Tech Talk for Wednesday May 11th 2022

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Pre-opening Comments for Wednesday May 11th

U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points in pre-opening trade.

Index futures moved lower following release of the U.S. April Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 1.2% in March. Actual was an increase of 0.3%. On a year-over-year basis consensus was an increase of 8.1% versus a gain of 8.5% in March. Actual was an increase of 8.3%. Excluding food and energy, consensus for the April Consumer Price Index was an increase of 0.4% versus a gain of 1.0% in March. Actual was an increase of 0.6%. On a year-over-year basis, consensus was an increase of 6.0% versus an increase of 6.5% in March. Actual was an increase of 6.2%.

Occidental Petroleum added $1.56 to $59.41 after reporting higher than consensus first quarter results.

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Wendy’s dropped $0.80 to $17.30 after reporting lower than consensus first quarter sales and earnings. The company also offered guidance below consensus.

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Eli Lilly gained $4.88 to $290.58 after the FDA approved its drug used for hospitalized COVID patients.

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EquityClock’s Daily Comment

Headline reads “Inventories of goods are rising at the fastest pace on record and it is poised to cap inflationary pressures through the summer”.

Following is the link:

http://www.equityclock.com/2022/05/10/stock-market-outlook-for-may-11-2022/ 

Technical Notes from yesterday

Money Center U.S. Banks iShares $KBE moved below $46.01 extending an intermediate downtrend.

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Capital One $COF an S&P 100 stock moved below $119.88 extending an intermediate downtrend.

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Healthcare Providers iShares $IHF moved below intermediate support at $255.46.

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Oil & Gas Exploration and Production SPDRs $XOP moved below $123.99 completing a double top pattern.

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First Trust Natural Gas ETF $FCG moved below $22.78 completing a double top pattern.

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Canadian Natural Resources $CNQ.TO a TSX 60 stock moved below Cdn$76.16 and Cdn$74.85 completing a Head & Shoulders pattern.

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CSX $CSX a NASDAQ 100 stock moved below $32.62 completing a double top pattern.

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Dow $DOW an S&P 100 stock moved below $65.53 completing a double top pattern.

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TSX Composite Index moved below 19,912.59 setting an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 10th 2022

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Green: Increase from previous day

Red: Decrease from previous day


Commodities

Daily Seasonal/Technical Commodities Trends for May 10th 2022

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for May 10th 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)

 

Links offered by Valued Providers

Tom Bowley says “Bottom rapidly approaching”.

https://www.youtube.com/watch?v=rAnMjtvJFh0

 

S&P 500 Momentum Barometers

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The intermediate term Barometer slipped 2.40 to 18.44 yesterday. It remains Oversold. Trend remains down. Signs of a bottom have yet to appear.

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The long term Barometer slipped 1.00 to 30.46 yesterday. It remains Oversold. Trend remains down. Signs of a bottom have yet to appear.

 

TSX Momentum Barometers

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The intermediate term Barometer slipped 1.04 to 14.80 yesterday. It remains Oversold. Trend remains down. Signs of a bottom have yet to appear.

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The long term Barometer dropped another 1.65 to 32.74 yesterday. It remains Oversold. Trend remains down. Signs of a bottom have yet to appear.

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.




5 Responses to “Tech Talk for Wednesday May 11th 2022”

  1. Rol Lew Says:

    Hi Kam, Yes – Long Time No See,

    It warms my heart today to see that you are not hiding under the bed with the dust bunnies.

    I think it was you who introduced us a few years back to the puking camel chart pattern.
    I mention this because the GBTC you are now buying surely resembles that famous character.
    https://cimg.co/w/articles/0/5ad/869060d6e7.png

    And I do agree that it is now time to look at longs again.
    Many stocks turned around at around 11 a.m. yesterday.
    I was short a little bit of RIOT and AFRM as a swing,
    so I decided to ring the register.

    Anyways, one daily candle does not make a reversal, and it’s so
    very ridiculous to pinpoint a turning point to the exact hour.

  2. RonBC Says:

    Support levels on many stocks and ETFs are being approached and tested along with positive divergences on the oscillators. Not far from a “BOUNCE’ according to the charts. Doesn’t mean you should come out from under the bed though………..

    https://stockcharts.com/h-sc/ui?s=XIU.TO&p=D&yr=2&mn=0&dy=0&id=p13405877430&a=673066273

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=2&mn=0&dy=0&id=p87872994038&a=1131926615

  3. RonBC Says:

    The $SPX has sold off 800 pts so far this year but is still 400 pts above its Weekly 200ema and over 1000 pts above its long term uptrendline. All the b.s. in the financial world can’t change that. Doesn’t mean you have to throw yourself onto the railway tracks or off a cliff but don’t expect the markets to soar like an eagle.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=W&yr=20&mn=0&dy=0&id=p91123533216&a=673066405

  4. Rol Lew Says:

    Cathie Woods’s brain trust ARKK fund holds 35 names.
    As of 1:45 today 34 of them are down on the day.

    Somebody invented SARK Nov 2021 as a bet against Cathie’s brain trust.

    https://www.etf.com/SARK#overview

    As a 1x Inverse ETF SARK may carry some heartbreaks.
    However since Nov SARK has gone from 30 to 75, +150%, but not in a straight line.
    In that time ARKK has gone from 125 to 38
    But that is all water under the bridge.

    Is there some way to make couple dollars this year with ARKK or SARK?
    Any ideas? Yesterday’s 11 a.m. turnaround in ARKK has been wiped out, and then some.

    https://stockcharts.com/h-sc/ui?s=ARKK&p=D&yr=0&mn=6&dy=0&id=p63477112319
    https://stockcharts.com/h-sc/ui?s=SARK&p=D&yr=0&mn=6&dy=0&id=p82473097650

  5. Ron/bc Says:

    So I guess the important question is do we use the railroad tracks or the cliff!!!

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