{"id":176562,"date":"2024-05-17T02:22:00","date_gmt":"2024-05-17T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=176562"},"modified":"2024-05-17T08:53:16","modified_gmt":"2024-05-17T12:53:16","slug":"tech-talk-for-friday-may-17th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/05\/17\/tech-talk-for-friday-may-17th-2024\/","title":{"rendered":"Tech Talk for Friday May 17th 2024"},"content":{"rendered":"

Editor\u2019s Note:<\/b> Next Tech Talk report is released on Tuesday. Monday is a federal statutory holiday<\/em><\/font><\/font> in Canada. <\/em><\/font><\/p>\n

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

Pre-opening Comments for Friday May 17th<\/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 8:30 AM EDT.<\/em><\/p>\n

Cracker Barrel<\/b> dropped $6.36 to $50.91 after lower fiscal third and fourth revenue and earnings guidance.<\/em><\/p>\n

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Doximity<\/b> advanced $3.36 to $27.10 after reporting higher than consensus fiscal fourth quarter results. <\/em><\/p>\n

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DXC Technology<\/b> dropped $4.00 to $15.88 after reporting less than consensus first quarter results. The company also lowered guidance. <\/em><\/p>\n

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Reddit<\/b> advanced $5.27 to $61.65 after entering into a partnership with Chat GPT maker Open AI.<\/em><\/p>\n

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 <\/p>\n

EquityClock Highlight for May 17th<\/sup><\/strong><\/font><\/em><\/p>\n

The increased demand on the power grid as a result of the Artificial Intelligence (AI) boom is finally showing up in electric utility production, which just reported the third strongest April change on record.<\/em><\/b><\/p>\n

See: <\/em>https:\/\/equityclock.com\/2024\/05\/16\/stock-market-outlook-for-may-17-2024\/<\/em><\/a><\/p>\n

 <\/p>\n

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

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

Australia iShares<\/b> $EWA moved above $25.04 to an all-time high extending an intermediate uptrend. <\/p>\n

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Financial SPDRs<\/b> $XLF moved above $42.22 to an all-time high extending an intermediate uptrend. <\/p>\n

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Natural Gas ETN<\/b> $UNG moved above intermediate resistance at $17.98<\/p>\n

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More technical evidence that China\u2019s equity market is trending higher led by the technical sector! China Internet ETF KWEB<\/b> moved above $31.52 extending an intermediate uptrend. Units have advanced 41% since late January.<\/p>\n

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Walmart <\/b>$WMT a Dow Jones Industrial Average stock moved above $61.44 to an all-time high extending an intermediate uptrend.<\/p>\n

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Broadcom<\/b> $AVGO an S&P 100 stock moved above $1,432.07 to an all-time high extending an intermediate uptrend.<\/p>\n

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Alphabet <\/b>$GOOGL a NASDAQ 100 stock moved above $174.71 to an all-time high extending an intermediate uptrend.<\/p>\n

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Trade Desk<\/b> $TTD a NASDAQ 100 stock moved above $94.00 to a 30 month high 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 16th<\/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 16th <\/sup>2024<\/p>\n

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

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

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

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

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

Daily Seasonal\/Technical Sector Trends for May 16th<\/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

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

Spot copper futures prices briefly moved above $5.04 to an all-time high<\/b>.<\/p>\n

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

 <\/p>\n

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

Copper Short Squeeze Rocks Metal Markets<\/b><\/p>\n

Copper Short Squeeze Rocks Metal Markets \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

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

Bad News for Bears! S&P 500 Hits New All Time High: Tom Bowley<\/b><\/p>\n

Bad News for Bears! S&P 500 Hits New All Time High \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Live Trade Ideas & Updates: $SPY, $CSCO, $DELL, $INTC, $WMT, $KWEB, $XBI, $ARKK: Dan Nathan, Guy Adami and Carter Worth<\/b><\/p>\n

Live Trade Ideas & Updates: $SPY, $CSCO, $DELL, $INTC, $WMT, $KWEB, $XBI, $ARKK \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

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

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

The intermediate term Barometer slipped 1.80 to 62.60. It remains Overbought.<\/p>\n

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

The long term Barometer added 0.20 to 79.80. It remains Overbought. Daily trend remains up.<\/p>\n

 <\/p>\n

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

\"clip_image018\"<\/a><\/p>\n

The intermediate term Barometer added 2.24 to 67.26. It remains Overbought. Daily trend remains up.<\/p>\n

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

The long term Barometer added 0.90 to 71.30. It remains Overbought. Daily trend remains up.<\/p>\n

 <\/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":"

Editor\u2019s Note: Next Tech Talk report is released on Tuesday. Monday is a federal statutory holiday in Canada. Pre-opening Comments for Friday May 17th U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points at 8:30 AM EDT. Cracker Barrel dropped $6.36 to $50.91 after lower fiscal third and fourth […]<\/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-176562","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176562","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=176562"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176562\/revisions"}],"predecessor-version":[{"id":176572,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176562\/revisions\/176572"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=176562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=176562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=176562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}