Pre-opening Comments for Thursday May 9^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 8 points at 8:30 AM EDT.

Bank of England decided to maintain its current rate of interest to borrowers.

Robinhood Markets advanced $0.80 to $18.65 after reporting higher than consensus first quarter revenues and earnings.

Air BNB dropped $12.40 to $145.50 after lower revenue guidance

ARM Holdings fell $7.77 to $98.30 after offering guidance below consensus.

Trade Desk added $1.46 to $87.48 after reporting higher than consensus first quarter earnings.

 

Technical Notes

Utilities SPDRs XLU moved above $70.25 to a 15 month high extending an intermediate uptrend.

Texas Instruments $TXN an S&P 100 stock moved above $182.35 to a 30 month high extending an intermediate uptrend.

Match Group $MTCH a NASDAQ 100 stock moved below $27.85 to a six year low extending an intermediate downtrend.

Electronic Arts $EA a NASDAQ 100 stock moved below $125.11 extending an intermediate downtrend.

Shopify $SHOP.TO a TSX 60 stock moved below Cdn$93.85 completing a Head & Shoulders pattern. Responding to a less than consensus outlook. Weakness triggered a move by TSX Technology Index (XIT.TO) below $51.10 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 8^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 May8^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for May 8^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Bear Flag Forming in S&P 500? David Keller

Bear Flag Forming in S&P 500? – YouTube

 

Is This The Next Leg of the Bull Market?! Tom Bowley

Is This The Next Leg of the Bull Market?! – YouTube

 

What Rising Volatility Means to the Current Market: Joe Rabil

What Rising Volatility Means to the Current Market – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 1.60 to 51.20. It remains Neutral.

The long term Barometer slipped 0.60 to 75.40. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer added 3.42 to 65.02. It remains Overbought.

The long term Barometer added 2.99 to 70.40. 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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