Tech Talk for Wednesday May 22nd 2019

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Pre-opening Comments for Wednesday May 22nd

U.S. equity index futures were lower this morning. S&P 500 futures were down 13 points in pre-opening trade.

The Canadian Dollar was virtually unchanged at U.S. 74.67 cents following release of March Canadian Retail Sales at 8:30 AM EDT. Consensus was an increase of 1.0% versus a gain of 0.8% in February. Actual was an increase of 1.1%.

Lowe’s dropped $8.10 to $103.00 after reporting lower than consensus first quarter sales and earnings. The company also lowered guidance.

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Commerce Bank (CM.TO $112.12) is expected to open lower after reporting slightly lower than consensus fiscal second quarter earnings.

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Target gained $5.35 to $77.31 after reporting higher than consensus first quarter sales and earnings.

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Nordstrom dropped $3.85 to $34.00 after reporting lower than consensus first quarter sales and earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/05/21/stock-market-outlook-for-may-22-2019/

Note seasonality chart on Existing Home Sales.

 

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quietly mixed. Intermediate breakout: $ABBV. Breakdowns: $KSS $VAR

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Dollarama $DOL.CA, a TSX 60 stock moved above $42.27 extending an intermediate uptrend after Wells Fargo upgraded the stock to Outperform from Market Perform. Target was raised to $48 from $34.

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CGI Group $GIB.A $GIB, a TSX 60 stock moved above $98.00 Cdn to an all-time high extending an intermediate uptrend.

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Extendicare $EXE.CA moved above $8.10 extending an intermediate uptrend

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Cott Corp $BCB.CA moved below $17.85 extending an intermediate downtrend.

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U.S. Dollar Index ETN $UUP moved above $26.35 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 21st 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 21st 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 21st 2019

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Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

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The Barometer dropped on Monday, but more than recovered yesterday to close at 50.40. It remains intermediate neutral and trending down.

 

TSX Momentum Barometer

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The Barometer added 1.26 to 51.88 yesterday. It remains intermediate neutral.

 

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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