Tech Talk for Friday May 31st 2019
U.S. equity index futures are lower this morning. S&P 500 futures were down 29 points in pre-opening trade. Index futures responded to news that the U.S. has proposed a 5% tariff on Mexican imports on June 10th unless Mexico takes action to reduce illegal immigration.
U.S. automaker stocks with Mexican production facilities quickly responded to Mexican tariff news. General Motors dropped $1.79 to $33.03.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/05/clip_image0011-11.png "clip_image001[1]")
China's official Purchasing Managers Index dropped to 49.4 in May from 49.4 in April. Consensus was 49.9.
Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for April Personal Spending was an increase of 0.2% versus a gain of 0.9% in March. Actual was an increase of 0.3%. Consensus for April Personal Income was an increase of 0.3% versus a gain of 0.1% in March. Actual was an increase of 0.5%..
The Canadian Dollar was virtually unchanged at 73.82 following released of Canada's first quarter GDP at 8:30 AM EDT. Consensus was an increase of 0.7%. Actual was an increase of 0.4%
Gap Stores dropped $3.05 to $17.55 after reporting lower than consensus first quarter earnings. The company also lowered guidance.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/05/clip_image0021-11.png "clip_image002[1]")
Costco added $0.85 to $242.39 despite reporting higher than consensus fiscal third quarter earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/05/clip_image0031-10.png "clip_image003[1]")
Dell Technologies dropped $3.01 to after reporting lower than consensus quarterly results.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/05/30/stock-market-outlook-for-may-31-2019/
Observations
The Nikkei Average at 20,942 moved below support at 20,972 completing a Head & Shoulders pattern.
Mines and Metals SPDRs moved below $24.93 to a 30 month low.
Cannabis ETF moved below $19.34 extending an intermediate downtrend.
Seasonality Changes at the End of May
Following are the charts:
StockTwits released yesterday @EquityClock
Restaurant Brands International $QSR.CA $QSR, a TSX 60 stock moved below support at $85.85 Cdn and $63.70 U.S.
Technical action by S&P 500 stocks to 10:00: Quiet. Intermediate breakout: $DG on better than expected first quarter results. No breakdowns
Editor's Note: After 10:00 AM EDT, intermediate breakout: DISH. Breakdowns: FOX, FOXA, COG, PXD, DUK, BHGE, AES and EXC
Canadian Tire $CTC.A.CA, a TSX 60 stock moved below $136.04 and $135.19 extending an intermediate downtrend.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for May 30th 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for May 30th 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 30th 2019
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer added 2.00 to 32.80 yesterday. It remains intermediate oversold and trending down.
TSX Momentum Barometer
The Barometer added 1.10 to 39.08 yesterday. It remains intermediate oversold 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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