Tech Talk for Thursday August 24th 2023

Daily Reports Add comments

Pre-opening Comments for Thursday August 24th

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]

Snowflake jumped $10.03 to $165.73 after reporting higher than consensus second quarter revenues and earnings.

clip_image002[1]

Guess jumped $2.66 to $20.97 after reporting higher than consensus second quarter revenues.

clip_image003[1]

AutoDesk jumped $12.64 to $217.00 after reporting higher than consensus second quarter results.

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.

clip_image001

Ross Stores $ROST a NASDAQ 100 stock moved above $121.66 extending an intermediate uptrend.

clip_image002

Starbucks $SBUX a Dow Jones Industrial Average stock moved below $95.04 completing a Head & Shoulders pattern.

clip_image003

Peloton $PTON a NASDAQ 100 stock moved below $6.62 extending an intermediate downtrend.

clip_image004

Foot Locker $FL plunged following release of less than consensus quarterly results. It also cut its dividend.

clip_image005

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 23rd 2023

clip_image007

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

clip_image009

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 23rd 2023

clip_image011

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

clip_image012

The intermediate term Barometer advanced 6.00 to 37.60. It remains Oversold.

clip_image013

The long term Barometer added 1.60 to 52.00. It remains Neutral.

 

TSX Momentum Barometers

clip_image014

The intermediate term Barometer advanced 7.49 to 44.05. It changed from Oversold to Neutral on a move above 40.00.

clip_image015

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




One Response to “Tech Talk for Thursday August 24th 2023”

  1. Ron/BC Says:

    The ZEB.to has indicators that suggest it wants to bounce. Note the RSI 8 crossover along with price at its uptrendline. Not a recommendation but something to pay attention to.

    https://stockcharts.com/h-sc/ui?s=ZEB.TO&p=D&yr=4&mn=0&dy=0&id=p71332709479&a=1055739122

Entries RSS Comments RSS Log in