Tech Talk for Thursday August 24th 2023
U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points at 8:35 AM EDT
U.S. equity indices were unchanged following release of the July Durable Goods Orders report at 8:30 AM EDT. Consensus was a drop of 4.0% from June versus a gain of 4.7% in June. Actual was a drop of 5.2%.
Focus today and tomorrow is on news from the Jackson Hole symposium. Primary topic is on the outlook for the Fed Fund Rate.
NVidia jumped $38.19 to $509.35 after reporting higher than consensus quarterly results. The company also raised guidance and announced a $25 billion share buyback program.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/08/clip_image0011-13.png "clip_image001[1]")
Snowflake jumped $10.03 to $165.73 after reporting higher than consensus second quarter revenues and earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/08/clip_image0021-12.png "clip_image002[1]")
Guess jumped $2.66 to $20.97 after reporting higher than consensus second quarter revenues.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/08/clip_image0031-11.png "clip_image003[1]")
AutoDesk jumped $12.64 to $217.00 after reporting higher than consensus second quarter results.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/08/clip_image0041-10.png "clip_image004[1]")
EquityClock's Daily Comment
Headline reads "Gauges of consumer health continue to show a concerning path as we near the end of summer".
https://equityclock.com/2023/08/23/stock-market-outlook-for-august-24-2023/
Technical Notes
Global X Uranium ETF $URA moved above $23.25 extending an intermediate uptrend.
Ross Stores $ROST a NASDAQ 100 stock moved above $121.66 extending an intermediate uptrend.
Starbucks $SBUX a Dow Jones Industrial Average stock moved below $95.04 completing a Head & Shoulders pattern.
Peloton $PTON a NASDAQ 100 stock moved below $6.62 extending an intermediate downtrend.
Foot Locker $FL plunged following release of less than consensus quarterly results. It also cut its dividend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 23rd 2023
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 23rd 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 23rd 2023
Green: Increase from previous day
Red: Decrease from previous day
Next CATA Meeting
Next Canadian Association for Technical Analysis meeting is offered this evening (August 24th)
At 8:00 PM EDT. Speaker is Pat Walker from www.MissionWinners.com Everyone is welcome. Not a member? Contact https://canadianata.ca/
S&P 500 Momentum Barometers
The intermediate term Barometer advanced 6.00 to 37.60. It remains Oversold.
The long term Barometer added 1.60 to 52.00. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer advanced 7.49 to 44.05. It changed from Oversold to Neutral on a move above 40.00.
The long term Barometer added 4.41 to 49.34. It remains Neutral.
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
| More from the network: |