{"id":176818,"date":"2024-05-29T02:22:00","date_gmt":"2024-05-29T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=176818"},"modified":"2024-05-29T08:51:43","modified_gmt":"2024-05-29T12:51:43","slug":"tech-talk-for-wednesday-may-29th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/05\/29\/tech-talk-for-wednesday-may-29th-2024\/","title":{"rendered":"Tech Talk for Wednesday May 29th 2024"},"content":{"rendered":"

Pre-opening Comments for Wednesday May 29th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were lower this morning<\/b>. S&P 500 futures were down 35 points at 8:30 AM EDT.<\/em><\/p>\n

Robinhood Markets<\/b> advanced $0.92 to $21.39 after the company approved a $1 billion share buyback program.<\/em><\/p>\n

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American Airlines<\/b> dropped $0.54 to $12.90 after the company lowered earnings guidance. Delta Airlines and United Airlines<\/b> also moved lower following the news. <\/em><\/p>\n

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National Bank<\/b> is expected to open higher after reporting higher than consensus fiscal second quarter earnings. The Bank also raised its dividend.<\/em><\/p>\n

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More technical evidence that U.S. equity prices have passed an intermediate peak!<\/b> Equal weight S&P 500 ETF moved below its 20 day moving average at $165.33 and its 50 day moving average at $164.81. At best, their intermediate prospects now face significant overhead resistance and, at worst, could complete a double top pattern on a move below $158.83.<\/em><\/p>\n

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EquityClock Outlook for May 29th<\/sup><\/strong><\/font><\/em><\/p>\n

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Topping patterns in a number of areas of the market has forced us to expand our list of market segments to Avoid.<\/em><\/p>\n

See: <\/em>https:\/\/equityclock.com\/2024\/05\/28\/stock-market-outlook-for-may-29-2024\/<\/em><\/a><\/p>\n

 <\/p>\n

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

Dow Jones Industrial Average<\/b> extended its move below its 20 day moving average at 39,171.16 and moved below its 50 day moving average at 38,905.36. Negative strength relative to the S&P 500 Index was extended. Early signs of a double top?<\/p>\n

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Micron <\/b>$MU a NASDAQ 100 stock moved above $130.54 to an all-time high extending an intermediate uptrend. <\/p>\n

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S&P 100 stocks<\/b> moving below support and extending an intermediate downtrend included Ford, Kraft Heinz, Accenture, CVS Health and Intuit.<\/p>\n

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NASDAQ 100<\/b> stock moving below support and extending an intermediate downtrend included Monster Beverage, Atlassian, Costar and Zscaler<\/p>\n

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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 28th<\/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

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

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

Daily Seasonal\/Technical Commodities Trends for May 28th<\/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

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

Daily Seasonal\/Technical Sector Trends for May 28th<\/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

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Link offered by a valued provider<\/strong><\/font><\/p>\n

What Happens to GOOGL When This Negative Divergence Executes<\/b><\/p>\n

What Happens to GOOGL When This Negative Divergence Executes \u2013 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 dropped 6.00 to 43.60. It remains Neutral. Daily trend is down.<\/p>\n

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The long term Barometer dropped 2.00 to 71.00. It remains Overbought. Daily trend is down.<\/p>\n

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

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The intermediate term Barometer dropped 1.35 to 58.74. It changed from Overbought to Neutral on a drop below 60.00. <\/p>\n

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The long term Barometer slipped 0.45 to 67.71. 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 Wednesday May 29th U.S. equity index futures were lower this morning. S&P 500 futures were down 35 points at 8:30 AM EDT. Robinhood Markets advanced $0.92 to $21.39 after the company approved a $1 billion share buyback program. American Airlines dropped $0.54 to $12.90 after the company lowered earnings guidance. Delta Airlines […]<\/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-176818","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176818","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=176818"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176818\/revisions"}],"predecessor-version":[{"id":176828,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176818\/revisions\/176828"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=176818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=176818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=176818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}