

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TJX slipped $1.09 to $77.13<\/b> after reporting less than consensus first quarter revenues. <\/em><\/p>\n

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 <\/p>\n

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

Headline reads \u201cBuilding materials and garden equipment store sales showing the weakest performance through the first four months of the year in decades, not good for companies like Home Depot<\/strong>\u201d.<\/em><\/p>\n

http:\/\/www.equityclock.com\/2023\/05\/16\/stock-market-outlook-for-may-17-2023\/<\/em><\/a><\/p>\n

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

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

Medical Devices iShares $IHI moved below $55.28 completing a double top pattern. <\/p>\n

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Home Depot $HD a Dow Jones Industrial Average stock moved below $279.93 extending an intermediate downtrend. The company reported lower than consensus first quarter results.<\/p>\n

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Amazon $AMZN an S&P 100 stock moved above $114.00 extending an intermediate uptrend. <\/p>\n

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Advanced Micro Devices $AMD a NASDAQ 100 stock moved above $102.43 extending an intermediate uptrend. <\/p>\n

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Gold equity ETFs $GDX and XGD.TO moved below intermediate support. GDX moved below US$33.06 and XGD.TO moved below Cdn$19.84.<\/p>\n

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Barrick Gold $ABX.TO a TSX 60 stock moved below intermediate support at Cdn$25.49.<\/p>\n

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Agnico-Eagle $AEM.T0 a TSX 60 stock moved below intermediate support at Cdn$75.10.<\/p>\n

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Couche Tard $ATD.TO a TSX 60 stock moved below Cdn$66.00 completing a double top pattern. <\/p>\n

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Trader\u2019s Corner<\/p>\n

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

Daily Seasonal\/Technical Equity Trends for May 16th<\/sup> 2023<\/p>\n

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

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

Commodities<\/p>\n

Daily Seasonal\/Technical Commodities Trends for May16th<\/sup> 2023<\/p>\n

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

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

Sectors<\/p>\n

Daily Seasonal\/Technical Sector Trends for May 16th<\/sup> 2023 <\/p>\n

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

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

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

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

Small Caps Lead As Growth Stocks Strengthen | Tom Bowley | Trading Places (05.16.23)<\/p>\n

Small Caps Lead As Growth Stocks Strengthen | Tom Bowley | Trading Places (05.16.23) – YouTube<\/a><\/p>\n

A.I. arms race heats up: Tech giants compete for leadership:CNBC<\/p>\n

A.I. arms race heats up: Tech giants compete for leadership – YouTube<\/a><\/p>\n

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

Technical score for TSX 60 Index drops from 0 to -4<\/p>\n

\u00b7 Intermediate trend remains Neutral. Score: 0<\/p>\n

\u00b7 Strength relative to S&P 500: changed from Neutral to Negative. Score: 0 to -2<\/p>\n

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

\u00b7 Daily momentum indicators (Stochastics, RSI, MACD) trend remains Down. Score: -1<\/p>\n

\u00b7 Total score now is 0-2-1-1= -4<\/p>\n

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

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The intermediate term Barometer plunged 8.20 to 40.20. It remains Neutral.<\/p>\n

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The long term Barometer dropped 5.80 to 43.80. It remains Neutral. Daily trend is down.<\/p>\n

TSX Momentum Barometers<\/p>\n

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The intermediate barometer dropped 6.90 to 50.00. It remains Neutral.<\/p>\n

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The long term Barometer dropped 4.74 to 55.17. It remains Neutral.<\/p>\n

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

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

Pre-opening Comments for Wednesday May 17th U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points at 8:35 AM EDT. Index futures were unchanged following release of the April U.S. Housing Starts Report at 8:30 AM EDT. Consensus was a slip to 1.400 million units from 1.4200 units in March. […]<\/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-166210","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/166210","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=166210"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/166210\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=166210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=166210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=166210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}