Tech Talk for Thursday May 16th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points at 8:35 AM EDT

S&P 500 futures slipped 3 points following release of U.S. economic news at 8:30 AM EDT. Consensus for April U.S. Housing Starts was an increase to 1.410 million units from 1.321 million units in March. Actual was 1.360 million units. Consensus for the May Philly Fed Index was 7.7 versus 15.5 in April. Actual was 4.5.

Cisco Systems added $2.23 to $51.90 after reporting higher than consensus fiscal third quarter revenues and earnings.

Yum Brands added $0.28 to $138.62 after announcing a $2 billion share buyback program

Chubb advanced $16.57 to $269.54 after Berkshire Hathaway announced purchase of a new position in the stock.

Walmart added $4.01 to $63.84 after reporting higher than consensus first quarter revenues and earnings.

EquityClock Headline for May 16th

The breakout of the short-term Treasury bond ETF is suggesting that the consolidation phase that the bond market has been in this year has come to an end.

See: https://equityclock.com/2024/05/15/stock-market-outlook-for-april-16-2024-2/

Technical Notes

S&P 500 Index moved above 5,264.85 and S&P 500 SPDRs moved above $524.61 to all-time highs extending an intermediate uptrend.

Dow Jones Industrial Average moved above 39,868.59 and Dow Jones Industrial Average SPDRs moved above $398.61 to all-time highs extending an intermediate uptrend.

All-time highs set by the S&P 500 Index and Dow Jones Industrial Average were triggered by a move by Technology SPDRs $XLK above $212.00 to an all-time high extending an intermediate uptrend.

Global Water ETF $CGW moved above $59.03 to an all-time high extending an intermediate uptrend.

Gold Miners ETF $GDX moved above $35.67 extending an intermediate uptrend.

Base Metals ETN $DBB (Equal weight in copper, zinc and aluminum) moved above $20.78 to a two year high extending its intermediate uptrend.

Pharmaceutical ETF $PPH moved above $90.62 to an all-time high extending an intermediate uptrend.

Biogen $BIIB a NASDAQ 100 stock moved above intermediate resistance at $230.22

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 15th 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 15th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 15th 2024

Green: Increase from previous day

Red: Decrease from previous day

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S&P 500 Momentum Barometers

The intermediate term Barometer added 3.40 to 64.40. It remains Overbought. Daily trend remains up.

The long term Barometer added 0.40 to 79.60. It remains Overbought. Daily trend remains up.

TSX Momentum Barometers

The intermediate term Barometer added 0.45 to 65.02. It remains Overbought.

The long term Barometer dropped 1.35 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