Tech Talk for Wednesday May 22nd 2024
U.S. equity index futures were lower this morning. S&P futures were down 10 points at 8:30 AM EDT.
Urban Outfitters advanced $3.12 to $44.44 after reporting higher than consensus first quarter revenues and earnings.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/05/clip_image0015-2.png "clip_image001[5]")
Toll Brothers added $1.81 to $132.03 after reporting higher than consensus fiscal second quarter revenues and earnings.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/05/clip_image0025-2.png "clip_image002[5]")
Lululemon dropped $6.98 to $316.00 on news that the company's chief product officer has resigned.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/05/clip_image0035-2.png "clip_image003[5]")
Analog Devices advanced $17.10 to an all-time high at $233.74 after offering positive fiscal third quarter guidance.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/05/clip_image0045-2.png "clip_image004[5]")
EquityClock's Highlight for May 22nd
Traders are starting to gravitate back to growth and away from value, a tendency that is normal through the offseason for stocks that is now underway.
See: https://equityclock.com/2024/05/21/stock-market-outlook-for-may-22-2024/
Technical Notes
Microsoft $MSFT a Dow Jones Industrial Average stock moved above $430.04 to an all-time high extending an intermediate uptrend.
Eli Lilly $LLY an S&P 100 stock moved above $799.42 to an all-time high extending an intermediate uptrend. The company received approval of its weight loss drug in China.
Old Dominion Freight $ODFL a NASDAQ 100 stock moved below intermediate support at $178.12
CSX $CSX a NASDAQ 100 stock moved below $32.96 extending an intermediate downtrend.
Target Stores $TGT an S&P 100 stock moved below $154.73 extending an intermediate downtrend.
Lowe's $LOW an S&P 100 stock moved below $224.68 setting an intermediate downtrend. The company reported better than expected first quarter results, but lowered guidance.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for May 21st 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 21st 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 21st 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Bitcoin Blasts ABOVE 70K! David Keller
https://www.youtube.com/watch?v=ED8hZFbQd24
Live Charts & Trade Ideas: $SPY $NVDA $SMH $TGT $LOW $IYT: Guy Adomi and Carter Worth
https://www.youtube.com/watch?v=-xlJJqxgw-E
S&P 500 Momentum Barometers
The intermediate term Barometer slipped 0.60 to 60.60. It remains Overbought.
The long term Barometer dropped 1.00 to 78.80. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer slipped 0.45 to 68.61. It remains Overbought.
The long term Barometer was unchanged at 72.20. 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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