Here's your update on US and Canadian markets, curated by Trading Central expert analysts! These are starting points for your own research to identify opportunities that make sense for you.
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| Here's your update on US and Canadian markets, curated by Trading Central expert analysts! These are starting points for your own research to identify opportunities that make sense for you. |
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| Last Price |
Technical Views |
Target |
Pivot |
Technical Views |
Last Price |
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| S&P/TSX 60 (TMX) |
2,013.50 |
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| Dow Jones (CME) |
51,054.00 |
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| Nasdaq 100 (CME) |
30,390.00 |
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| Russell 2000 (CME) |
2,920.00 |
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U.S. market futures are little changed. On Thursday, all three major U.S. stock indexes scored record closing levels, with the S&P 500 rising 43 points (+0.58%) to 7,563, and the Dow Jones up 24 points (+0.05%) to 50,668. The Nasdaq 100 advanced 250 points (+0.84%) to 30,223.
Reports said the U.S. and Iran reached a draft agreement to extend their ceasefire for 60 days.
Regarding U.S. economic data, the core U.S. personal consumption expenditures (PCE) price inflation ticked up to 3.3% year on year in April, as expected, from 3.2% in March.
On the stat front, in the U.S., the Chicago purchasing managers index is expected to improve to 49.5 in May. Also, Canada's annualized gross domestic product is estimated to grow 0.7% in the first quarter.
European indices are trading higher. On the stat front, later today Germany's inflation rate will be released; it is expected to rise to 3.1% year-on-year in May, compared with 2.9% the previous month. In France, inflation came in at 2.4% in the initial reading, against 2.6% expected and after 2.2% the previous month. Lastly, in Germany, the unemployment rate stood at 6.3% in May, compared with 6.4% expected and after 6.4% in April.
Asian indices were mostly on the upside, with South Korea’s Kospi and Japan’s Topix and Nikkei closing at new all-time highs.
WTI crude oil prices are losing some ground as investors await a possible US-Iran ceasefire deal.
Gold is slightly rebounding.
Bitcoin is little changed, around 74,000 dollars. |
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Dell Technologies (DELL), a computer technology company, soars after reporting record first-quarter earnings driven by strong AI server demand, and raising its full-year revenue and profit guidance.
NetApp (NTAP), a leading provider of data management and storage solutions, gains ground after issuing strong guidance regarding first quarter and full-year earnings. The company also posted fourth-quarter earnings that topped estimates.
Gap (GAP), a retailer of apparel, drops after cutting its full-year sales forecast.
Costco Wholesale (COST), an operator of a chain of warehouse stores, reported third-quarter total revenue up 12% to 70.53 billion dollars.
Okta (OKTA), a developer of internet applications software, jumps after reporting quarterly revenue figures that topped expectations.
MongoDB (MDB), a developer and provider of a general-purpose database platform, is well oriented after posting better-than-expected first-quarter results and raising its full-year guidance.
American Eagle Outfitters (AEO), the clothing retailer, is trading lower despite posting better-than-expected first-quarter adjusted profit as the company maintained its full-year forecast, signaling cautious consumer demand. |
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| No major earnings expected |
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Laurentian Bank of Canada (LB), a banking group, reported second-quarter adjusted EPS down 37% to 0.46 dollar, below estimates.
EQB (EQB): Jefferies raised its price target on the digital financial services company to 122 dollars from 112 dollars.
Toronto-Dominion (TD): Jefferies raised its price target on the banking group to 151 dollars from 142 dollars. |
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| No major earnings expected. |
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| S&P 500 (CME) (M6) intraday: 7610 in sight. |
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| Pivot: |
| 7575 |
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| Our preference: |
| Long positions above 7575 with targets at 7610 & 7630 in extension. |
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| Alternative scenario: |
| Below 7575 look for further downside with 7555 & 7535 as targets. |
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| Comment: |
| The RSI is around its neutrality area at 50% |
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| S&P/TSX 60 (TMX) (M6) intraday: continuation of the rebound. |
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| Pivot: |
| 2000 |
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| Our preference: |
| Long positions above 2000 with targets at 2026 & 2036 in extension. |
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| Alternative scenario: |
| Below 2000 look for further downside with 1995 & 1987 as targets. |
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| Comment: |
| The RSI is mixed with a bullish bias. |
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BULLISH TECHNICAL EVENTS (US) |
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| Technical Score |
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Short-Term |
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Medium-Term |
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Long-Term |
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| Quant Rating |
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56 |
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| Strong |
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Pennant (Bullish)
| 16% move possible
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Trading closed at 187.07 to confirm a Short-Term Pennant (Bullish) pattern.
Tells Me: The price seems to be resuming a sharp rally after taking a brief pause.
More Details
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| Technical Score |
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Short-Term |
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Medium-Term |
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Long-Term |
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| Quant Rating |
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65 |
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| Strong |
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Continuation Wedge (Bullish)
| 29% move possible
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Trading closed at 183.15 to confirm an Intermediate-Term Continuation Wedge (Bullish) pattern.
Tells Me: After a temporary interruption, the prior uptrend is set to continue.
More Details
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BULLISH TECHNICAL EVENTS (CA) |
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| Wheaton Precious Metals Corp |
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Short-Term |
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Medium-Term |
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Long-Term |
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60 |
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| Strong |
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Bottom Triangle
| 17% move possible
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Trading closed at 185.36 to confirm an Intermediate-Term Bottom Triangle pattern.
Tells Me: The price seems to have reached a bottom, showing signs of reversal as it has broken upward after a period of uncertainty or consolidation.
More Details
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| Technical Score |
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Short-Term |
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Medium-Term |
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Long-Term |
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57 |
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Symmetrical Continuation Triangle (Bullish)
| 28% move possible
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Trading closed at 533.01 to confirm an Intermediate-Term Symmetrical Continuation Triangle (Bullish) pattern.
Tells Me: The price has broken upward out of a consolidation period, suggesting a continuation of the prior uptrend.
More Details
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Questrade, Inc.
5700 Yonge Street, Unit G1 – Ground Floor
Toronto, ON M2M 4K2 Canada
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