Tech Talk for Friday May 20th 2022
U.S. equity index futures were higher this morning. S&P 500 futures were up 43 points in pre-opening trade. Index futures responded partially to news that China lowered its central bank interest rates in order to stimulate the economy.
Applied Materials dropped $2.27 to $108.47 after reporting lower than consensus fiscal second quarter revenues and earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/05/clip_image0011-12.png "clip_image001[1]")
Door Dash added $0.30 to $67.25 after announcing a $400 million share repurchase plan.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/05/clip_image0021-12.png "clip_image002[1]")
Pfizer added $0.04 to $50.69 after the CDC approved Pfizer's COVID 19 booster shot for kids aged 5 to 11.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/05/clip_image0031-13.png "clip_image003[1]")
EquityClock's Daily Comment
Headline reads "The path towards an economic recession is brewing, but it is not imminent, which means there are segments of the market that we can buy". Following is a link:
http://www.equityclock.com/2022/05/19/stock-market-outlook-for-may-20-2022/
Editor's Note
Next Tech Talk is released on Monday despite being a holiday in Canada.
Technical Notes for yesterday
Consumer Staples SPDRs XLP moved below $71.02 extending an intermediate downtrend.
Procter & Gamble PG a Dow Jones Industrial Average stock moved below $142.33 extending an intermediate downtrend.
Travelers TRV a Dow Jones Industrial Average stock moved below $167.64 extending an intermediate downtrend.
Broadcom AVGO an S&P 100 stock moved below intermediate support at $553.40 and $546.33.
CDW CDW a NASDAQ 100 stock moved below $159.91 extending an intermediate downtrend.
Allstate ALL an S&P 100 stock moved below $125.43 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for May 19th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for May 19th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for May 19th 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
Interview with Martin Armstrong
New Interview: Martin Armstrong on The Hrvoje Mori?? Show | Armstrong Economics
Greg Schnell discusses "How to discover a new rally".
How to Discover a New Rally | Greg Schnell, CMT | Market Buzz (05.18.22) - YouTube
S&P 500 Momentum Barometers
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/05/clip_image0015.png "clip_image001[5]")
The intermediate term Barometer slipped 2.00 to 14.63 yesterday. It remains Oversold. Trend remains down.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/05/clip_image0025-1.png "clip_image002[5]")
The long term Barometer slipped 0.60 to 27.66 yesterday. It remains Oversold, Trend remains down.
TSX Momentum Barometers
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/05/clip_image0035.png "clip_image003[5]")
The intermediate term Barometer added 1.42 to 24.13 yesterday. It remains Oversold.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/05/clip_image0045.png "clip_image004[5]")
The long term Barometer added 1.90 to 35.96 yesterday. It remains Oversold.
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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