Tech Talk for Friday May 27th 2022

Editor’s Note

Next Tech Talk report is to be released on Monday May 30th despite the U.S. holiday

Pre-opening Comments for Friday May 27^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade.

Index futures moved slightly higher following release of April Personal income and April Personal Spending at 8:30 AM EDT. Consensus for April Personal Income was an increase of 0.4% versus a gain of 0.5% in March. Actual was an increase of 0.4%. Consensus for April Personal Spending was an increase of 0.6% versus n upwardly revised gain of 1.4% in March. Actual was an increase of 0.9%.

Gap Stores dropped $2.02 to $9.10 after reporting lower than consensus first quarter earnings. The company also lowered guidance.

Dell advanced $2.57 to $46.50 after reporting higher than consensus quarterly revenues.

Marvel Technology gained $1.33 to $58.32 after reporting higher than consensus quarterly revenues and earnings.

American Eagle Outfitters dropped $1.28 to $12.74 after reporting lower than consensus first quarter

EquityClock’s Daily Comment

Headline reads “Margin debt has fallen by the most through the first four months of the year since 2001 as investors deleverage their portfolios”. Following is the link:

http://www.equityclock.com/2022/05/26/stock-market-outlook-for-may-27-2022/

Technical Notes from yesterday

Oil & Gas Exploration iShares $XOP moved above 147.67 extending an intermediate uptrend.

Money Central Bank SPDRs $KBE moved above $47.49 completing a short term reverse Head & Shoulders pattern.

Regional Bank SPDRs $KRE moved above $62.17 completing a short term reverse Head and Shoulders pattern.

Kraft Heinz $KHC an S&P 100 stock moved below $36.70 extending an intermediate downtrend.

Dupont $DD an S&P 100 stock moved above $66.74 completing a short term reverse Head & Shoulders pattern.

General Electric $GE an S&P 100 stock moved above $77.20 completing a short term double bottom pattern

NetEase $NTES a NASDAQ 100 stock moved above $101.18 setting an intermediate uptrend. Seasonal influences are favourable to June 26^th. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/netease-inc-adr-nasdaqntes-seasonal-chart

Schlumberger $SLB an S&P 100 stock moved above $46.27 extending an intermediate uptrend. Seasonal influences are favourable to July 20^th. If a subscriber to EquityClock, see seasonality chart at https://charts.equityclock.com/schlumberger-limited-nyseslb-seasonal-chart

Imperial Oil $IMO.TO a TSX 60 stock moved above Cdn$69.55 to an all-time high extending an intermediate uptrend.

Enbridge $ENB.TO a TSX 60 stock moved above $58.18 to an all-time high extending an intermediate uptrend.

Thomson Reuters $TRI.TO a TSX 60 stock moved above $124.52 completing a double bottom pattern.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 26^th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May 26^th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 26^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)

S&P 500 Momentum Barometers

The intermediate term Barometer advanced 7.82 to 32.06 yesterday. It remains Oversold. Trend is up.

The long term Barometer added 3.21 to 34.27 yesterday. It remains Oversold. Trend is up.

TSX Momentum Barometers

The intermediate term Barometer added 3.08 to 28.63 yesterday. It remains Oversold. Trend is up.

The long term Barometer added 0.44 to 38.77 yesterday. It remains Oversold. Trend is up.

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.