Tech Talk for Friday August 16th 2024
U.S. equity index futures were lower this morning. S&P 500 futures were down 26 points at 8:35 AM EDT
S&P 500 futures dropped 9 points following release of U.S. July Housing Starts report at 8:30 AM EDT. Consensus was a drop to 1.350 million units from 1.363 million units in June. Actual was a drop to 1.238 million units.
H&R Block added $4.61 to $62.10 after reporting higher than consensus fiscal fourth quarter results. The company also raised its dividend by 17%.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0011-9.png "clip_image001[1]")
Applied Materials dropped $6.30 to $205.53 after reporting fiscal third quarter results below consensus.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0021-7.png "clip_image002[1]")
Fox added $1.00 to $39.99 after Wells Fargo upgraded the stock to Buy
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0031-7.png "clip_image003[1]")
Microchip Technology gained $1.70 to $83.00 after Piper Jaffrey upgraded the stock to Buy.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0041-4.png "clip_image004[1]")
EquityClock's Market Outlook for August 16th
Consumer spending snapped back in July, but a more discerning consumer mentality remains. See:
https://equityclock.com/2024/08/15/stock-market-outlook-for-august-16-2024/
Wolf on Bay Street
Don Vialoux was a guest on "Wolf on Bay Street". The interview is released on Corus Radio 640 at 7:00 PM EDT on Saturday.
Technical Notes
Vanguard Health Care ETF $VHT moved above $278.07 to an all-time high extending an intermediate uptrend.
Wal-Mart $WMT a Dow Jones Industrial Average stock moved above $71.11 to an all-time high extending an intermediate uptrend. Second quarter results exceeded consensus.
Cisco $CSCO a Dow Jones Industrial Average stock moved above $48.77 completing a double bottom pattern.
Medtronic $MDT an S&P 100 stock moved above $83.63 resuming an intermediate uptrend.
Dollarama $DOL.TO a TSX 60 stock moved above Cdn$132.23 to an all-time high extending an intermediate uptrend.
Loblaw Companies $L.TO a TSX 60 stock moved above Cdn$171.99 to an all-time high extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August15th 2024
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for August 15th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August15th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Head and Shoulders Top for Semiconductors? David Keller
Head and Shoulders Top for Semiconductors? - YouTube
CRITICAL Week Ahead for S&P 500: Julius Decampenaer
CRITICAL Week Ahead for S&P 500 - YouTube
Next jobs report will be a needle mover, says Charles Schwab’s Liz Ann Sonders on Fed rate cuts
The S&P 500 Bottom Is In (and Here's Why) Tom Bowley
https://www.youtube.com/watch?v=nyl20ZzwS-o
S&P 500 Momentum Barometers
The intermediate term Barometer added 6.80 to 66.80. It remains Overbought. Daily trend is up.
The long term Barometer added 4.40 to 73.60. It remains Overbought. Daily trend is up.
TSX Momentum Barometers
The intermediate term Barometer added 6.19 to 68.58. It remains Overbought. Daily trend is up.
The long term Barometer added 2.21 to 76.55. It remains Overbought. Daily trend is up.
Disclaimer: Seasonality ratings 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
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