Tech Talk for Tuesday May 11th 2021

U.S. equity index futures were lower this morning. S&P 500 futures were down 52 points in pre-opening trade. Equity index futures followed a 2% drop by European equity indices and a 3% drop by the Nikkei Average.

L Brands dropped $2.30 to $66.49 after the company announced plans to spin off its Victoria Secrets division by August.

Simon Property fell $4.23 to $122.52 despite reporting higher than consensus first quarter earnings. In addition, Mizuho raised its target price from $97 to $133.

Nike (NKE $136.40) is expected to open higher after Jefferies upgraded the stock to Buy.

Domtar has received a cash takeover offer from Paper Excellence valued at $55.50 per share.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2021/05/10/stock-market-outlook-for-may-11-2021/

Technical Notes released yesterday StockTwits.com

ExxonMobil $XOM, a Dow Jones Industrial Average stock moved above $62.55 extending an intermediate uptrend.

Travelers Group $TRV, a Dow Jones Industrial Average stock moved above $161.18 to an all-time high extending an intermediate uptrend.

Silver equity ETF $SIL moved above $46.58 extending an intermediate uptrend

Citigroup $C an S&P 100 stock moved above $75.60 extending an intermediate uptrend.

Lockheed Martin $LMT an S&P 100 stock moved above $394.33 extending an intermediate uptrend

Forest product stocks continue to move higher. West Fraser Timber $WFG.CA moved above $109.25 to an all-time high extending an intermediate uptrend.

Energy SPDRs $XLE moved above $53.79 extending an intermediate uptrend

Natural gas equity ETF $FCG moved above $14.26 extending an intermediate uptrend.

BHP Billiton $BHP , one of the largest base metal producers in the world moved above $79.78 to an all-time high extending an intermediate uptrend.

Southern Copper $SCCO one of the largest copper producers in the world moved above $82.39 to an all-time high extending an intermediate uptrend

Comcast $CMCSA ,an S&P 100 stock moved above $58.32 to an all-time high extending an intermediate uptrend.

Loblaw $L.CA a TSX 60 stock moved above $71.40 extending an intermediate uptrend

China Large Cap iShares $FXI moved below $45.09 completing a Head & Shoulders pattern

Pinduoduo $PDD a NASDAQ 100 stock moved below $45.09 setting an intermediate downtrend.

BMO Emerging Markets ETF $ZEM.CA moved below $23.38 setting an intermediate downtrend

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 10th 2021

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May 10th 2021

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 10th 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

S&P 500 Momentum Barometer

The intermediate term Barometer dropped 5.81 to 78.96 yesterday. It changed from Extremely Overbought to Overbought on a move below 80.00 and is trending down.

The long term Barometer slipped 1.00 to 91.78 yesterday. It remains Extremely Overbought and showing early signs of trending down.

TSX Momentum Barometer

The intermediate term Barometer dropped 3.88 to 73.00 yesterday. It remains Overbought.

The long term Barometer slipped 0.88 to 75.50 yesterday. It remains Overbought.

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