{"id":176678,"date":"2024-05-23T02:22:00","date_gmt":"2024-05-23T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=176678"},"modified":"2024-05-23T08:38:28","modified_gmt":"2024-05-23T12:38:28","slug":"tech-talk-for-thursday-may-23rd-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/05\/23\/tech-talk-for-thursday-may-23rd-2024\/","title":{"rendered":"Tech Talk for Thursday May 23rd 2024"},"content":{"rendered":"

Pre-opening Comments for Thursday May 23rd<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning.<\/b> S&P 500 futures were up 37 points at 8:30 AM EDT.<\/em><\/p>\n

Nvidia j<\/b>umped $58.83 to an all-time high at $1008.33 after reporting higher than consensus first quarter revenues and earnings. The company also raised second quarter guidance and announced a 10 for 1 stock split effective June 7th<\/sup><\/em><\/p>\n

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Dupont<\/b> advanced $3.70 to $82.25 after announcing plans to split the company into three new companies.<\/em><\/p>\n

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Snowflake<\/b> added $7.82 to $171.16 after reporting higher than consensus first quarter revenues. <\/em><\/p>\n

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VF Corp<\/b> dropped $0.97 to $11.36 after reporting less than consensus first quarter revenues. <\/em><\/p>\n

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 <\/p>\n

EquityClock\u2019s Highlight for May 23rd<\/sup><\/strong><\/font><\/em><\/p>\n

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

Core-cyclical sectors starting to roll over below their March peaks, emphasizing the risk-aversion that is propagating through the market.<\/em><\/b><\/p>\n

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

See: <\/em><\/b>https:\/\/equityclock.com\/2024\/05\/22\/stock-market-outlook-for-may-23-2024\/<\/em><\/b><\/a> <\/em><\/b><\/p>\n

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

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

S&P Energy Index<\/b> $SPEN moved below 698.16 extending an intermediate downtrend.<\/p>\n

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Schlumberger <\/b>$SLB a NASDAQ 100 stock moved below $46.90 extending an intermediate downtrend.<\/p>\n

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Intuitive Surgical<\/b> $ISRG a NASDAQ 100 stock moved above $403.76 to an all-time high extending an intermediate uptrend. <\/p>\n

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CAE<\/b> $CAE.TO a TSX 60 stock moved below Cdn$25.35 and Cdn$24.75 extending an intermediate downtrend.<\/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 22nd<\/sup> 2024<\/p>\n

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

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

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

 <\/p>\n

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

Daily Seasonal\/Technical Commodities Trends for May 22nd <\/sup>2024<\/p>\n

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Green: Increase from previous day<\/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 22nd<\/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

Next Canadian Association for Technical Analysis Presentation<\/strong><\/font><\/p>\n

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

Next CATA presentation on Zoom is this evening at 8:00 PM EDT. Presenter is Brooke Thackray<\/strong><\/em><\/font>. Everyone is welcome. Not a member of CATA? Contact https:\/\/canadianata.ca\/<\/a><\/p>\n

 <\/p>\n

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

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

Metals trade shining brightly<\/b><\/p>\n

Here’s what’s driving the price of copper and other metals higher \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

What happens when the VIX trades below 12%: Guy Adami and Liz Young<\/b><\/p>\n

Live Market Analysis: $SPY $VIX $DXY $NVDA $TGT \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Fed minutes indicate worries over the lack of progress on inflation: Steve Leisman<\/b><\/p>\n

Fed minutes indicate worries over the lack of progress on inflation \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

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

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The intermediate term momentum Barometer dropped 3.20 to 57.40. It changed from Overbought to Neutral on a drop below 60.00. Daily trend has started to trend down.<\/p>\n

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The long term momentum Barometer dropped 0.40 to 78.40. It remains Overbought.<\/p>\n

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

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The intermediate term momentum Barometer plunged 8.07 to 60.54. It remains Overbought. Daily trend has turned down.<\/p>\n

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The long term momentum Barometer slipped 0.45 to 71.75. 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 23rd U.S. equity index futures were higher this morning. S&P 500 futures were up 37 points at 8:30 AM EDT. Nvidia jumped $58.83 to an all-time high at $1008.33 after reporting higher than consensus first quarter revenues and earnings. The company also raised second quarter guidance and announced a 10 […]<\/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-176678","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176678","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=176678"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176678\/revisions"}],"predecessor-version":[{"id":176688,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176678\/revisions\/176688"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=176678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=176678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=176678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}