Tech Talk for Friday May 13th 2022

U.S. equity index futures were higher this morning. S&P 500 futures were up 54 points in pre-opening trade.

Twitter dropped $7.07 to $38.03 after Elon Musk announced that his offer to acquire the company for $44 billion is "Temporarily on hold".

UPS slipped $0.23 to $176.90 after JP Morgan downgraded the stock from Overweight to Neutral.

Affirm Holdings advanced $6.79 to $24.83 after reporting a smaller than consensus quarterly loss.

Occidental Petroleum gained $1.33 to $60.60 on news that Berkshire Hathaway has increased its interest in the company to 15.3% of outstanding shares.

EquityClock's Daily Comment

Headline reads "Indications are materializing that the market is preparing itself to rally". Following is a link:

http://www.equityclock.com/2022/05/12/stock-market-outlook-for-may-13-2022/

Technical Notes for yesterday

Europe iShares $IEV moved below $44.33 extending an intermediate downtrend.

India ETF $PIN moved below $23.32 extending an intermediate downtrend.

Solar iShares $TAN moved below $56.08 extending an intermediate downtrend.

Junior Gold ETF $GDXJ moved below $36.55 extending an intermediate downtrend.

Equal Weight Base Metals ETF $ZMT.TO moved below Cdn$49.61 extending an intermediate downtrend.

Uranium ETF $URA moved below $18.71 extending an intermediate downtrend.

Twitter $TWTR moved below $45.00 completing a double top pattern.

American Express $AXP a Dow Jones Industrial Average stock moved below $155.28 extending an intermediate downtrend.

Moderna $MRNA a NASDAQ 100 stock moved below $122.01 extending an intermediate downtrend.

United Parcel Services $UPS an S&P 100 stock moved below $174.99 extending an intermediate downtrend.

Cadence Design $CDNS a NASDAQ 100 stock moved below $133.10 extending an intermediate downtrend.

KLA Tencor $KLAC a NASDAQ 100 stock moved below $700.00 extending an intermediate downtrend.

QualComm $QCOM a NASDAQ 100 stock moved below $130.66 extending an intermediate downtrend.

Oracle $ORCL an S&P 100 stock moved below $69.96 extending an intermediate downtrend.

General Dynamics $GD an S&P 100 stock moved below $223.20 completing a double top pattern.

CGI Group $GIB a TSX 60 stock moved below US$77.25 extending an intermediate downtrend.

ManuLife $MFC.TO a TSX 60 stock moved below Cdn$24.48 completing a double top pattern following release of lower than consensus first quarter results.

BCE $BCE a TSX 60 stock moved below $67.43 and $67.38 completing a Head & Shoulders pattern.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 12th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May 12th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 12th 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 added 1.60 to 16.83 yesterday. It remains Oversold.

The long term Barometer was unchanged at 29.66 yesterday. It remains Oversold. Trend remains down.

TSX Momentum Barometers

The intermediate term Barometer slipped 0.13 to 14.54 yesterday. It remains Oversold. Trend remains down.

The long term trend dropped another 2.04 to 29.52 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.