{"id":176519,"date":"2024-05-16T02:22:00","date_gmt":"2024-05-16T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=176519"},"modified":"2024-05-16T08:48:55","modified_gmt":"2024-05-16T12:48:55","slug":"tech-talk-for-thursday-may-16th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/05\/16\/tech-talk-for-thursday-may-16th-2024\/","title":{"rendered":"Tech Talk for Thursday May 16th 2024"},"content":{"rendered":"

Pre-opening Comments for Thursday May 16th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning.<\/b> S&P 500 futures were up 3 points at 8:35 AM EDT<\/em><\/p>\n

S&P 500 futures slipped 3 points following release of U.S. economic news at 8:30 AM EDT<\/b>. Consensus for April U.S. Housing Starts was an increase to 1.410 million units from 1.321 million units in March. Actual was 1.360 million units. Consensus for the May Philly Fed Index was 7.7 versus 15.5 in April. Actual was 4.5.<\/em><\/p>\n

Cisco Systems<\/b> added $2.23 to $51.90 after reporting higher than consensus fiscal third quarter revenues and earnings. <\/em><\/p>\n

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Yum Brands<\/b> added $0.28 to $138.62 after announcing a $2 billion share buyback program<\/em><\/p>\n

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Chubb a<\/b>dvanced $16.57 to $269.54 after Berkshire Hathaway announced purchase of a new position in the stock.<\/em><\/p>\n

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Walmart <\/b>added $4.01 to $63.84 after reporting higher than consensus first quarter revenues and earnings.<\/em><\/p>\n

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EquityClock Headline for May 16th<\/sup><\/strong><\/font><\/em><\/p>\n

The breakout of the short-term Treasury bond ETF is suggesting that the consolidation phase that the bond market has been in this year has come to an end.<\/em><\/b><\/p>\n

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

See: <\/em><\/b>https:\/\/equityclock.com\/2024\/05\/15\/stock-market-outlook-for-april-16-2024-2\/<\/em><\/a><\/p>\n

 <\/p>\n

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

S&P 500 Index <\/b>moved above 5,264.85 and S&P 500 SPDRs<\/b> moved above $524.61 to all-time highs extending an intermediate uptrend. <\/p>\n

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Dow Jones Industrial Average <\/b>moved above 39,868.59 and Dow Jones Industrial Average SPDRs<\/b> moved above $398.61 to all-time highs extending an intermediate uptrend.<\/p>\n

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All-time highs set by the S&P 500 Index and Dow Jones Industrial Average were triggered by a move by Technology SPDRs<\/b> $XLK above $212.00 to an all-time high extending an intermediate uptrend. <\/p>\n

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Global Water ETF<\/b> $CGW moved above $59.03 to an all-time high extending an intermediate uptrend. <\/p>\n

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Gold Miners ETF<\/b> $GDX moved above $35.67 extending an intermediate uptrend.<\/p>\n

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Base Metals ETN<\/b> $DBB (Equal weight in copper, zinc and aluminum) moved above $20.78 to a two year high extending its intermediate uptrend.<\/p>\n

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Pharmaceutical ETF<\/b> $PPH moved above $90.62 to an all-time high extending an intermediate uptrend.<\/p>\n

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Biogen<\/b> $BIIB a NASDAQ 100 stock moved above intermediate resistance at $230.22<\/p>\n

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 <\/p>\n

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

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

Daily Seasonal\/Technical Equity Trends for May 15th<\/sup> 2024<\/p>\n

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

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

Source for all positive seasonality ratings: <\/em>www.EquityClock.com<\/em><\/a><\/p>\n

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

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

Daily Seasonal\/Technical Commodities Trends for May 15th <\/sup>2024<\/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

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

Daily Seasonal\/Technical Sector Trends for May 15th<\/sup> 2024<\/p>\n

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

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

 <\/p>\n

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

China Tariffs Drive Upside for Rare Earth Minerals: Dave Keller and Mish Schneider<\/b><\/p>\n

China Tariffs Drive Upside for Rare Earth Minerals \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Powerful Entry Strategy Using One Moving Average: Joe Rabil<\/b><\/p>\n

Powerful Entry Strategy Using One Moving Average \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Here’s why BMO Capital hiked S&P 500 target to the highest on Wall Street<\/b><\/p>\n

Here’s why BMO Capital hiked S&P 500 target to the highest on Wall Street – YouTube<\/a><\/p>\n

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

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The intermediate term Barometer added 3.40 to 64.40. It remains Overbought. Daily trend remains up.<\/p>\n

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The long term Barometer added 0.40 to 79.60. It remains Overbought. Daily trend remains up.<\/p>\n

 <\/p>\n

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

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The intermediate term Barometer added 0.45 to 65.02. It remains Overbought.<\/p>\n

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The long term Barometer dropped 1.35 to 70.40. 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 Thursday May 16th U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points at 8:35 AM EDT S&P 500 futures slipped 3 points following release of U.S. economic news at 8:30 AM EDT. Consensus for April U.S. Housing Starts was an increase to 1.410 million units from […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-176519","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176519","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=176519"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176519\/revisions"}],"predecessor-version":[{"id":176529,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176519\/revisions\/176529"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=176519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=176519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=176519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}