Pre-opening Comments for Wednesday May 10^th 2023

U.S. equity index futures were lower this morning. S&P 500 futures were up 15 points at 8:35 AM EDT.

U.S. equity index futures moved higher following release of the U.S. April Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.4% versus a gain of 0.1% in March. Actual was an increase of 0.4%. On a year-over-year basis, consensus was an increase 5.0% versus a gain of 5.0% in March. Actual was a gain of 4.9%. Excluding food and energy, consensus was an increase of 0.4% versus a gain of 0.4% in March. Actual was an increase of 0.4%. On a year-over-year basis, core April CPI was expected to increase 5.5% versus a gain of 5.6% in March. Actual was an increase of 5.5%.

Electronic Arts advanced $4.24 to $129.65 after reporting higher than consensus fiscal fourth quarter results. The company also raised guidance.

AirBNB dropped $11.11 to $115.96 after offering cautious second quarter guidance.

Twillo plunged $8.15 to $47.85 after lowering guidance.

H&R Block dropped $2.26 to $30.50 after reporting lower than consensus fiscal third quarter results. The company also lowered guidance.

 

EquityClock’s Daily Comment

Headline reads “While dividend ETFs may seem enticing while the broader market trades sideways, they have some of the most threatening charts in the market as they roll over below their all-time highs”.

http://www.equityclock.com/2023/05/09/stock-market-outlook-for-may-10-2023/

 

Technical Notes

Alphabet GOOG and GOOGL a NASDAQ 100 stock moved above $109.63 and 109.17 respectively extending an intermediate uptrend.

Salesforce.com $CRM a Dow Jones Industrial Average stock moved above

PayPal $PYPL a NASDAQ 100 stock moved below $71.09 and $66.39 after reporting less than consensus first quarter results setting an intermediate downtrend.

Incyte $INCY a NASDAQ 100 stock moved below $65.62 and $65.07 extending an intermediate downtrend.

SNC Lavalin $SNC.TO a TSX 60 stock moved above $33.57 extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 9^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 9^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 9^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for positive seasonal ratings: www.equityclock.com

 

Links offered by valued providers

Scanning Strategies To Find Winning Trades | Tom Bowley | Trading Places (05.09.23)

https://www.youtube.com/watch?v=cx0m3uddrOI

 

Sensitive Sectors Showing Strength | Julius de Kempenaer | Sector Spotlight (05.09.23)

https://www.youtube.com/watch?v=LF13SkllJRI

 

Bitcoin Pattern Analysis | Leslie Jouflas, CMT | Your Daily Five (05.09.23)

https://www.youtube.com/watch?v=J_LjvxXFQG8

 

Technical Chart of the Day

Technical score changed from +2 to +6:

· Intermediate uptrend confirmed on a move above 3396.17 to an 11 month high. Score: 2

· Strength relative to the S&P 500 changed from Negative to Positive. Score: -2 to +2

· The Index trades above its 20 day moving average. Score: +1

· Daily momentum indicators (Stochastics, RSI, MACD) are trending up. Score: +1

· Seasonal influences are favourable to May 30^th

 

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 3.20 to 50.60. It remains Neutral.

The long term Barometer slipped 2.80 to 50.00. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer slipped 1.29 to 56.90. It remains Neutral.

The long term Barometer added 1.72 to 58.62. It remains Neutral.

Disclaimer: Seasonality ratings 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

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