Tech Talk for Tuesday May 17th 2022

Daily Reports Add comments

Pre-opening Comments for Tuesday May 17th 2022

U.S. equity index futures were higher this morning. S&P 500 Index futures advanced 54 points in pre-opening trade.

Index futures were virtually unchanged following release of U.S. April Retail Sales at 8:30 AM EDT. Consensus was an increase of 1.0% versus a gain of 0.7% in March. Actual was.a gain of 0.9%. Excluding auto sales, April Retail Sales were expected to increase 0.4% versus a gain of 1.4% in March. Actual was a gain of 0.6%.

Abbott Labs added $0.19 to $109.90 after the company entered into a consent agreement with the FDA that will allow the company to re-opening its baby formula plant.

clip_image001[1]

Take Two added $5.67 to $115.78 after reporting higher than consensus fiscal fourth quarter results.

clip_image002[1]

Home Depot advanced $11.76 to $307.75 after reporting higher than consensus first quarter sales. The company also raised second quarter guidance.

clip_image003[1]

Walmart dropped $10.64 to $137.67 after reporting lower than consensus first quarter results.

clip_image004

 

EquityClock’s Daily Comment

Headline reads “Neutralizing our bearish bias that has been maintained year-to-date as the risk-reward in the market becomes favourable”. Following is a link:

http://www.equityclock.com/2022/05/16/stock-market-outlook-for-may-17-2022/

 

Technical Notes for yesterday

Chevron $CVX an S&P 100 stock moved above $174.76 to an all-time high extending an intermediate uptrend

clip_image001

Canadian “gassy” stocks continue to move higher. Birchcliffe $BIR.TO moved above $10.53 to an eight year high extending an intermediate uptrend.

clip_image002

Philip Morris $PM an S&P 100 stock moved above $105.74 extending an intermediate uptrend.

clip_image003

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 16th 2022

clip_image005

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 16th 2022

clip_image007

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 16th 2021

clip_image009

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)

 

Seasonality Chart of the Day

Seasonality for Biotech sector is positive on a real and relative basis from May 10th to Sept. 20th.

The sector is notably stronger prior to the ASCO conference scheduled this year on June 3-7th.

clip_image011

Biotech ETFs including IBB, BBH, FBT and XBI are showing technical signs of an intermediate bottom. Short term momentum indicators and strength relative to S&P 500 have turned higher.

clip_image012

 

S&P 500 Momentum Barometers

clip_image013

The intermediate term Barometer added 0.80 to 22.44 yesterday. It remains Oversold

clip_image014

The long term Barometer added 0.60 to 33.07 yesterday. It remains Oversold.

 

TSX Momentum Barometers

clip_image015

The intermediate term Barometer added 4.41 to 25.99 yesterday. It remains Oversold.

clip_image016

The long term Barometer added 0.44 to 34.80 yesterday. It remains Oversold.

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.




3 Responses to “Tech Talk for Tuesday May 17th 2022”

  1. Larry/ON Says:

    AMD – Completed a double bottom pattern this morning after clearing 99.69. The 50day MA however may act as overhead resistance at 101.22. Maybe it consolidates a little before moving much higher.

  2. Paula Says:

    On a 3 year chart (courtesy of Ron/BC, XBI could have made a double bottom going back to the March 2020 covid low. Quite a round trip on this volatile etf with perhaps good risk/reward now. Tech Talk mentions it above as having entered its seasonal strong time:

    https://schrts.co/aWggHMhs

  3. Ron/BC Says:

    Paula

    Here is the chart (5yr) once again. Note the late 2018 and early 2020 low at $65 that was recently tested as support along with a positive divergence. (A good place to buy it.)
    Also see the 5 year Weekly chart that shows a 5 year channel between $100 and $65. The first technical trade I ever made (100 years ago) was a channel trade using a Daily chart. I got about 2 trades per month with each stock and it was like printing money until it broke out of its channel. That’s what sold me on technical analysis rather than “stock stories” that didn’t match up with what prices were doing.

    https://stockcharts.com/h-sc/ui?s=XBI&p=D&yr=5&mn=0&dy=0&id=p29506459598&a=1135770489

    https://stockcharts.com/h-sc/ui?s=XBI&p=W&yr=5&mn=0&dy=0&id=p02990065319&a=1167122711

Entries RSS Comments RSS Log in