Tech Talk for Thursday May 30th 2024
U.S. equity index futures were lower this morning. S&P 500 futures were down 13 points at 8:35 AM EDT.
S&P 500 futures gained 7 points following release of the second estimate for annualized first quarter real GDP. Consensus was an increase of 1.2% versus a gain of 3.4% in the fourth quarter of 2023. Actual was an increase of 1.3%.
Salesforce.com dropped $44.06 to $227.48 after reporting less than consensus second quarter guidance.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/05/clip_image0011-13.png "clip_image001[1]")
Royal Bank is expected to open higher after reporting higher than consensus fiscal second quarter earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/05/clip_image0021-12.png "clip_image002[1]")
Agilent dropped $19.18 to $126.30 after the company lowered its outlook.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/05/clip_image0031-13.png "clip_image003[1]")
American Eagle Outfitters dropped $2.00 to $22.85 after reporting less than consensus first quarter revenues.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/05/clip_image0041-10.png "clip_image004[1]")
EquityClock Outlook for May 30th
Traders can be seen alleviating the excesses that had built up in portfolios through the first quarter.
See: https://equityclock.com/2024/05/29/stock-market-outlook-for-may-30-2024/
Technical Notes
Dow Jones Transportation iShares $IYT moved below $62.79 completing the left side of a Head &Shoulders pattern.
Mexico iShares $EWW moved below $64.10 completing a Head & Shoulders pattern
S&P 100 stocks moving below support extending an intermediate downtrend included Union Pacific, Copart, CVS Health and Capital One Financial
TSX REIT iShares $XRE.TO moved below Cdn$14.45 extending an intermediate downtrend.
Canadian Pacific $CP.TO a TSX 60 stock moved below Cdn$106.01 extending an intermediate downtrend.
Waste Connections $WCN.TO a TSX 60 stock moved below Cdn$64.10 completing a Head & Shoulders pattern.
Bank of Montreal $BMO.TO a TSX 60 stock moved below Cdn$122.30 completing a double top pattern
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for May 29th 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 29th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 29th 2024
Green: Increase from previous day
Red: Decrease from previous day
Hap Sneddon's Top Picks
Hap was the guest analyst on BNN's Market Call yesterday. Following is a link to his top picks:
https://www.bnnbloomberg.ca/video/hap-sneddon-s-top-picks~2931041
Link offered by valued providers
Booming silver demand may lead to ‘extreme price action,’ TD strategist says
Three Stock Ideas As S&P 500 Treads Water: David Keller and Tony Zhang
https://www.youtube.com/watch?v=_dGdU4cHEI0
S&P 500 Momentum Barometers
The intermediate term Barometer plunged 6.20 to 37.40. It changed from Neutral to Oversold on a drop below 40.00. Daily trend continues down.
The long term Barometer dropped 4.60 to 66.40. It remains Overbought. Daily trend continues down.
TSX Momentum Barometers
The intermediate term Barometer plunged 9.42 to 49.33. It remains Neutral. Daily trend remains down.
The long term Barometer dropped 4.04 to 63.68. It remains Overbought. Daily trend is down.
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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