Pre-opening Comments for Tuesday May 7^th

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.

Boise Cascade gained $3.32 to $139.37 after reporting higher than consensus first quarter revenues and earnings.

Hims & Hers added $1.25 to $12.90 after reporting higher than consensus first quarter revenues and earnings.

Walt Disney dropped $7.24 to $109.23 despite reporting higher than consensus fiscal second quarter earnings.

International Flavours and Fragrances advanced $3.84 to $92.50 after reporting higher than consensus first quarter revenues and earnings.

 

Technical Notes

Natural gas ETN $UNG moved above $16.08 setting an intermediate uptrend.

Water Resources ETN $PHO moved above $66.74 to an all-time high extending an intermediate uptrend.

Soybean ETN $SOYB moved above $25.64 completing a double bottom pattern. WEAT ETN and CORN ETN also moved strongly higher. Thinly traded Grain ETN $JJGTF (one third each in corn, soybeans and wheat) completed a double bottom on a move above $32.25

VALE $VALE one of the world’s largest base metals producer moved above $12.67 extending an intermediate uptrend.

Franco-Nevada $FNV a TSX 60 stock moved above US$123.84 and Cdn$169.70 extending an intermediate uptrend.

CAE $CAE.TO a TSX 60 stock moved above Cdn$28.13 completing a double bottom pattern.

George Weston $WN.TO a TSX 60 stock moved above Cdn$188.73 to an all-time high extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 6^th 2024

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

 

Commodities

Daily Seasonal/Technical Commodities Trends for May 6^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 6^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Bullish call for oil. We like TSX but continue to lean towards U.S.: strategist: IG Wealth Management

Bullish call for oil. We like TSX but continue to lean towards U.S.: strategist – YouTube

 

WTF…Tom Lee Just Said The UNTHINKABLE: Sell in May and Go Away?

https://www.youtube.com/watch?v=ecB11Ru0TFM

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 7.20 to 50.60. It remains Neutral.

The long term Barometer added 1.80 to 74.40. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer advanced 6.25 to 66.96. It remains Overbought.

The long term Barometer added 2.23 to 68.75. It remains Overbought.

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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