Tech Talk for Wednesday August 21st 2024
U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points at 8:30 AM EDT.
Toll Brothers advanced $1.22 to $134.97 after reporting higher than consensus fiscal third quarter revenues. The company also offered positive guidance.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0011-10.png "clip_image001[1]")
Microchip Technology dropped $1.65 to $78.63 after reporting a cyber incident.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0021-9.png "clip_image002[1]")
Target gained $18.27 to $161.48 following release of higher than consensus second quarter results. The company also raised guidance.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0031-8.png "clip_image003[1]")
Macy's dropped $1.54 to $16.20 after second quarter sales were less than consensus. The company also lowered guidance.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0041-6.png "clip_image004[1]")
EquityClock's Stock Market Outlook for August 21st
Watch the VIX here as it starts to peg support at its 200-day moving average. See:
https://equityclock.com/2024/08/20/stock-market-outlook-for-august-21-2024/
Technical Notes
Gasoline ETN $UGA moved below $61.99 setting an intermediate downtrend.
Netflix $NFLX an S&P 100 stock moved above $700.99 to an all-time high extending an intermediate uptrend.
Linde $LIN an S&P 100 stock moved above $459.47 extending an intermediate uptrend.
Medtronic $MDT an S&P 100 stock moved above $87.52 completing a reverse Head & Shoulders pattern
Trade Desk $TTD a NASDAQ 100 stock moved above $102.67 extending an intermediate uptrend.
PayPal $PYPL an S&P 100 stock moved above $70.66 extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 20th 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 20th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August20th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Top Ten Charts for August: Two Magnificent 7 Stocks Worth Watching: David Keller
Top Ten Charts for August: Two Magnificent 7 Stocks Worth Watching - YouTube
The Fed’s Next Move: What to Expect from Powell’s Speech: Guy Adami, Liz Young, Dan Nathan
The Fed’s Next Move: What to Expect from Powell’s Speech - YouTube
David Rosenberg: Stock Market is at Dotcom Bubble Valuations
David Rosenberg: Stock Market is at Dotcom Bubble Valuations - YouTube
What Does This Mean for the S&P 500 Rally? Julius deKempenaer
https://www.youtube.com/watch?v=p5tNCX9Yiw0
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 2.60 to 70.60. It remains Overbought.
The long term Barometer dropped 1.00 to 74.40. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 1.77 to 66.81. It remains Overbought.
The long term Barometer dropped 1.33 to 73.01. 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
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