Tech Talk for Wednesday May 12th 2021

U.S. equity index futures were lower this morning. S&P 500 futures were down 39 points in pre-opening trade.

Equity index futures moved lower following release of the April Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 0.6% in March. Actual was an increase of 0.8% Excluding food and energy, consensus was an increase of 0.4% versus a gain of 0.7% in March. Actual was an increase of 0.9%.

Wendy's added $1.30 to $24.10 after reporting higher than consensus first quarter revenues and earnings. The company also increase its dividend and raised guidance.

Walgreens Boots gained $0.04 to $54.28 after Mizuho increased its target price from $47 to $55.

Hanesbrands advanced $0.37 to $19.65 after Wells Fargo upgraded the stock from Underweight to Equal Weight. Target price was raised from $13 to $20.

Electronic Arts gained $1.63 to $142.99 after reporting higher than consensus quarterly revenues and earnings.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2021/05/11/stock-market-outlook-for-may-12-2021/

Technical Notes released yesterday at StockTwits@EquityClock

Things to watch for to determine when it is safe to be buyers again of the beaten down Technology sector. equityclock.com/2021/05/10/… $XLK $VGT $QQQ $NDX $IGV $FB $AMZN $AAPL $NFLX $GOOGL

Marriott $MAR a NASDAQ 100 stock moved below $129.41 completing a double top pattern.

DexCom $DXCM a NASDAQ 100 stock moved below $337.14 setting an intermediate downtrend

Advanced Micro Devices $AMD a NASDAQ 100 stock moved below $73.86 completing a Head & Shoulders pattern.

MercadoLibre $MELI a NASDAQ 100 stock moved below $1337.95 extending an intermediate downtrend

Micron $MU a NASDAQ 100 stock moved below $80.49 completing a double top pattern

Shopify $SHOP.CA a TSX 60 stock moved below Cdn$1267.45 extending an intermediate downtrend

Cenovus $CVE.CA a TSX 60 stock moved below Cdm$9.03 extending an intermediate downtrend

Disney $DIS a Dow Jones Industrial Average stock moved below $178.86 extending an intermediate downtrend.

Algonquin Power $AQN.CA a TSX 60 stock moved below Cdn$18.77 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 11th 2021

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May 11th 2021

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 11th 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

Change in Seasonality Rating

U.S. Financials relative to the S&P 500 Index change from Positive to Negative to July 15th and Positive to Negative on a real basis to June 28th

S&P 500 Momentum Barometer

The intermediate term Barometer dropped another 2.40 to 76.55. It remains Overbought and is trending down.

The long term Barometer added 0.40 to 92.18 yesterday. It remains Extremely Overbought.

TSX Momentum Barometer

The intermediate Barometer dropped 4.00 to 69.00 yesterday. It remains Overbought.

The long term Barometer was unchanged at 75.50 yesterday. It remains Overboght.

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