Tech Talk for Tuesday May 25th 2021
U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points in pre-opening trade. The TSX Composite Index also is expected to open higher reflecting strength in U.S. equity indices yesterday and strong increases in Far East equity markets in overnight trade. Notable was a 2.40% increase in the Shanghai Composite Index led by gains in the technology sector.
Amazon gained $27.75 to $3,272.74 on media news that the company is negotiating the purchase of MGM Studios for approximately $9 billion.
Autozone advanced $1.60to $1,450.00 after reporting higher than consensus fiscal third quarter sales and earnings.
Adobe added $4.08 to 4501.91 after Mizuho initiated coverage with a Buy rating.
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2021/05/22/stock-market-outlook-for-may-25-2021/
Comments on U.S. equity markets by Jim Cramer last night on "Mad Money"
Cramer offered interesting observations on events currently impacting U.S. equity markets. He expects U.S. equity markets to rally for the "foreseeable future".
Following is a link:
https://www.cnbc.com/2021/05/24/jim-cramer-says-stocks-are-likely-to-keep-rallying-heres-why.html
Favourable comment on the semiconductor sector
Headline reads, "One chart reveals bullish set up for semi stocks against broader tech sector". Oppenheimer. Following is the link:
Technical Notes released yesterday at StockTwits.com@EquityClock
Nil
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for May 24th 2021
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for May 24th 2021
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 24th 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
Scans to help you stay nimble
Technical tools offered by Greg Schnell on StockCharts.com. Following is the link:
https://www.youtube.com/watch?v=r9_jcbgtrKY
Market Buzz
Greg offers "Clean Tech Wreck Review 2.0. Following is the link:
https://www.youtube.com/watch?v=JfEZqa7C81Q
Technicals for the NASDAQ Composite Index and Technology SPDRs
Their technical profiles improved significantly yesterday: They moved above their 20 and 50 day moving averages, their short term momentum indicators (Stochastics, RSI, MACD) turned higher and strength relative to the S&P 500 Index changed from negative to neutral.
Seasonality influences of both indices are virtually identical and are Positive on a real and relative basis until at least mid-July.
Technology Select Sector SPDR Fund (NYSE:XLK) Seasonal Chart
XLK Relative to the S&P 500 |
S&P 500 Momentum Barometers
The intermediate term Barometer added 4.41 to 73.75 yesterday. It remains Overbought.
The long term Barometer added 0.40 to 91.78 yesterday. It remains Extremely 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
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