Tech Talk for Thursday May 24th 2018

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Pre-opening Comments for Thursday May 24th

U.S. equity index futures were lower this morning. S&P futures were down 4 points in pre-opening trade.

Index futures were virtually unchanged following release of Weekly Jobless Claims at 8:30 AM EDT. Consensus was 220,000 versus a revised 223,000 last week. Actual was 234,000.

Royal Bank (RY $101.12) is expected to open higher after reporting higher than consensus fiscal second quarter earnings.

Toronto Dominion (TD $75.50) is expected to open higher after reporting higher than consensus fiscal second quarter earnings.

Ralph Lauren (RL $133.26) is expected to open higher after Cowen raised its target price on the stock to $150 from $122.

Caesar’s Entertainment added $0.35 to $12.85 after JP Morgan initiated coverage with an Overweight rating and a $16 target.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/05/23/stock-market-outlook-for-may-24-2018/

Note seasonality charts on Crude Oil Days of Supply, Gasoline Days of Supply, Crude Oil and New Home Sales.

StockTwits Released Yesterday @EquityClock

European equity markets continue to struggle. Eurozone iShares $EZU moved below $44.00 setting an intermediate downtrend.

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Technical action by S&P 500 stocks to 10:00: Quietly bullish. Intermediate breakouts: $TIF $LOW $RL. Breakdown: $HPE.

Editor’s Note: After 10:00 AM EDT, intermediate breakouts included NFLX and SEE. Breakdown: ES.

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Netflix $NFLX, one of the FAANG stocks moved above $338.82 to an all-time high extending an intermediate uptrend.

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New Home Sales down 1.5% (NSA) in April vs 0.7% average decline for the month #Housing #Economy $MACRO.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for May 23rd 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for May 23rd 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Sector Trends for May 23rd 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P Momentum Barometer

The Barometer was unchanged at 62.20 yesterday. It remains intermediate overbought.

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TSX Momentum Barometer

The Barometer added another 2.06 to 73.25 yesterday. It remains intermediate overbought.

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Disclaimer: Seasonality and technical ratings offered in this report and at

www.equityclock.com 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

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15 Responses to “Tech Talk for Thursday May 24th 2018”

  1. Sandra Says:

    Hi Kam, what does your wave say about MU?

    Thks

  2. Larry/ON Says:

    MSFT – I really like this stock. Down slightly today after a new high yesterday. Fundamentally it has everything going for it with rising revenues as a big player in cloud computing. On a technical basis it just slowly grinds higher without getting overbought. Now up about 17% YTD. Very consistent performer. Fantastic core holding.

  3. Ana Says:

    Oh no, I just read all of the comments from yesterday.

    My “stock pumping” comment was just an observation, no reason to stop because I noticed what was going on.

    (There is no jail time for stock pumping!) 😀 😀 😀

  4. Larry/ON Says:

    I would never dream that any of us could make a stock move that trades $5 Billion in shares in a day by posting on “Dvtechtalk.” We are real movers and shakers!

  5. Larry/ON Says:

    NFLX – Bought it on the advice of my daughter who is a software engineer and knows some of the technical aspects of how they stream movies to your home which apparently they can do in a more reliable way than any other third party through the telecom companies’ infrastructure. They have gone big time into production of content which is shaking up the industry.

  6. kam Says:

    Sandra

    re-1

    LOL. Its not my wave. I have tail which is usually pulled by my family members as they wish 🙂

    Support and targets on MU were posted on Same day when it hit iii wave,Here:

    Kam Says:
    May 22nd, 2018 at 9:43 pm
    MU,

    If the EWave on MU is working as is, Wave iv support is $58.78-$57.71 and shouldn’t drop past $57 to keep target intact. and then ‘v’th wave target is $63.27. Later

    I just checked. Sounds like its on the way .

  7. Larry/ON Says:

    MU – Looks now to be moving the last two days in a more methodical way with the top of the Bollinger Band more or less limiting further upward movement. It shot twice far above the band on two days and then was beaten back down. 63.42 is the moment of truth if you are looking at taking out the previous high while KAM has the 63.27 target which is very close to it.

    I think longer term you are looking for $75 and higher. No doubt traders are going to create volatility on the way with retracements as it gets overbought. If you look at a one year chart have a look at the area between the Nov 2017 high and the March 2018 rally through it and compare it to the set-up we have now. It looks similar. Are we looking at a repeat pushing through the March high? If you draw trend lines it would still be within trend if you pushed through and went to much higher levels.

  8. Sandra Says:

    Mu: Inverse H&S completed on daily chart.

  9. FishFat Says:

    I am watching Alimentation Couche-Tard (ATD/b.to).

    On the weekly chart you can see it has been in a trading range for three years and is currently on the lower end of the range.

    On the daily chart there may be a double bottom forming that could establish a turning point. There is positive divergence of MACD coinciding with the double bottom. Yesterday a bullish engulfing candlestick formed with strong volume. I normally do not put much emphasis on the candlestick patterns as they are very short term indicators – but in this case the engulfing candlestick does help to signal a potential double bottom.

    For me it is not a buy yet. I will get more interested when the price moves above resistance at 54.75. Ideally the SCTR should also move above the 25-level. At the same time I would like to see the Full STO on the weekly chart move above the 20-level. And the modified MACD make a bullish cross.

    Weekly Chart
    http://schrts.co/ZGAUVz

    Daily Chart
    http://schrts.co/Y1SLzu

  10. Ana Says:

    #8. Sandra,

    I do not see an I H & S. Can you post a chart?

  11. Sandra Says:

    Ana-

    http://schrts.co/aq39kJ

  12. Sandra Says:

    Ana, your opinion matters. Have I been hallucinating? Hehehe!

  13. Ana Says:

    #12. Sandra,

    Sorry, I just can not see the I H & S.

    I am not well so maybe my brain is foggy.

  14. Sandra Says:

    Ana, are u not able to see amounts I circled that form I H&S?

    Posting chart again from another site : https://www.tradingview.com/x/Wt12mHEA/

  15. Ana Says:

    #14. Sandra,

    Sorry, when I was looking at the first link, something went wrong with my computer so I did not see your circles. I now have to sign into this site every time that I post. I wonder if that is just happening on my computer.

    I see the pattern now. Good job to see this pattern, I did not see it when I was looking at it before.

    The target that I have calculated is 65. 81.

    Thank you for the second link.

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