{"id":176719,"date":"2024-05-24T02:22:00","date_gmt":"2024-05-24T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=176719"},"modified":"2024-05-24T08:41:01","modified_gmt":"2024-05-24T12:41:01","slug":"tech-talk-for-friday-may-24th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/05\/24\/tech-talk-for-friday-may-24th-2024\/","title":{"rendered":"Tech Talk for Friday May 24th 2024"},"content":{"rendered":"

Pre-opening Comments for Friday May 24th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning<\/b>. S&P 500 futures were up 17 points at 8:35 AM EDT<\/em><\/p>\n

The Canadian Dollar<\/b> was unchanged at US72.91 cents following release of March Canadian Retail Sales at 8:30 AM EDT. Consensus was a drop of 0.1% versus a decline of 0.1% in February. Actual was a decline of 0.2%. Excluding auto sales, March Retail Sales consensus was a drop of 0.2%. Actual was a decline of 0.6%.<\/em><\/p>\n

Intuit <\/b>dropped $38.76 to $623.50 after offering guidance below consensus.<\/em><\/p>\n

\"clip_image001[1]\"<\/a><\/p>\n

Deckers Outdoor<\/b> advanced $70.35 to $979.75 after reporting higher than consensus fiscal fourth quarter revenues and profits. <\/em><\/p>\n

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Ross Stores<\/b> gained $8.46 to $140.50 after offering guidance above consensus.<\/em><\/p>\n

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Workday <\/b>dropped $27.90 to $233.00 after the company lowered its forecast for subscription revenues. <\/em><\/p>\n

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 <\/p>\n

EquityClock\u2019s Highlight for May 24th<\/sup><\/strong><\/font><\/em><\/p>\n

An outside reversal candlestick on major equity benchmarks is threatening to produce a significant topping pattern.<\/em><\/p>\n

See: <\/em>https:\/\/equityclock.com\/2024\/05\/23\/stock-market-outlook-for-may-24-2024\/<\/em><\/a><\/p>\n

 <\/p>\n

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

Dow Jones Transportation Average iShares<\/b> $IYT moved below $63.91 extending an intermediate downtrend.<\/p>\n

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

Weakness in the transportation sector was led by United Parcel Services<\/b> on a move below intermediate support at $139.79.<\/p>\n

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Nvidia<\/b> $NVDA a NASDAQ 100 stock led the NASDAQ advance in early trading on Friday after reporting higher than consensus quarterly results. Target prices were raised significantly by several brokers<\/p>\n

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Semiconductor <\/b>ETFs $SMH and $SOXX responded to strength in Nvidia by breaking to all-time highs.<\/p>\n

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Cisco<\/b> $CSCO a Dow Jones Industrial Average stock moved below intermediate support at $46.60<\/p>\n

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PDD Holdings<\/b> a NASDAQ 100 stock moved above $974.00 extending an intermediate uptrend.<\/p>\n

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Vertex Pharma<\/b> $VRTX a NASDAQ 100 stock moved above $448.40 to an all-time high extending an intermediate uptrend. <\/p>\n

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Home Depot<\/b> $HD an S&P 100 stock moved below $326.90 completing a Head & Shoulders pattern. <\/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 23rd<\/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 23rd<\/sup> 2024<\/p>\n

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

Green: Increase from previous day<\/b><\/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 23rd<\/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

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

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

Nvidia\u2019s Blow Out Earnings Lifts Futures: Tom Bowley<\/b><\/p>\n

NVDA Blow Out Earnings Lifts Futures \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Live Charts: Guy Adami and Carter Worth<\/b><\/p>\n

Live Charts: $NVDA $SMH $MU $TLT $XLF $AXP $GS \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

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

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

The intermediate term Barometer plunged 11.80 to 45.80. It remains Neutral. Daily downtrend was extended.<\/p>\n

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

The long term Barometer dropped 5.80 to 72.60. It remains Overbought. Daily trend has turned down.<\/p>\n

 <\/p>\n

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

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

The intermediate term Barometer dropped 5.83 to 54.71. It changed from Overbought to Neutral on a drop below 60.00. Daily trend has turned down.<\/p>\n

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

The long term Barometer dropped 4.04 to 67.71. It remains Overbought. Daily trend has turned down.<\/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 Friday May 24th U.S. equity index futures were higher this morning. S&P 500 futures were up 17 points at 8:35 AM EDT The Canadian Dollar was unchanged at US72.91 cents following release of March Canadian Retail Sales at 8:30 AM EDT. Consensus was a drop of 0.1% versus a decline of 0.1% […]<\/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-176719","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176719","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=176719"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176719\/revisions"}],"predecessor-version":[{"id":176729,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176719\/revisions\/176729"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=176719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=176719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=176719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}