Tech Talk for Wednesday May 8th 2024
U.S. equity index futures were lower this morning. S&P 500 futures were down 19 points at 8:30 AM EDT.
Electronic Arts dropped $5.54 to $124.70 after reporting less than consensus quarterly revenues.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/05/clip_image0015-1.png "clip_image001[5]")
Wynn Resorts gained $2.79 to $100.05 after reporting higher than consensus quarterly revenues and earnings.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/05/clip_image0025-1.png "clip_image002[5]")
Lyft advanced $0.50 to $17.10 after reporting higher than consensus first quarter revenues. The company also offered positive guidance.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/05/clip_image0035-1.png "clip_image003[5]")
Reddit advanced $8.29 to $57.70 after reporting higher than consensus first quarter revenues.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/05/clip_image0045-1.png "clip_image004[5]")
Technical Notes
Europe iShares $IEV moved above $55.90 to an all-time high extending an intermediate uptrend.
Qualcomm $QCOM a NASDAQ 100 stock moved above $183.62 to an all-time high extending an intermediate uptrend.
Coca Cola EuroPacific $CCEP a NASDAQ 100 stock moved above $72.67 to an all-time high extending an intermediate uptrend.
Datadog $DDOG a NASDAQ 100 stock moved below $118.40 completing a double top pattern.
Illumina $ILMN a NASDAQ 100 stock moved below $115.73 extending an intermediate downtrend.
Royal Bank $RY.TO a TSX 60 stock moved above Cdn$139.35 to an all-time high extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for May 7th 2024
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for May7th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 7th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
The Market Breadth Indicator You Should Be Following; David Keller
The Market Breadth Indicator You Should Be Following - YouTube
Outlook for energy amid supply concerns with Eric Nuttall
Outlook for energy amid supply concerns with Eric Nuttall - YouTube
Time To Get Bullish Oil? Guy Adami, Dan Nathan and Carter Worth
Time To Get Bullish Oil? - YouTube
Bullish call for oil. We like TSX but continue to lean towards U.S.: strategist
Bullish call for oil. We like TSX but continue to lean towards U.S.: strategist - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 2.20 to 52.80. It remains Neutral.
The long term Barometer added 1.60 to 76.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 5.38 to 61.61. It remains Overbought.
The long term Barometer dropped 1.34 to 67.41. It remains Overbought.
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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