Tech Talk for Friday May 24th 2019

U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points in pre-opening trade.

Index futures were virtually unchanged following release of the April Durable Goods Orders report at 8:30 AM EDT. Consensus was a drop of 2.0% versus a revised gain of 1.7% in March. Actual was a drop of 2.1%. Excluding transportation orders, consensus was an increase of 0.2% versus a gain of 0.4% in March. Actual was unchanged.

HP Inc added $0.52 to 19.71 after reporting higher than consensus fiscal second quarter sales and earnings.

Autodesk dropped $14.50 to $154.04 after reporting less than consensus first quarter sales and earnings.

Intuit gained $4.29 to $245.60 after reporting higher than consensus fiscal third quarter sales and earnings.

Foot Locker (FL $52.83) is expected to open lower after reporting lower than consensus first quarter sales and earnings.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/05/23/stock-market-outlook-for-may-24-2019/

Note seasonality charts on WTI Crude Oil, U.S. Dollar Index and New Home Sales.

StockTwits released yesterday @EquityClock

Technical action by S&P 500 stocks to 10:30: Bearish. Breakout: $CPRT. Breakdowns: $HRL $KHC $DO $EOG $EQT $HES $HP $MRO $OKE $VLO $JEC $PH $INTC $NTAP $STX $ADS

Editor's Note: After 10:00 AM EDT, intermediate breakouts include CHD and D. Breakdowns included CMG, FL, WFC and GD.

Notably weaker were energy stocks and ETFs on both sides of the border. Breakdowns by $XOP $XEG.CA $XLE $FCG

Crude oil ETN $USO leading the energy sector on the downside.

Commerce Bank $CM.CA, a TSX 60 stock moved below $105.58 completing a double top pattern.

Teck Resources $TECK $TECK.B.CA, a TSX 60 stock moved below $19.78 U.S. and $26.66 Cdn. extending an intermediate downtrend

Another base metal equity breakdown! Lundin Mining $LUN.CA moved below $5.94 extending an intermediate downtrend.

Semiconductor ETF $SMH moved below $99.84 extending an intermediate downtrend.

Gasoline ETN $UGA moved below $30.61 completing a double top pattern in response to a higher than expected U.S. monthly inventory report

Europe iShares $IEV moved below $42.88 completing a Head & Shoulders pattern.

Magna International $MG.CA $MGA, a TSX 60 stock moved below $57.84 Cdn to a 16 month low extending an intermediate downtrend.

Canadian energy stock and ETF breakdowns: $VET.CA $PSK.CA $FRU.CA $XEG.CA $ZEO.CA

First Service $FSV.CA moved above $120.08 to an all-time high extending an intermediate uptrend.

New Home Sales down 8.3% (NSA) in April, weaker than the 1.4% decline that is average for the month. $MACRO #Economy #Housing

Telus $T.CA, a TSX 60 stock moved above $50.61 to an all-time high extending an intermediate uptrend.

South Africa iShares $EZA moved below $50.58 completing a double top pattern.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for May 23rd 2019

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May 23rd 2019

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 23rd 2019

Green: Increase from previous day

Red: Decrease from previous day

Keith Richard's Blog

Keith asks, "Will the FAANGs roll over"? Following is a link:

https://www.valuetrend.ca/will-the-fangs-roll-over/

S&P 500 Momentum Barometer

The Barometer dropped 7.00 to 41.60 yesterday. It remains intermediate neutral and trending down.

TSX Momentum Barometer

The Barometer dropped 6.30 to 43.70 yesterday. It remains intermediate neutral and trending down.

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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