Tech Talk for Friday May 20th 2022

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Pre-opening Comments for Friday May 20th

U.S. equity index futures were higher this morning. S&P 500 futures were up 43 points in pre-opening trade. Index futures responded partially to news that China lowered its central bank interest rates in order to stimulate the economy.

Applied Materials dropped $2.27 to $108.47 after reporting lower than consensus fiscal second quarter revenues and earnings.

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Door Dash added $0.30 to $67.25 after announcing a $400 million share repurchase plan.

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Pfizer added $0.04 to $50.69 after the CDC approved Pfizer’s COVID 19 booster shot for kids aged 5 to 11.

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EquityClock’s Daily Comment

Headline reads “The path towards an economic recession is brewing, but it is not imminent, which means there are segments of the market that we can buy”. Following is a link:

 

http://www.equityclock.com/2022/05/19/stock-market-outlook-for-may-20-2022/

 

Editor’s Note

Next Tech Talk is released on Monday despite being a holiday in Canada.

Technical Notes for yesterday

Consumer Staples SPDRs XLP moved below $71.02 extending an intermediate downtrend.

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Procter & Gamble PG a Dow Jones Industrial Average stock moved below $142.33 extending an intermediate downtrend.

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Travelers TRV a Dow Jones Industrial Average stock moved below $167.64 extending an intermediate downtrend.

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Broadcom AVGO an S&P 100 stock moved below intermediate support at $553.40 and $546.33.

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CDW CDW a NASDAQ 100 stock moved below $159.91 extending an intermediate downtrend.

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Allstate ALL an S&P 100 stock moved below $125.43 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 19th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 19th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 19th 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

Interview with Martin Armstrong

New Interview: Martin Armstrong on The Hrvoje Morić Show | Armstrong Economics

 

Greg Schnell discusses “How to discover a new rally”.

How to Discover a New Rally | Greg Schnell, CMT | Market Buzz (05.18.22) – YouTube

 

S&P 500 Momentum Barometers

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The intermediate term Barometer slipped 2.00 to 14.63 yesterday. It remains Oversold. Trend remains down.

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The long term Barometer slipped 0.60 to 27.66 yesterday. It remains Oversold, Trend remains down.

 

TSX Momentum Barometers

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The intermediate term Barometer added 1.42 to 24.13 yesterday. It remains Oversold.

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The long term Barometer added 1.90 to 35.96 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.




14 Responses to “Tech Talk for Friday May 20th 2022”

  1. RonBC Says:

    Sooooooooooooooooooo, we’re back hiding under the bed with the dust bunnies again………..

  2. Rol lew Says:

    RonBC, Sooner or later, some will venture out.
    Could be, for the last month, the people making a little bit of money are the shorts.

    https://www.sectorspdr.com/sectorspdr/tools/sector-tracker

    https://stockcharts.com/freecharts/candleglance.html?ROST,AAP,DG,TSLA,AZO,TJX,DLTR,RCL,CCL,F,GPC,ULTA|B|0

    https://stockcharts.com/freecharts/candleglance.html?RIOT,MARA,HIVE,HIVE.V,HUT,HUT.TO,GBTC,ETHE,ETHR.TO,BTCC.B.TO,BITO,BITI.TO|B|0

  3. Larry/ON Says:

    Amazing final 10 minute recovery putting SPX up 0.01%. Up and down playing with your fear and leaving you undecided at the end. 3,800 has been speculated as a possible bottom and we got within 10 pts but 3500 is the 50% retracement of the bottom to top rally. 50/50. Place your bets. This may have been a short term bottom with the final decline to say 3500 coming Sep/Oct.

  4. Ron/BC Says:

    Rol lew

    Yes,we are getting very oversold with too many bears out there. That is usually when we get a solid bounce back with all those believers in stock stories getting long once again because this next time it’s true. Reminds me of the Little Red Riding Hood story. Here is the Fear and Greed Index and it is maxed out or close enough to it. I wouldn’t be holding any shorts right here as soon enough we’ll wake up to a major reversal back up again just to blow the shorts out of the water if for no other reason. There is always a good story to be told by the financial media.
    The 2nd chart shows price has fallen 900pts and is also still 900pts away from its long term uptrendline which will be touched at some point but not likely any time soon.

    https://www.cnn.com/markets/fear-and-greed

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=W&yr=20&mn=0&dy=0&id=p40726079194&a=673066405

  5. Tony Says:

    Not to forget options for the month have closed so rhis weeks wild ride was all about the options. Next week we will who is really in controlnof the market

  6. FishFat Says:

    TMX Group (X.to) has been in a trading range for two years. The price is near the top of the trading range, but several indicator suggest the potential for a breakout. That is just my opinion, not investment advice. Notice the MACD (12,26,9) is above the signal line and has recently moved above the zero level. Performance relative to the $TSX has recently turned positive. The MACD(50,200,10) is also turned up and may make a bullish cross of the signal line. The stock price could also fallback into the trading range after tagging resistance. A good time to be cautious.
    https://schrts.co/yRbKEjPu

  7. Ron/BC Says:

    FishFat

    Here is a chart of your analysis and sure enough price has been tracking sideways for a couple of years. Hard to say which way the break will be but I guess meanwhile anyone can sell resistance and buy support until it decides which way to break.

    https://stockcharts.com/h-sc/ui?s=X.TO&p=D&yr=7&mn=0&dy=0&id=p71956482516&a=1170411249

  8. Ron/BC Says:

    FishFat

    I see you already posted a chart of X.to that I didn’t notice.

  9. FishFat Says:

    Ron/BC
    No problem, it is always good to get a second perspective. I noticed the Slow STO on your chart. It is overbought – another reason to be cautious at the top of the trading range. The entry point requires a breakout (and hold) above the trading range. There are alot of ifs and maybe yet.

  10. Ron/bc Says:

    “””GO EDMONTON””””

  11. still_learning Says:

    Go Flames Go …it’s not over until it’s over!

  12. RonBC Says:

    Still_Learning

    NTR

    There are some players on Calgary that I can’t stand. Lucic for one. Glad he got a game misconduct as he’s just a goon. That was a really dumb move he made on the Edmonton goalie as it guaranteed he’d get a major penalty and accomplished nothing. My favourite player of all time was Bobby Clarke of the Philadelphia Flyers. Loved that team……………..

  13. dutchcanuck Says:

    RonBC
    Goon and Bobby Clark were one and the same, so disagree with you on that one.

  14. RonBC Says:

    DutchCanuck

    Yes, Bobby Clarke was a nasty s.o.b. for sure but what impressed me was his effort. Never saw him coast around and always gave 110% despite the fact he was a diabetic. Never saw another player that had the drive that he had. Maybe he was just nuts, lol……………..

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