Tech Talk for Thursday May 26th 2022

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Pre-opening Comments for Thursday May 26th

U.S. equity index futures at 7:30 AM EDT were higher. S&P 500 futures were up 30 points in pre-opening trade.

Canada’s March Retail Sales report is released at 8:30 AM EDT. Consensus is an increase of 1.4% versus a gain of 0.1% in February.

NVIDIA dropped $12.75 to $157.00 after the company offered second quarter guidance below consensus.

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Snowflake plunged $17.77 to $115.00 after reporting lower than consensus quarterly earnings. The company also issued second quarter guidance below consensus.

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Williams Sonoma advanced $9.51 to $114.98 after reporting higher than consensus quarterly revenues and earnings.

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Twitter advanced $2.73 to $39.89 on news that Elon Musk is seeking additional funding to close his proposed acquisition of the company.

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EquityClock’s Daily Comment

EquityClock says “The Super Simple Seasonal Portfolio remains positioned according to the risk-reward of the market that is at hand and we continue to see the next logical window to take on risk in the portfolio as being around the middle of June”. Following is the link:

http://www.equityclock.com/2022/05/25/stock-market-outlook-for-may-26-2022/

 

 

Technical Notes for yesterday

First Trust Natural Gas Equity ETF $FCG moved above $27.10 to a seven year high extending an intermediate uptrend. Units responded to higher natural gas prices. Seasonal influences are favourable to June 11th. If a subscriber to www.EquityClock.com see seasonality chart for FCG at https://charts.equityclock.com/first-trust-natural-gas-etf-nysefcg-seasonal-chart

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Corn ETN $CORN moved below $28.15 completing a double top pattern.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 25th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 25th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 25th 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

Links offered by Mark Bunting and www.uncommonsenseinvestor.com

Five Reasons to Not Worry About Amazon’s Growth – Uncommon Sense Investor

Five Reasons Home Depot is Not Like the Others – Uncommon Sense Investor

https://uncommonsenseinvestor.com/mcdonalds-still-golden-despite-russia-exit/

 

Greg Schnell asks “What’s the buzz with financials”?

What’s the Buzz With Financials? | Greg Schnell, CMT | Market Buzz (05.25.22) – YouTube

 

CATA Meeting May 26 with Robert (Hap) Sneddon

Join us on May 26 with Hap Sneddon of Castlemoore Investments.

Mr. Sneddon is the firm’s Founder, President and Chief Portfolio Manager, and is responsible for the final investment decisions and investment thesis. A graduate of the University of Toronto, St. Michael’s College, his 23 year career in financial services began with London Life Insurance, followed by client asset management with Richardson Greenshields of Canada and Royal Bank of Canada, Dominion Securities. His investment education is extensive, culminating in the distinguished title of Fellow of the Canadian Securities Institute and is Past President of the Canadian Society of Technical Analysts. He has served on multiple boards of directors spanning business and industry to community outreach for “street kids”.

 

When:

Thursday, May 26, 2022, 8:00 PM until 10:00 PM

Category:

Meeting

 

Registration is not required

Active members . . . No Fee

Any Non-Member . . . CAN$ 10.00

Contact

Contact Us – Canadian Association for Technical Analysis (canadianata.ca)

 

S&P 500 Momentum Barometers

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The intermediate term Barometer added 2.81 to 24.25 yesterday. It remains Oversold. Technical sign of an intermediate bottom has arrived.

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Long term Barometer added 0.20 to 31.06 yesterday. It remains Oversold.

 

TSX Momentum Barometers

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The intermediate term Barometer added 2.74 to 25.55 yesterday. It remains Oversold. A technical sign of a bottom has arrived.

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The long term Barometer added 1.05 to 38.33 yesterday. It remains Oversold. A technical sign of a bottom has arrived.

 

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.




9 Responses to “Tech Talk for Thursday May 26th 2022”

  1. bruce Says:

    the AAII members this week are back to extremely low bullish sentiment……bulls are just 19.8% from 26.0% previous week….bearish sentiment is 53.5% up from 50.4%…….have they sold already and are in cash or are they just expressing negative views and are still holding their stocks as they’ve been taught?……

  2. Larry/ON Says:

    CNN Market Sentiment Indicator is at the lowest I have seen at 16 out of 100 in “Extreme Fear”.
    We have had some good bottoming action in the market with a sideways chop along the bottom for two weeks. IMO we will finally move decisively higher but I am not going to suggest that it is the ultimate bottom.
    CM – I pat myself on the back for calling it right yesterday – Huge credit loss provisions and weakness in Canadian P and C banking with a drop in earnings. The rest of the Canadian banks have done alright. Instead of the Canadian banks C seems the better value proposition but they have not shown earnings growth. C just cleared important resistance at 53.43 completing a head and shoulders bottom tested and cleared again.

  3. Larry/ON Says:

    KBE and KRE both look like they have broken their down trends. JPM looks good clearing the 50 day MA today

  4. Larry/ON Says:

    CWB reports tomorrow. I would not count on any increase in commercial lending in the energy sector. Energy companies have all been busy paying off their debts which is what banks hate. Personal lending might increase in western Canada.
    C – I put aside a little scepticism and initiated a position this morning on a technical basis. If Warren Buffett likes it why not?

  5. dutchcanuck Says:

    Great Britain just passed a windfall tax on O&G companies.
    For those of you invested in Canadian O&G like I am, the question to ask is “Can the unholy Singh/Trudeau alliance be far behind? Their record shows they need no encouragement to tax as the new bank tax demonstrates and we all know what subsequently happened to bank stocks.

  6. Larry/ON Says:

    Re 5 – Saw that and thought the same. NEP 2.0 designed to ensure no Liberal votes for another generation in Alberta or Sask? That would really be putting a hatchet into an open wound. I don’t think they will do it but who knows. These companies were hurting big time for years and just when they start turning a profit you hit them over the head. It would create too much division.

  7. tony Says:

    Hey Larry I’m confused with some of the shorthanded writing you’ve posted. in post number 2

    What do you refer to when you posted “… weakness in canadian P and C banking with a drop in earnings” what does P and C stand for?

    and post # 4 C – I put aside a little scepticism and initiated a position this morning on a technical basis.

  8. Larry/ON Says:

    Personal and Commercial banking (lending, deposits) which is the biggest part of bank earnings as opposed to for example wealth management which companies like MS and GS will be heavy in. My scepticism in C is based on their decline in earnings since Q1 2021. I’m not an expert on C but we are coming off a bottom. I have been forming my opinions over the course of the day on the banks and bought some BMO calls which I thought represented good value.

  9. Ron/bc Says:

    I don’t know if the TV commercial about the GAME DAY Guy on the Hockey game is viewed Canada wide but I find it hallarious.

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