Tech Talk for Thursday May 12th 2022

U.S. equity index futures were lower at 7:30 AM EDT. S&P 500 futures were down 17 points in pre-opening trade.

April Producer Price Index to be released at 8:30 AM EDT is expected to increase 0.5% versus a gain of 1.4% in March. On a year-over-year basis, April Producer Price Index is expected to increase 10.7% versus a gain of 11.2% in March. Excluding food and energy April Producer Price Index is expected to increase 0.6% versus a gain of 1.0% in March. Excluding food and energy, April Producer Price Index is expected to increase 8.9% versus 9.2% in March.

Walt Disney dropped $3.45 to $101.69 after reporting lower than consensus fiscal second quarter results. The company also offered cautious third quarter guidance.

Beyond Meat plunged $5.89 to $20.28 after reporting lower than consensus first quarter results.

Canadian Tire is expected to open higher after reporting higher than consensus first quarter results. The company also raised its dividend by 25%.

EquityClock's Daily Comment

Headline reads "Mega-cap tech names encompassing around 20% of the weight of the S&P 500 Index have just broken below levels of support, leading to a further deterioration of market breadth".

Following is the link:

http://www.equityclock.com/2022/05/11/stock-market-outlook-for-may-12-2022/

CNN Fear and Greed Index

It dropped to 20 yesterday into the "Extreme Fear" level. Following is the link:

Fear and Greed Index – Investor Sentiment | CNN

Technical Notes for yesterday

Industrial SPDRs $XLI moved below $93.09 extending an intermediate downtrend.

Apple $AAPL a Dow Jones Industrial Average stock moved below $149.88 completing a double top pattern.

AutoDesk $ADSK a NASDAQ 100 stock moved below $180.19 extending an intermediate downtrend.

Verisk Analytics $VRSK a NASDAQ 100 stock moved below $174.70 extending an intermediate downtrend.

George Weston $WN.TO a TSX 60 stock moved below intermediate support at $151.72.

Canadian Tire $CTC.A.TO a TSX 60 stock moved below $166.32 extending an intermediate downtrend.

Canopy Growth $WEED.TO a TSX 60 stock moved below $6.48 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 11th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May 11th 2022

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 (except TSX)

Links offered by Valued Providers

Links from Mark Bunting and www.uncommonsenseinvestor.com

Essential Principles of Finding 100-Bagger Stocks – Uncommon Sense Investor

How to Handle a Bear Market. - YouTube

John Kosar from www.StockCharts.com says "Get ready for more pain".

https://www.youtube.com/watch?v=HiCHa9U6HmI

Greg Schnell asks "Is 27% off a deal"?

Is 27% A Sale? | Greg Schnell, CMT | Market Buzz (05.11.22) - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped another 3.21 to 15.23 yesterday. It remains Oversold. Trend remains down. Technical signs of a bottom have yet to arrive.

The long term Barometer slipped another 0.80 to 29.66 yesterday. It remains Oversold. Trend remains down.

TSX Momentum Barometers

The intermediate term Barometer slipped another 0.13 to 14.67 yesterday. It remains Oversold. Trend remains down. Technical signs of a bottom have yet to arrive.

The long term Barometer dropped another 1.18 to 31.56 yesterday. It remains Oversold. Trend remains down.

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.