Tech Talk for Thursday May 24th 2018

U.S. equity index futures were lower this morning. S&P futures were down 4 points in pre-opening trade.

Index futures were virtually unchanged following release of Weekly Jobless Claims at 8:30 AM EDT. Consensus was 220,000 versus a revised 223,000 last week. Actual was 234,000.

Royal Bank (RY $101.12) is expected to open higher after reporting higher than consensus fiscal second quarter earnings.

Toronto Dominion (TD $75.50) is expected to open higher after reporting higher than consensus fiscal second quarter earnings.

Ralph Lauren (RL $133.26) is expected to open higher after Cowen raised its target price on the stock to $150 from $122.

Caesar's Entertainment added $0.35 to $12.85 after JP Morgan initiated coverage with an Overweight rating and a $16 target.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/05/23/stock-market-outlook-for-may-24-2018/

Note seasonality charts on Crude Oil Days of Supply, Gasoline Days of Supply, Crude Oil and New Home Sales.

StockTwits Released Yesterday @EquityClock

European equity markets continue to struggle. Eurozone iShares $EZU moved below $44.00 setting an intermediate downtrend.

Technical action by S&P 500 stocks to 10:00: Quietly bullish. Intermediate breakouts: $TIF $LOW $RL. Breakdown: $HPE.

Editor's Note: After 10:00 AM EDT, intermediate breakouts included NFLX and SEE. Breakdown: ES.

Netflix $NFLX, one of the FAANG stocks moved above $338.82 to an all-time high extending an intermediate uptrend.

New Home Sales down 1.5% (NSA) in April vs 0.7% average decline for the month #Housing #Economy $MACRO.

Trader's Corner

Daily Seasonal/Technical Equity Trends for May 23rd 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for May 23rd 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Sector Trends for May 23rd 2018

Green: Increase from previous day

Red: Decrease from previous day

S&P Momentum Barometer

The Barometer was unchanged at 62.20 yesterday. It remains intermediate overbought.

TSX Momentum Barometer

The Barometer added another 2.06 to 73.25 yesterday. It remains intermediate overbought.

Disclaimer: Seasonality 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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