Tech Talk for Wednesday May 15th 2024

U.S. equity index futures moved higher this morning. S&P 500 futures were up 29 points at 8:35 AM EDT.

S&P 500 futures advanced 29 points following release of the April U.S. Consumer Price Index at 8:30 AM EDT. Consensus called for an increase of 0.4% versus a gain of 0.4% in March. Actual was an increase of 0.3%. On a year-over-year basis consensus called for an increase of 3.4% versus a gain of 3.5% in March. Actual was an increase of 3.4%. Excluding food and energy, consensus called for an increase of 0.3% versus a gain of 0.4% in March. Actual was up 0.3%. On a year-over-year basis, consensus for Core PPI was an increase of 3.6% versus a gain of 3.8% in March. Actual was an increase of 3.6%.

Other U.S. economic data released at 8:30 AM EDT included April Retail Sales and the May Empire State Manufacturing Index. Consensus for April Retail Sales was an increase of 0.4% versus a gain of 0.7% in March. Actual was unchanged. Consensus for the May Empire State Index was -10.80 versus -14.30 in April. Actual was -15.6.

Boot Barn dropped $7.15 to $99.88 after offering guidance below consensus.

Boeing dropped $2.31 to $178.45 after the U.S. Justice Department claimed that Boeing violated its settlement that was reached to avoid prosecution after 737 Max crashes.

Monday.com advanced $35.54 to 217.00 after reporting higher than consensus quarterly revenues.

EquityClock's Headline

The return of the meme-stock craze has started to create some euphoria in the market, which is certainly not a bad thing, yet.

See: The return of the meme-stock craze has started to create some euphoria in the market, which is certainly not a bad thing, yet. (equityclock.com)

Technical Notes

Global Metals iShares $PICK moved above $44.25 extending an intermediate uptrend.

TSX Global Metals iShares $XBM.TO moved above $23.35 to an all-time high extending an intermediate uptrend.

Chile iShares $ECH moved above $28.50 extending an intermediate uptrend. Responding to higher base metal prices!

Taiwan iShares $EWT moved above $49.97 extending an intermediate uptrend.

Platinum ETN $PPLT moved above $93.16 resuming an intermediate uptrend

Retail SPDRs $XRT moved above $79.12 extending an intermediate uptrend.

JP Morgan $JPM a Dow Jones Industrial Average stock moved above $199.68 to an all-time high extending an intermediate uptrend.

Abbott Labs $ABT an S&P 100 stock moved below $104.25 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 14th 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 14th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 14th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Watch for Higher Lows in These Three Tech Stocks: David Keller

Watch for Higher Lows in These Three Tech Stocks - YouTube

Copper Is the New Oil: Jeff Curry

Currie: Copper Is the New Oil - YouTube

Is Inflation Still a Big Problem? Tom Bowley

Is Inflation Still a Big Problem? - YouTube

Live Trade Ideas & Updates: $SPY, $TLT, $WMT, $TSLA, $HON: Guy Adami, Carter Worth, Dan Nathan

Live Trade Ideas & Updates: $SPY, $TLT, $WMT, $TSLA, $HON - YouTube

Small-cap valuations look better than large caps, says market strategist Julie Biel

The S&P 500 is likely to hit new record highs this summer: strategist - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.60 to 61.00. It changed from Neutral to Overbought on a move above 60.00. Daily trend remains up.

The long term Barometer added 0.80 to 79.20. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer slipped 0.45 to 64.57. It remains Overbought.

The long term Barometer added 3.14 to 71.15. 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