Tech Talk for Tuesday August 27th 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points at 8:30 AM EDT

Netflix gained $1.79 to $690.23 after Evercore raised its target price to $750.

Coca Cola added $0.04 to $70.88 after Morgan Stanley selected the stock as a Top Pick in the food sector.

Eli Lilly dropped $9.53 to $941.00 after announcing release of a new form of Zepbound for half the price.

Bank of Montreal is expected to open lower after reporting less than consensus fiscal third quarter earnings.

EquityClock's Stock Market Outlook for August 27th

A regime change in the market is underway as former status quo trades are unwound and as investors express their enthusiasm towards the rate cutting cycle ahead. See:

https://equityclock.com/2024/08/26/stock-market-outlook-for-august-27-2024/

Technical Notes

Materials SPDRs $XLB moved above $93.39 to an all-time high extending an intermediate uptrend.

U.S. Telecommunications iShares $IYZ moved above $23.63 extending an intermediate uptrend.

S&P 100 and NASDAQ 100 stocks breaking resistance extending an intermediate uptrend included Home Depot on a move above $375.74, McCormick on a move above $79.37, Blackrock on a move above $885.10, Autodesk on a move above $256.05 and Salesforce.com on a move above $266.08.

PDD Holdings a NASDAQ 100 stock moved below $122.07 setting an intermediate downtrend. The company reported less than consensus quarterly results. It also lowered guidance.

Sun Life Financial SLF.TO a TSX 60 stock moved above Cdn$74.05 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 26th 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 26th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 26th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Major Market Shift As Week Ends Strong! Mary Ellen McGonagle

Major Market Shift As Week Ends Strong! - YouTube

Trends and Signals For Stocks & Gold: TheTechnicalTraders

Trends and Signals For Stocks & Gold - YouTube

2 Bearish Turnaround Plays for August 2024: David Keller

2 Bearish Turnaround Plays for August 2024 - YouTube

Is This As Good As It Gets For The Stock Market? Guy Adami, Dan Nathan, Liz Young

Is This As Good As It Gets For The Stock Market? - YouTube

"The Markets Are Looking Good, But I Think They’re Vulnerable": Scott Bauer

"The Markets Are Looking Good, But I Think They’re Vulnerable" - YouTube

Chart of the Day

Dow Jones Industrial Average moved above 41,376.00 to an all-time high and its related ETF: DIA moved above $413.33 to an all-time high.

Strength relative to the S&P 500 improved from Negative to Neutral. Technical score increased from (2-2+1+1=) +2 to (2+0+1+1=) +4

Seasonal influences currently are neutral, but on average turn positive on August 31st. See seasonality chart on DIA at: https://charts.equityclock.com/spdr-dow-jones-industrial-average-etf-nysedia-seasonal-chart

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 2.00 to 77.80. It remains Overbought.

The long term Barometer added 1.00 to 78.60. It remains Overbought. Daily uptrend was extended.

TSX Momentum Barometers

The intermediate term Barometer added 0.88 to 73.45. It remains Overbought. Daily uptrend was extended.

The long term Barometer added 1.77 to 77.43. It remains Overbought. Daily uptrend was extended.

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