Tech Talk for Tuesday May 17th 2022
U.S. equity index futures were higher this morning. S&P 500 Index futures advanced 54 points in pre-opening trade.
Index futures were virtually unchanged following release of U.S. April Retail Sales at 8:30 AM EDT. Consensus was an increase of 1.0% versus a gain of 0.7% in March. Actual was.a gain of 0.9%. Excluding auto sales, April Retail Sales were expected to increase 0.4% versus a gain of 1.4% in March. Actual was a gain of 0.6%.
Abbott Labs added $0.19 to $109.90 after the company entered into a consent agreement with the FDA that will allow the company to re-opening its baby formula plant.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/05/clip_image0011-9.png "clip_image001[1]")
Take Two added $5.67 to $115.78 after reporting higher than consensus fiscal fourth quarter results.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/05/clip_image0021-9.png "clip_image002[1]")
Home Depot advanced $11.76 to $307.75 after reporting higher than consensus first quarter sales. The company also raised second quarter guidance.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/05/clip_image0031-10.png "clip_image003[1]")
Walmart dropped $10.64 to $137.67 after reporting lower than consensus first quarter results.
EquityClock's Daily Comment
Headline reads "Neutralizing our bearish bias that has been maintained year-to-date as the risk-reward in the market becomes favourable". Following is a link:
http://www.equityclock.com/2022/05/16/stock-market-outlook-for-may-17-2022/
Technical Notes for yesterday
Chevron $CVX an S&P 100 stock moved above $174.76 to an all-time high extending an intermediate uptrend
Canadian "gassy" stocks continue to move higher. Birchcliffe $BIR.TO moved above $10.53 to an eight year high extending an intermediate uptrend.
Philip Morris $PM an S&P 100 stock moved above $105.74 extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for May 16th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for May 16th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 16th 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)
Seasonality Chart of the Day
Seasonality for Biotech sector is positive on a real and relative basis from May 10th to Sept. 20th.
The sector is notably stronger prior to the ASCO conference scheduled this year on June 3-7th.
Biotech ETFs including IBB, BBH, FBT and XBI are showing technical signs of an intermediate bottom. Short term momentum indicators and strength relative to S&P 500 have turned higher.
S&P 500 Momentum Barometers
The intermediate term Barometer added 0.80 to 22.44 yesterday. It remains Oversold
The long term Barometer added 0.60 to 33.07 yesterday. It remains Oversold.
TSX Momentum Barometers
The intermediate term Barometer added 4.41 to 25.99 yesterday. It remains Oversold.
The long term Barometer added 0.44 to 34.80 yesterday. It remains Oversold.
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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