Tech Talk for Thursday May 11th 2023
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 8:35 AM EDT.
Bank of England raised its overnight lending rate by 0.25% as expected.
Index futures were unchanged following release of the U.S. April Producer Price Index at 8:30 AM EDT. Consensus was an increase 0.3% versus a decline of 0.5% in March. Actual was an increase of 0.2% . On a year-over-year basis, consensus was an increase of 2.5% versus a gain of 2.7% in March. Actual was an increase of 2.3%. Excluding food and energy, consensus was an increase 0.2% versus a decline of 0.1% in March. Actual was an increase of 0.2%. On a year-over-year basis, core PPI was expected to increase 3.3% versus a gain of 3.4% in March. Actual was an increase of 3.4%
Nutrien dropped $1.36 to US$62.00 after reporting less than consensus first quarter earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/05/clip_image0011-4.png "clip_image001[1]")
Walt Disney fell $4.44 to $96.70 after announcing a surprise decline in Disney subscribers.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/05/clip_image0021-5.png "clip_image002[1]")
Brookfield dropped $1.43 to Cdn$41.64 after reporting lower than consensus first quarter earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/05/clip_image0031-4.png "clip_image003[1]")
EquityClock's Daily Comment
Headline reads "Used car prices just recorded one of the largest April increases on record as the declining path of prices in the category makes a dramatic turn".
http://www.equityclock.com/2023/05/10/stock-market-outlook-for-may-11-2023/
Link offered by a valued provider
Head and Shoulders Patterns All Around | David Keller, CMT | The Final Bar (05.10.23)
Head and Shoulders Patterns All Around | David Keller, CMT | The Final Bar (05.10.23) - YouTube
Technical Notes
NASDAQ Composite Index and related ETFs moved above resistance extending an intermediate uptrend. The Index moved above 12,269.55.
MMM $MMM a Dow Jones Industrial Average stock moved below $100.16 extending an intermediate downtrend.
MetLife $MET an S&P 100 stock moved below $52.33 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for May 10th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for May10th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 10th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive seasonal ratings: www.equityclock.com
Links offered by valued providers
Stocks On Verge Of Breakout | Danielle Shay | Your Daily Five (05.10.23)
Stocks On Verge Of Breakout | Danielle Shay | Your Daily Five (05.10.23) - YouTube
Bullish Volume Scan | Greg Schnell, CMT | Market Buzz (05.10.23)
Bullish Volume Scan | Greg Schnell, CMT | Market Buzz (05.10.23) - YouTube
Technical and Seasonal Chart of the Day
Strength in the NASDAQ Composite came from the technology component in the Index. Technology SPDRs XLK moved above $150.72 and $151.51 extending an intermediate uptrend.
Technical score increased from 4 to 6:
? Intermediate trend is up. Score: 2
? Strength relative to the S&P 500 changed from Neutral to Positive. Score: from 0 to 2
? Units trade above its 20 day moving average: Score: 1
? Daily momentum indicators (Stochastics, RSI, MACD) are trending up. Score: 1
Seasonal Chart Analysis
Analysis of the Technology Select Sector SPDR Fund (NYSE:XLK) seasonal charts above shows that a Buy Date of April 13 and a Sell Date of August 19 has resulted in a geometric average return of 1.93% above the benchmark rate of the S&P 500 Total Return Index over the past 20 years. This seasonal timeframe has shown positive results compared to the benchmark in 18 of those periods. This is an excellent rate of success, but the return underperforms the relative buy-and-hold performance of the stock over the past 20 years by an average of 0.53% per year.
S&P 500 Momentum Barometers
The intermediate term Barometer slipped 0.60 to 50.00. It remains Neutral.
The long term Barometer added 1.00 to 51.00. It remains Neutral.
TSX Momentum Barometers
The intermediate Barometer dropped 2.59 to 54.31. It remains Neutral.
The long term Barometer added 0.43 to 59.05. It remains Neutral.
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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