Tech Talk for Tuesday May 24th 2022

U.S. equity index futures were lower this morning. S&P 500 futures were down 46 points in pre-opening trade.

Zoom gained $4.21 to $93.54 after first quarter results beat consensus estimates. The company also offered positive second quarter guidance.

Best Buy added $3.41 to $76.00 after reporting higher than consensus first quarter revenues.

Snap plunged $6.96 to $15.51 after the company lowered second quarter guidance.

Tesla dropped $17.11 to $657.73 after Daiwa Capital lowered its target price from $1150 to $800.

EquityClock's Daily Comment

Consumer activity seen recovering from their weather induced slump realized in April, which may suggest that it is too late to be a seller of retail and consumer discretionary stocks.

http://www.equityclock.com/2022/05/21/stock-market-outlook-for-may-24-2022/

Comment by Tony Dwyer after the close

Tony Dwyer from Canaccord says "Stocks have a long way until they hit the bottom"

https://www.cnbc.com/2022/05/23/stock-market-futures-open-to-close-news.html

Technical Notes for yesterday

Bank of New York Mellon $BK an S&P 100 stock moved above $44.85 completing a double bottom pattern.

Citigroup $C an S&P 100 stock moved above $52.40 and $53.43 setting an intermediate uptrend.

Gilead $GILD a NASDAQ 100 stock moved above $64.28 extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 23rd 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for May 23rd 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 23rd 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 5.21to 19.44 yesterday. It remains Oversold. Signs of a bottom have arrived.

The long term Barometer added 2.81 to 29.46 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.