Tech Talk for Tuesday May 23rd 2023
U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points at 8:35 AM EDT.
Index futures moved lower following release of the May Philly Fed Index at 8:30 AM EDT. The Index was reported at -16.0 versus -22.8 in April.
Chevron added $1.44 to $153.88 after HSBC upgraded the stock to Buy.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/05/clip_image0015-2.png "clip_image001[5]")
Lowe's dropped $2.65 to $200.50 after lowering second quarter guidance.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/05/clip_image0025-2.png "clip_image002[5]")
Nordson gained $3.63 to $219.87 after reporting higher than consensus fiscal second quarter revenues.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/05/clip_image0035-2.png "clip_image003[5]")
Zoom added $0.51 to $71.92 after reporting higher than consensus first quarter revenues.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/05/clip_image0045-2.png "clip_image004[5]")
Technical Notes
Amex Biotech ETF $FBT moved above $159.29 extending an intermediate uptrend. Seasonal influences for the Biotech sector currently are favourable.
Walt Disney $DIS a Dow Jones Industrial Average stock moved below intermediate support at $90.46.
Starbucks $SBUX a Dow Jones Industrial Average stock moved below $103.29 setting an intermediate downtrend.
MercadoLibre $MELI a NASDAQ 100 stock moved above 1,337.75 extending an intermediate uptrend.
Paychex $PAYX a NASDAQ 100 stock moved above $109.80 setting an intermediate uptrend.
Wheat ETN $WEAT moved below support at $6.11 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for May 22nd 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for May 22nd 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 22nd 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive seasonal ratings: www.equityclock.com
Link Offered by a Valued Provider
Where Are Equities Headed? Greg Harmon, CMT | Your Daily Five (05.22.23)
Comments on gold, U.S. Dollar, NASDAQ 100 and S&P 500.
https://www.youtube.com/watch?v=Nw3WQuEoL2M
S&P 500 Momentum Barometers
The intermediate term Barometer added 1.20 to 51.80. It remains Neutral.
The long term Barometer added 0.40 to 50.40. 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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