Tech Talk for Thursday May 23rd 2019

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Pre-opening Comments for Thursday May 23rd

U.S. equity index futures were lower this morning. S&P 500 futures were down 25 points in pre-opening trade.

Index futures were virtually unchanged following release of the Weekly Jobless Claims report at 8:30 AM EDT. Consensus was an increase to 215,000 from 212,000 last week. Actual was 211,000

Best Buy added $1.97 to $71.14 after reporting higher than consensus first quarter earnings.

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Target (TGT $77.56) is expected to open higher after JP Morgan upgraded the stock to Overweight from Neutral. Target price was raised to $100 from $81.

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Royal Bank (RY $105.18) is expected to open higher after reporting higher than consensus fiscal second quarter earnings.

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Toronto Dominion Bank (TD $73.85) is expected to open higher after reporting higher than consensus fiscal second quarter earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/05/22/stock-market-outlook-for-may-23-2019/

Note seasonality charts on Crude Oil Days of Supply and Canadian Retail Sales.

 

Observation

Strength in the U.S. Dollar Index and related ETN took its toll on commodity and commodity equity prices.

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StockTwits released yesterday @EquityClock

Painted Pony Petroleum $PONY.CA moved below $1.26 to a 10 year low extending an intermediate downtrend.

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Technical action by S&P 500 stocks to 10:00: Quiet. One intermediate breakout: $MA. No intermediate downtrends.

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Editor’s Note: After 10:00 AM EDT, intermediate breakouts included AJG, UAA, HUM and ABC. Breakdowns included DLPH, GM, AAL and LOW.

Canada Retail Trade up 21.0% (NSA) in March, stronger than the 19.1% increase that is average for the month. $MACRO #CDNecon #CAD

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First Majestic Silver $AG moved below $5.65 extending an intermediate downtrend

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EIA is indicating that the days of supply of gasoline plunged last week to one of the lowest levels for this time of year on record. #Questionable $USO $UGA $XOP $XLE

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Junior Gold Miners ETF $GDXJ moved below $28.04 extending an intermediate downtrend

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Celestica $CLS.CA moved below $9.29 to a six year low extending an intermediate downtrend.

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Lowe’s $LOW moved below $97.14 after badly missing first quarter consensus estimates

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 22nd t 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 22nd 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 22nd 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 slipped 1.80 to 48.60 yesterday. It remains intermediate neutral and trending down.

 

TSX Momentum Barometer

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The Barometer slipped 1.68 to 50.00 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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