Tech Talk for Friday May 27th 2022

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Editor’s Note

Next Tech Talk report is to be released on Monday May 30th despite the U.S. holiday

Pre-opening Comments for Friday May 27th

U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade.

Index futures moved slightly higher following release of April Personal income and April Personal Spending at 8:30 AM EDT. Consensus for April Personal Income was an increase of 0.4% versus a gain of 0.5% in March. Actual was an increase of 0.4%. Consensus for April Personal Spending was an increase of 0.6% versus n upwardly revised gain of 1.4% in March. Actual was an increase of 0.9%.

Gap Stores dropped $2.02 to $9.10 after reporting lower than consensus first quarter earnings. The company also lowered guidance.

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Dell advanced $2.57 to $46.50 after reporting higher than consensus quarterly revenues.

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Marvel Technology gained $1.33 to $58.32 after reporting higher than consensus quarterly revenues and earnings.

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American Eagle Outfitters dropped $1.28 to $12.74 after reporting lower than consensus first quarter

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EquityClock’s Daily Comment

Headline reads “Margin debt has fallen by the most through the first four months of the year since 2001 as investors deleverage their portfolios”. Following is the link:

http://www.equityclock.com/2022/05/26/stock-market-outlook-for-may-27-2022/

 

Technical Notes from yesterday

Oil & Gas Exploration iShares $XOP moved above 147.67 extending an intermediate uptrend.

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Money Central Bank SPDRs $KBE moved above $47.49 completing a short term reverse Head & Shoulders pattern.

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Regional Bank SPDRs $KRE moved above $62.17 completing a short term reverse Head and Shoulders pattern.

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Kraft Heinz $KHC an S&P 100 stock moved below $36.70 extending an intermediate downtrend.

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Dupont $DD an S&P 100 stock moved above $66.74 completing a short term reverse Head & Shoulders pattern.

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General Electric $GE an S&P 100 stock moved above $77.20 completing a short term double bottom pattern

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NetEase $NTES a NASDAQ 100 stock moved above $101.18 setting an intermediate uptrend. Seasonal influences are favourable to June 26th. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/netease-inc-adr-nasdaqntes-seasonal-chart

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Schlumberger $SLB an S&P 100 stock moved above $46.27 extending an intermediate uptrend. Seasonal influences are favourable to July 20th. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/schlumberger-limited-nyseslb-seasonal-chart

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Imperial Oil $IMO.TO a TSX 60 stock moved above Cdn$69.55 to an all-time high extending an intermediate uptrend.

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Enbridge $ENB.TO a TSX 60 stock moved above $58.18 to an all-time high extending an intermediate uptrend.

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Thomson Reuters $TRI.TO a TSX 60 stock moved above $124.52 completing a double bottom pattern.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 26th 2022

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May 26th 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 26th 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 advanced 7.82 to 32.06 yesterday. It remains Oversold. Trend is up.

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The long term Barometer added 3.21 to 34.27 yesterday. It remains Oversold. Trend is up.

 

TSX Momentum Barometers

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The intermediate term Barometer added 3.08 to 28.63 yesterday. It remains Oversold. Trend is up.

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The long term Barometer added 0.44 to 38.77 yesterday. It remains Oversold. Trend is up.

 

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.




25 Responses to “Tech Talk for Friday May 27th 2022”

  1. RonBC Says:

    The Weekly chart of the DOW is bumping up against its breakdown point at 33000. Price needs to “Clear & Hold” above 33000 to suggest a return to an uptrend again.

    https://stockcharts.com/h-sc/ui?s=%24INDU&p=W&yr=5&mn=0&dy=0&id=p80438404962&a=673066175

  2. tony Says:

    Wanted to post the following on banks yesterday but was cut short so i’m posting it today and modified it to reflect todays reality.

    People choose on financial analysis, others on charts or seasonality.

    recently banks have started pushing higher but not all of them moved at the same pace

    BMO my buy signal still hasn’t been triggered
    BNS my buy signal has been triggered today
    CM my buy signal was triggered yesterday
    NA my buy signal was triggered on may 20th
    RY my buy signal was triggered today
    TD my buy signal was triggered yesterday

    So can anyone guess what I’ve purch
    ased?

    You can choose the best of breed or try the pin drop effect
    I tend to choose the first high flyier of the sector.

  3. Larry/ON Says:

    Tony – I think you have them picked right technically except for CM which I think will be in the dog house for a while. I have a bias for BMO on a fundamental basis. I do hold BNS as obviously it had great earnings. I had been out of the banks until yesterday. I would be wary short-term with NA having run up too quickly with a big gap. Mind you still not overpriced. Too much work. I should just buy ZEB and shut off my computer. I just want to relax for the weekend.

  4. Larry/ON Says:

    WTI pushing to break through 115. It’s coming.

  5. Ron/BC Says:

    NOBL: Nice test of $86 support.

    https://stockcharts.com/h-sc/ui?s=NOBL&p=D&yr=2&mn=0&dy=0&id=p85118595856&a=690356510

  6. Ron/BC Says:

    ZEB.to (Equal weighted banks ETF) bounced a little today but needs to clear and hold above $38.42 to suggest a return to an uptrend. The end of the month Retirement accounts deposits and short covering cause rallies at the end of a month. Nothing much to jump up and down about yet.

    https://stockcharts.com/h-sc/ui?s=ZEB.TO&p=D&yr=1&mn=0&dy=0&id=p49232062615&a=678874213

  7. Ron/BC Says:

    HOCKEY NTR

    It’s a shame a playoff hockey series like Calgary and Edmonton had to end as other series such as Colorado and St.Louis series don’t hold a candle to the Alberta series. I haven’t seen any of the other series presently playing.

  8. Rol Lew Says:

    both oils and financials had gains this week

    https://stockcharts.com/freecharts/candleglance.html?CNQ.TO,TOU.TO,POU.TO,IMO.TO,NA.TO,TD.TO,RY.TO,ZEB.TO,XEG.TO,PD.TO,BNS.TO,BMO.TO|D|null

  9. Rol Lew Says:

    Stonks are indeed strange creatures. On Wed, suddenly, out of the blue, the chips decided to emerge from dust bunny land. Including the usual suspects, NVDA and LRCX. ‘Nuff said.

    It’s so amazing, how the bots, market makers, hedgies, whoever is doing this, collaborate & coordinate their actions to the day & hour, to make this happen.

    https://stockcharts.com/freecharts/candleglance.html?SOXL,SMH,LRCX,NVDA,AMAT,INTC,MRVL,MU,PLAB,SKYT,PXLW,AXTI|B|null

  10. Ron/bc Says:

    Rol lew
    Re:#9
    This is why I believe what I see rather than what I hear. There will always be a “story” to explain it all away. I find it amazing that so many people believe in those stories. I guess some people just need a good b.s. story to believe in.

  11. RonBC Says:

    Still_Learning

    NTR

    Sooooooooooooooooo, are you now routing for Edmonton or Colorado?????????

  12. still_learning Says:

    Colorado! …if I watch it at all.

    Edm deserved to win the series, very disappointed in Calgary’s performance. Too much hype by the Calgary media! Treliving better make some significant changes, doubt that he will. It’s a business, I hope Sutter pushes him to get some players who don’t need 6 chances to score.

    Just venting!

  13. RonBC Says:

    Still_Learning

    I think Calgary had a good chance of winning the series when they were pushing for it. They did have Edmonton on the ropes a few times but seemed to fade. But when I saw them blow two goal leads in two games I didn’t think they could win the series. I thought they could have used Fleury, MacInnis, Nieuwendyk, Gilmour, Iginla, Joel Otto and a few others. But after watching Colorado and St.Louis play I wasn’t impressed with that series at all. I can’t see Colorado beating Edmonton this next round. But as usual you can tell when a team is going to win as they flip out and give it 110%. That’s what I always loved about the old Philadelphia Flyers. They gave everyone their money’s worth! Anyone playing with Bobby Clarke had to be on the ball or they’d be gone.

  14. RonBC Says:

    There were quite a few breakouts on the charts Friday. Monday is a U.S. holiday so perhaps that might be a good day to get a jump on some Canadian listed stocks that have broken out without U.S. buyers trading.

  15. bruce Says:

    Ron #14
    Are you going to elaborate and share more of your wisdom?…….

  16. RonBC Says:

    Fear Index Chart.

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

  17. RonBC Says:

    Bruce
    I can’t seem to post charts here now. I’ll try later.

  18. RonBC Says:

    Bruce

    I’ll split the plot in two.

    Bruce
    I wish I had more wisdom! But with the FEAR INDEX at extreme bearishness the market doesn’t have much choice but to rally. The smart traders will see to that by chasing the shorts out of the market. Most of the banks did not breakout over their breakdown points other than TD.to. Doesn’t mean they wont but they are below their breakdown points and I wouldn’t guess at a breakout yet. The broad market is still a very long ways from its long term uptrendline and 200ema. That tells me while we could get a sizeable bounce and make most traders believers again the bear isn’t done with everyone yet. The bear wants everyone’s money and they haven’t got mine…….yet, lol.

    https://stockcharts.com/h-sc/ui?s=DBC&p=D&yr=1&mn=0&dy=0&id=p09621378393&a=950522196

    https://stockcharts.com/h-sc/ui?s=DBE&p=D&yr=2&mn=0&dy=0&id=p65374748127&a=673066458

  19. RonBC Says:

    Bruce

    Here is the 2nd part of the post.

    Plus some Oil stocks as well as XEG.TO & XLE & TOU.TO just keep going up.
    .
    https://stockcharts.com/h-sc/ui?s=ENB.TO&p=D&yr=2&mn=0&dy=0&id=p77584100408&a=893597453

    https://stockcharts.com/h-sc/ui?s=TD.TO&p=D&yr=2&mn=0&dy=0&id=p20227807013&a=673066261

  20. Rol Lew Says:

    high inflation, rising rates, tech wreck, carnage in europe, war in africa, sri lanka unrest,
    kim ballistic, omicron variants raging, crash coming, sky falling,

    APA triples, suncor doubles, in 9 mths.

    https://finviz.com/screener.ashx?v=211&f=fa_pe_u15,sh_avgvol_o1000,sh_price_o10,ta_sma50_pa10&ft=4&r=25

    EWZ on a roll https://stockcharts.com/h-sc/ui?s=EWZ&p=D&yr=0&mn=6&dy=0&id=p49144785429

  21. Rol Lew Says:

    maybe it’s just pbr, or maybe vale, who knows? I thought brazil was a basket case.

    https://stockcharts.com/h-sc/ui?s=PBR&p=D&yr=0&mn=6&dy=0&id=p39790495151

    https://stockcharts.com/h-sc/ui?s=VALE&p=D&yr=0&mn=6&dy=0&id=p77402983410

    https://stockcharts.com/h-sc/ui?s=BRZU&p=D&yr=0&mn=6&dy=0&id=p93025912002

  22. bruce Says:

    tnx Ron….I agree the extreme bearishness should see us wrestle with 4280 maybe more but I think the energy stocks are too popular….will know better at month end when money managers do their shuffling…..they no doubt will want to show energy stocks but I’ll pass for now……

  23. Ron/BC Says:

    Bruce
    I don’t like buying overly popular stocks at the best of times. If it’s too good to be true it probably is. I recall a favorite comment of Joe Granville’s which always stuck with me:”If it’s obvious it’s obviously wrong.” That usually works.

  24. bruce Says:

    Ron
    I met Joe Granville in the 1970s……a real flamboyant character….I think he started the on balance volume indicator……

  25. RonBC Says:

    Bruce

    I used to subscribe to his newsletter and before computers tracked it I kept track of the On Balance Volume on paper (OBV). And then I’d track the Net Field Trend Indicator NFI after that. He was a smart guy but was somewhat of a show off. But he was a contrarian for sure and didn’t get sucked into a lot of B.S. news unless it was proven technically. I was impressed with the guy but most analysts hated him as he wouldn’t play games with the news and indicators. “Just the facts Ma’am” kind of guy.

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