Tech Talk for Thursday May 26th 2022

Pre-opening Comments for Thursday May 26^th

U.S. equity index futures at 7:30 AM EDT were higher. S&P 500 futures were up 30 points in pre-opening trade.

Canada’s March Retail Sales report is released at 8:30 AM EDT. Consensus is an increase of 1.4% versus a gain of 0.1% in February.

NVIDIA dropped $12.75 to $157.00 after the company offered second quarter guidance below consensus.

Snowflake plunged $17.77 to $115.00 after reporting lower than consensus quarterly earnings. The company also issued second quarter guidance below consensus.

Williams Sonoma advanced $9.51 to $114.98 after reporting higher than consensus quarterly revenues and earnings.

Twitter advanced $2.73 to $39.89 on news that Elon Musk is seeking additional funding to close his proposed acquisition of the company.

EquityClock’s Daily Comment

EquityClock says “The Super Simple Seasonal Portfolio remains positioned according to the risk-reward of the market that is at hand and we continue to see the next logical window to take on risk in the portfolio as being around the middle of June”. Following is the link:

http://www.equityclock.com/2022/05/25/stock-market-outlook-for-may-26-2022/

Technical Notes for yesterday

First Trust Natural Gas Equity ETF $FCG moved above $27.10 to a seven year high extending an intermediate uptrend. Units responded to higher natural gas prices. Seasonal influences are favourable to June 11^th. If a subscriber to www.EquityClock.com see seasonality chart for FCG at https://charts.equityclock.com/first-trust-natural-gas-etf-nysefcg-seasonal-chart

Corn ETN $CORN moved below $28.15 completing a double top pattern.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 25^th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May 25^th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 25^th 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)

Links offered by Valued Providers

Links offered by Mark Bunting and www.uncommonsenseinvestor.com

Five Reasons to Not Worry About Amazon’s Growth – Uncommon Sense Investor

Five Reasons Home Depot is Not Like the Others – Uncommon Sense Investor

https://uncommonsenseinvestor.com/mcdonalds-still-golden-despite-russia-exit/

Greg Schnell asks “What’s the buzz with financials”?

What’s the Buzz With Financials? | Greg Schnell, CMT | Market Buzz (05.25.22) – YouTube

CATA Meeting May 26 with Robert (Hap) Sneddon

Join us on May 26 with Hap Sneddon of Castlemoore Investments.

Mr. Sneddon is the firm’s Founder, President and Chief Portfolio Manager, and is responsible for the final investment decisions and investment thesis. A graduate of the University of Toronto, St. Michael’s College, his 23 year career in financial services began with London Life Insurance, followed by client asset management with Richardson Greenshields of Canada and Royal Bank of Canada, Dominion Securities. His investment education is extensive, culminating in the distinguished title of Fellow of the Canadian Securities Institute and is Past President of the Canadian Society of Technical Analysts. He has served on multiple boards of directors spanning business and industry to community outreach for “street kids”.

When:

Thursday, May 26, 2022, 8:00 PM until 10:00 PM

Category:

Meeting

Registration is not required

Active members . . . No Fee

Any Non-Member . . . CAN$ 10.00

Contact

Contact Us – Canadian Association for Technical Analysis (canadianata.ca)

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.81 to 24.25 yesterday. It remains Oversold. Technical sign of an intermediate bottom has arrived.

Long term Barometer added 0.20 to 31.06 yesterday. It remains Oversold.

TSX Momentum Barometers

The intermediate term Barometer added 2.74 to 25.55 yesterday. It remains Oversold. A technical sign of a bottom has arrived.

The long term Barometer added 1.05 to 38.33 yesterday. It remains Oversold. A technical sign of a bottom has arrived.

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.