Equity Clock

Stock Market Outlook for May 22, 2026

Canadian stocks perking up after a multi-week pause.

*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities. As always, the use of technical and fundamental analysis is encouraged in order to fine tune entry and exit points to average seasonal trends.

Stocks Entering Period of Seasonal Strength Today:

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Stock Highlight:
Patriot Battery Metals Inc. (TSE:PMET.TO) Seasonal Chart	Optimal holding period from May 23rd to September 6th The stock has been on a steady rising intermediate-term (multi-month) trend over the past year, supported by the rising 50-week moving average. Stop loss appropriate at $4.59 The mineral exploration company focuses on the acquisition, evaluation, and development of mineral projects containing battery, base, and precious metals.

Apple, Inc. (NASD:AAPL) Seasonal Chart

Retractable Technologies Inc. (AMEX:RVP) Seasonal Chart

Alterity Therapeutics Limited (NASD:ATHE) Seasonal Chart

Realty Income Corp. (NYSE:O) Seasonal Chart

RH (NYSE:RH) Seasonal Chart

Disclaimer: Comments and opinions offered in this report are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered is believed to be accurate, but is not guaranteed.

The Markets

Volatility in the price of oil and interest rates on Thursday contributed to some erratic moves in stocks.   The S&P 500 Index closed higher by just less than two-tenths of one percent, staying elevated above short-term horizontal support at 7340.  Previous trend channel support continues to show reaction as a point of resistance, albeit nothing definitive, as of yet.  A breakdown below 7340 would project a move back towards the upper limit of the end of April consolidation span around 7150.  While the character of the market remains where levels of resistance hold less weight than levels of support, there are certainly fractures around the periphery as breadth in the market narrows. A daily MACD sell signal was triggered with Tuesday’s drawdown, closing a long trade with respect to this momentum indicator that began at the start of April. In the Seasonal Advantage Portfolio that we manage for clients at CastleMoore, we continue to hit new high watermarks, even as the broader market digests its gains, and we have prepared for a more volatile/risk-off market framework for the back half of May. The conflict in Iran is the ongoing wildcard and some of the cues that we have been following that would warrant moving towards a more defensive posture in risk assets have triggered in recent days and weeks.  Subscribers can view the themes in our chart books to either Accumulate or Avoid that we continue to gear portfolios towards.

Today, in our Market Outlook to subscribers, we discuss the following:

• Stocks in Canada perking up
• The change we are making in the Super Simple Seasonal Portfolio
• US Housing Starts and what the backdrop means for housing stocks
• US Industrial Production and the investment implications within
• The bullish setup in Quantum computing stocks
• Manufacturer sentiment
• Weekly Jobless Claims and the health of the labor market

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Sentiment on Thursday, as gauged by the put-call ratio, ended bullish at 0.84.

Seasonal charts of companies reporting earnings today:

S&P 500 Index

TSE Composite

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