Tech Talk for Tuesday May 3rd 2022

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Pre-opening Comments for Tuesday May 3rd

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.

Avis advanced $19.44 to $300.00 after reporting a swing to a first quarter profit.

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Clorox dropped $2.98 to $140.30 after lowering earnings guidance.

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Expedia gained $2.69 to $177.50 after narrowing its first quarter loss.

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Devon Energy added $1.60 to $59.95 after announcing a dividend increase and a share buyback increase.

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EquityClock’s Daily Comment

Headline reads “Defensive sectors may be down, but certainly are not out”. Following is a link:

http://www.equityclock.com/2022/05/02/stock-market-outlook-for-may-3-2022/

 

Technical Notes released yesterday at

StockTwits.com@EquityClock

S&P 500 SPDRs $SPY moved below $409.37 extending an intermediate downtrend.

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Equal Weight S&P 500 ETF $RSP moved below $145.51 extending an intermediate downtrend.

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Consumer Discretionary SPDRs $XLY moved below $161.24 extending an intermediate downtrend.

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Retail SPDRs $XRT moved below $69.90 extending an intermediate downtrend.

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Dow Jones Transportation Average iShares $IYT moved below $239.05 and $239.61 extending an intermediate downtrend.

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S&P Mid-cap 400 SPDRs $MDY moved below $451.83 extending an intermediate downtrend.

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Water Resources ETF $PHO moved below $48.57 extending an intermediate downtrend.

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Israel iShares $EIS moved below $67.59 extending an intermediate downtrend.

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TSX REIT iShares $XRE.CA moved below Cdn$18.82 extending an intermediate downtrend.

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Gold stocks are responding to lower gold prices. Franco-Nevada $FNV a TSX 60 stock moved below US$149.26. Kinross Gold $KGC moved below $US$4.87 extending an intermediate downtrend.

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Cognizant $CTSH a NASDAQ 100 stock moved below $80.73 extending an intermediate downtrend.

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NextEra Energy $NEE an S&P 100 stock moved below $69.41 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 2nd 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 2nd 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 2nd 2021

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Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX)

 

S&P 500 Momentum Barometers

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The intermediate term Barometer dropped 2.61 to 25.05 yesterday. It remains Oversold. Trend is down.

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The long term Barometer slipped 1.00 to 36.07 yesterday. It remains Oversold. Trend is down.

 

TSX Momentum Barometers

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The intermediate term Barometer dropped 5.48 to 21.00 yesterday. It remains Oversold. Trend is down.

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The long term Barometer dropped 5.48 to 46.12 yesterday. It remains Neutral. Trend is down.

 

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.




2 Responses to “Tech Talk for Tuesday May 3rd 2022”

  1. Larry/ON Says:

    Nat Gas spot price right back up again for a second time in two weeks to the 7.70 level which is a resistance point on the chart going back to 2004-2007. Pipeline capacity is a big issue in the US. France utility Engie has signed a new 15 year LNG contract with a US supplier. It has also been a colder than normal spring.

    https://financialpost.com/pmn/business-pmn/u-s-natural-gas-production-growth-wanes-as-need-arises
    https://www.bnnbloomberg.ca/europe-s-engie-buys-more-u-s-lng-with-green-credentials-1.1759939

  2. Larry/ON Says:

    Nat Gas – Quite the break through resistance this morning above 8.00. Gas oriented stocks benefiting are TOU, AAV, BIR. CNQ doing alright. I’m guessing XEG will make a new high close. I don’t think SU has the capacity to move to the same extent as the rest of the market due to the dramatic move it made a few days ago. MEG just had great earnings which shows in the price.

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