Tech Talk for Tuesday August 20th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points at 8:30 AM EDT.

The Canadian Dollar was unchanged at US 73.40 cents following release of Canada's July Consumer Price Index at 8:30 AM EDT. Consensus was a 0.3% increase versus a 0.1% decline in June. Actual was a 0.4% increase. Consensus on a year-over-year basis was a 2.5% increase versus a 2.7% gain in June. Actual was a 2.5% increase.

Palo Alto Networks advanced $7.19 to $350.55 after reporting higher than consensus fiscal fourth quarter revenues and earnings. The company also offered positive guidance.

Monster Beverages added $0.49 to $47.09 after announcing a $500 million share buyback program.

Amer Sports gained $0.65 to $13.00 after offering a favourable outlook.

Johnson & Johnson added $0.27 to $159.90 after winning FDA approval for a lung cancer treatment.

EquityClock's Stock Market Outlook for August 20th

End-of-summer seasonal positivity in a position to support stocks surrounding the last long weekend of summer. See:

https://equityclock.com/2024/08/19/stock-market-outlook-for-august-20-2024/

Technical Notes

S&P/TSE 60 Index moved above 1,386.40 to an all-time high extending an intermediate uptrend.

BMO Equal Weight Canadian Banks ETF $ZEB.TO moved above Cdn$37.19 extending an intermediate uptrend.

TSX Gold iShares $XGD.TO moved above Cdn$22.98 to a four year high extending an intermediate uptrend.

U.S. broker iShares $IAI moved above $125.06 to an all-time high extending an intermediate uptrend.

S&P 100 and NASDAQ 100 stocks moving to an all-time high included Berkshire Hathaway, Altria, AbbVie, Check Point, Coca Cola Euro-Pacific and MercadoLibre

National Bank $NA.TO a TSX 60 stock moved above Cdn$117.54 to an all-time high extending an intermediate uptrend.

Agnico Eagle Mines $AEM a TSX 60 stock moved above US$80.05 to an all-time high extending an intermediate uptrend.

Fortis $FTS.TO a TSX 60 stock moved above Cdn$59.54 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August19th 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 19th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August19th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

August Seasonality & Sentiment Signal Turning Point: TheTechnicalTraders

August Seasonality & Sentiment Signal Turning Point - YouTube

Markets expect Powell’s language to be dovish on rate cuts: Economist

Markets expect Powell’s language to be dovish on rate cuts: Economist - YouTube

7-Eleven Owner Gets $31 Billion Buyout Offer

7-Eleven Owner Gets $31 Billion Buyout Offer - YouTube

The Fed’s Next Move: What to Expect from Powell’s Speech: Guy Adami, Dan Nathan, Liz Young

The Fed’s Next Move: What to Expect from Powell’s Speech - YouTube

Traders should beware another pullback ahead, expert says Vance Howard

Traders should beware another pullback ahead, expert says - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 4.20 to 73.20. It remains Overbought. Daily uptrend was extended.

The long term Barometer added 1.60 to 75.40. It remains Overbought. Daily uptrend was extended.

TSX Momentum Barometers

The intermediate term Barometer added 0.44 to 68.58. It remains Overbought. Daily trend was extended.

The long term Barometer dropped 1.33 to 74.34. It remains Overbought.

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