Tech Talk for Friday May 31st 2024
U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points at 8:35 AM EDT
S&P 500 futures added 10 points following release of the April core PCE Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 0.3% in March. Actual was an increase of 0.2%.
Trump Media and Technology dropped $4.96 to $47.00 after former President Trump was found guilty.
Gap Stores added $0.88 to $22.52 after reporting a first quarter profit. The company also raised guidance.
Nordstrom dropped $1.23 to $19.80 after reporting a larger quarterly loss than consensus.
Dell dropped $29.97 to $140.00 despite reporting higher than consensus quarterly revenues and earnings.
EquityClock's Outlook for May 31st
A highly abnormal rise of imports of goods into the US during the month of April has instantly put the trade deficit on an expansionary path, alleviating the concerns that this metric of international trade activity had been portraying previously.
See: https://equityclock.com/2024/05/30/stock-market-outlook-for-may-31-2024/
Technical Notes
S&P 100 and NASDAQ 100 stocks moving below support extending intermediate downtrends included Adobe, Autodesk, Salesforce.com, Cognizant, Accenture, MongoDB, DexCom and Merck
Gasoline ETN $UGA moved below $64.86 and $64.85 completing a Head & Shoulders pattern.
Soybean ETN $SOYB moved below $25.41 setting an intermediate downtrend.
Commerce Bank $CM.TO a TSX 60 stock moved above Cdn$68.86 extending an intermediate uptrend. Reported higher than consensus fiscal second quarter results.
CGI Group $GIB.A.TO a TSX 60 stock moved below Cdn$135.00 and US$98.06.extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for May 30th 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 30th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 30th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Failed Bearish Patterns Are Bullish for S&P 500! David Keller and Frank Cappelleri
Failed Bearish Patterns Are Bullish for S&P 500! - YouTube
Bond market is ‘in the driver seat’ for the equity market right now, says Schwab’s Liz Ann Sonders
Wall Street is Selling, Is the End of the Bull Market? Tom Bowley
Wall Street is Selling, Is the End of the Bull Market? - YouTube
Carter Looks At The S&P 500 + Dell & Costco Earnings Preview: Dan Nathan, Guy Adami and Carter Worth
Carter Looks At The S&P 500 + Dell & Costco Earnings Preview - YouTube
BoC expected to cut rates at next week’s meeting
BoC expected to cut rates at next week’s meeting - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 4.60 to 42.00. It changed from Oversold to Neutral on a move above 40.00.
The long term Barometer added 1.20 to 67.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 4.04 to 53.36. It remains Neutral.
The long term Barometer added 0.46 to 64.13. 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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