Tech Talk for Wednesday August 24th 2022
U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade.
Equity index futures were virtually unchanged following release of July Durable Goods Orders at 8:30 AM EDT. Consensus was an increase of 0.8% versus a gain of 2.0% in June. Actual was unchanged. Excluding transportation sales, consensus for July Durable Goods Orders was an increase of 0.2% versus a gain of 0.4% in June. Actual was an increase of 0.3%
Nordstrom plunged $3.00 to $20.25 after the company lowered sales and revenue guidance.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0011-13.png "clip_image001[1]")
Toll Brothers fell $0.86 to $44.77 after the company lowered fourth quarter guidance.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0021-15.png "clip_image002[1]")
La Z Boy added $2.14 to $20.47 after reporting higher than consensus first quarter revenues and earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0031-12.png "clip_image003[1]")
Advance Auto Parts plunged $12.61 to $186.44 after reporting lower than consensus second quarter revenues and earnings. The company also lowered its 2022 outlook.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0041-12.png "clip_image004[1]")
Royal Bank dropped $1.14 to Cdn$125.35 after reporting less than consensus fiscal third quarter earnings.
![clip_image005[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0051.png "clip_image005[1]")
National Bank slipped $0.69 to Cdn$91.64 despite reporting slightly higher than consensus fiscal third quarter earnings.
![clip_image006[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0061.png "clip_image006[1]")
EquityClock's Daily Comment
Headline reads "The broader equity market is breaking down, but energy commodities and stocks are breaking out and that is our opportunity for the secondary period of seasonal strength in this space". Following is a link:
http://www.equityclock.com/2022/08/23/stock-market-outlook-for-august-24-2022/
Technical Notes yesterday
Corn ETN $CORN moved above $25.79 completing a reverse Head & Shoulders pattern
Hong Kong iShares $EWH moved below $20.63 extending an intermediate downtrend.
Treasury Bond iShares $TLT moved below intermediate support at $111.85
Verizon $VZ a Dow Jones Industrial Average stock moved below $43.76 extending an intermediate downtrend.
Biogen $BIIB a NASDAQ 100 stock moved below intermediate support at $204.18
ZOOM $ZM a NASDAQ 100 stock moved below intermediate support at $96.11
QualComm $QCOM a NASDAQ 100 stock moved below $140.67 setting an intermediate downtrend.
Canadian energy equities responded to higher crude oil and natural gas prices. Cdn Energy iShares $XEG.TO moved above $15.50 resuming an intermediate uptrend. BMO Equal Weight Canadian Oil ETF $ZEO.TO moved above $64.98 resuming an intermediate uptrend. Suncor $SU.TO a TSX 60 stock moved above $43.72 resuming an intermediate uptrend. Imperial Oil $IMO.TO a TSX 60 stock moved above $62.56 resuming an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 23rd 2022
a
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for August 23rd 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 23rd 2021
Green: Increase from previous day
Red: Decrease from previous day
Links from valued providers
Mark Hulbert says "September is the worst month of the calendar for the U.S. stock market".
Glenmede strategist says "Beware of a 'bear trap' retreat in stocks after the big summer rally".
Tom Bowley says "S&P 500 Tumbles Below Key Moving Average".
S&P 500 Tumbles Below Key Moving Average | Tom Bowley | Trading Places (08.23.22) - YouTube
Vivien Lou Chen says "Disappointing U.S. data has traders considering possibility of a half-point Fed rate hike in September."
Craig Johnson, CFA CMT of Piper Sandler shares his year-end target for the S&P 500 at 4770
https://www.youtube.com/watch?v=wtqWUaGrsMo
S&P 500 Momentum Barometers
The intermediate term Barometer was unchanged at 78.20 yesterday. It remains Overbought.
The long term Barometer slipped 0.40 to 37.20 yesterday. It remains Oversold. Trend remains down.
TSX Momentum Barometers
The intermediate term Barometer added 5.04 to 71.85 yesterday. It remains Overbought. Trend remains up.
The long term Barometer added 0.84 to 40.76 yesterday. It changed from Oversold to Neutral on a recovery above 40.00.
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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