Tech Talk for Tuesday May 10th 2022

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Pre-opening Comments for Tuesday May 10th

U.S. equity index futures were higher this morning. S&P 500 futures were up 36 points in pre-opening trade.

Microchip Technology added $1.69 to $66.00 after reporting record fourth quarter revenues. The company also offered positive guidance.

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Peloton plunged $3.74 to $10.39 after recording a third quarter loss. The company also lowered guidance.

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Bausch Health dropped $2.26 to US$10.74 after recording a first quarter loss.

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Pfizer slipped $0.67 to $47.97 after announcing purchase of a remaining interest in Biohaven for $11.6 billion.

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EquityClock’s Daily Comment

Headline reads “The “sell everything” market has turned its sights on some of this year winners, which had already been showing signs of buying exhaustion in recent weeks”.

 

Following is the link:

http://www.equityclock.com/2022/05/09/stock-market-outlook-for-may-10-2022/

 

Technical Notes for Monday May 9th

Dow Jones Industrial Average SPDRs $DIA moved below $321.85 extending an intermediate downtrend.

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Editor’s Note: The Dow Jones Industrial Average moved below its February 24th low at 32,272.64

Industrial SPDRs $XLI moved below $93.09 extending an intermediate downtrend.

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EAFE iShares $EFA moved below $66.54 extending an intermediate downtrend.

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BMO Equal Weight Emerging Markets ETF $ZEM.TO moved below $19.12 extending an intermediate downtrend.

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Pacific ex Japan iShares $EPP moved below $44.40 extending an intermediate downtrend.

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Metals & Mining iShares $XME moved below $53.15 extending an intermediate downtrend.

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Oil Services ETF $OIH moved below $252.95 completing a Head & Shoulders pattern.

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U.S. REIT iShares $IYR moved below $96.65 extending an intermediate downtrend.

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Docusign $DOCU moved below $71.00 extending an intermediate downtrend.

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Seattle Genetics $SGEN a NASDAQ 100 stock moved below $117.46 extending an intermediate downtrend.

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BHP $BHP one of the world’s largest base metals producers moved below $63.37 and $63.85 completing a Head & Shoulders pattern.

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ManuLife Financial $MFC.TO moved below $24.48 completing a double top pattern.

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Rogers Communications $RCI.B.TO a TSX 60 stock moved below Cdn$66.40 and Cdn$64.31 setting an intermediate downtrend.

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Franco-Nevada $FNV.TO a TSX 60 stock moved below Cdn$188.99 completing a double top pattern.

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Agnico-Eagle (AEM.TO) a TSX 60 stock moved below $70.43 completing a Head & Shoulders pattern.

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First Majestic Silver $AG $FR.TO moved below US$9.28 and Cdn$11.86 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 9th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May 9th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 9th 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 plunged 7.01 to 20.84 yesterday. It remains Oversold. Trend remains down. No signs of a bottom yet!

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The long term Barometer dropped 3.61 to 31.46 yesterday. It remains Oversold. Trend remains down.

 

TSX Momentum Barometers

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The intermediate term Barometer plunged 9.05 to 15.84 yesterday. It remains Oversold. Trend remains down. No signs of a bottom yet!

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The long term Barometer plunged 8.14 to 34.39 yesterday. It changed from Neutral to Oversold on a move below 40.00. Trend remains 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.




4 Responses to “Tech Talk for Tuesday May 10th 2022”

  1. Ron/BC Says:

    Is everyone still under the bed with the dust bunnies??????

  2. Rol lew Says:

    Hello, Who is it? Who’s there?

    https://tse4.mm.bing.net/th?id=OIP.kDSinxz0s5qrT0Upirq3XQAAAA&pid=Api&P=0&w=171&h=171

  3. Rol Lew Says:

    https://www.sectorspdr.com/sectorspdr/tools/sector-tracker
    Today was a turnaround day for many at their 2022 lows

    https://www.youtube.com/watch?v=90WD_ats6eE&ab_channel=BobDylanVEVO

  4. Kam Says:

    Hello folks,

    Long time no see. Thought I should post here once a while too. Not posting anywhere else either.

    Rol Lew, I remember you saying other day that people who know where market bottoms don’t post here. Well, I am back,lol

    I still follow EW so according to that we should go no lower than $3925 to finish off wave IV and should do impulse move up,hopefully, to call it a bottom and that could take us towards 5500.
    However if we break below 3915-3900 then this wave is extended and can run towards 3700 but its less likely however who knows. Afterall, its a probability not certainty.
    There you go. I have started buying small positions regardless and also buying Bitcoin ETFs in Canada and Bito.

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