Tech Talk for Friday May 6th 2022
U.S. equity index futures were lower this morning. S&P 500 futures were down 2 points in pre-opening trade.
Index futures recovered slightly following release of the U.S. Employment report at 8:30 AM EDT. Non-farm Payrolls were expected to increase 400,000 versus a gain of 431,000 in March. Actual was 428,000. Unemployment Rate was expected to remain unchanged from March at 3.6%. Actual was unchanged at 3.6%. Average Hourly Earnings were expected to increase 0.4% versus a gain of 0.4% in March. Actual was an increase of 0.3%. On a year-over-year basis Average Hourly Earnings were expected to increase 5.5% versus 5.6% in March. Actual was an increase of 5.5%.
The Canadian Dollar was virtually unchanged at US77.97 cents following release of Canada's April Employment Report at 8:30. Consensus was an increase of 40,000 versus a gain of 72,500 in March. Actual was an increase of 15,300. Consensus for the April Canadian Unemployment Rate was unchanged from March at 5.3% Actual was a drop to 5.2%.
Zillow dropped $3.68 to $36.10 after lowering second quarter guidance.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/05/clip_image0011-4.png "clip_image001[1]")
Door Dash advanced $7.85 to $81.00 after reporting a 35% increase in first quarter revenues.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/05/clip_image0021-3.png "clip_image002[1]")
Shake Shack added $0.95 to $57.00 after reporting lower than consensus first quarter loss.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/05/clip_image0031-4.png "clip_image003[1]")
EquityClock's Daily Comment
Headline reads "Watching the comparisons of the market now to what was seen in 2018, the last time that the yield on the 10-year Treasury note crossed above 3%". Following is a link:
http://www.equityclock.com/2022/05/05/stock-market-outlook-for-may-6-2022/
Technical Notes released yesterday at
eBay $EBAY a NASDAQ 100 stock moved below $49.33 extending an intermediate downtrend.
SNC Lavalin $SNC.CA a TSX 60 stock moved below $25.93 extending an intermediate downtrend.
Yields and the US Dollar showing hints of peaking and we are reacting. equityclock.com/2022/05/04/… $IEF $TLT $AGG $TNX $USD.X $USDOLLAR $UUP
Nike $NKE a Dow Jones Industrial Average stock moved below $116.75 extending an intermediate downtrend.
Accenture $ACN an S&P 100 stock moved below $296.48 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for May 5th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for May 5th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 5th 2021
Green: Increase from previous day
Red: Decrease from previous day
All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX)
S&P 500 Momentum Barometers
The intermediate term Barometer plunged 18.44 to 30.46 yesterday. It returned to Oversold on a drop below 40.00.
The long term Barometer dropped 6.41 to 36.67 yesterday. It returned to Oversold on a drop below 40.00.
TSX Momentum Barometers
The intermediate term Barometer dropped 8.98 to 23.74 yesterday. It remains Oversold.
The long term Barometer dropped 7.99 to 42.92 yesterday. It remains Neutral. Trend is 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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