Pre-opening Comments for Friday August 25^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 17 points at 8:30 AM EDT.

Investors are waiting for a statement on FOMC interest rate expectations to be presented today by Federal Reserve Chairman Powell at the Jackson Hole symposium.

Affirm added $0.97 to $14.80 after reporting higher than consensus fiscal first quarter results.

The company also raised guidance for the fiscal first quarter.

Intuit dropped $10.90 to $487.60 despite reporting higher than consensus quarterly revenues and earnings. The company also lowered guidance.

Nordstrom eased $0.48 to $16.34 despite reporting higher than consensus second quarter revenues and earnings.

 

EquityClock’s Daily Comment

Headline reads “Active managers reduced their exposure to stocks by the second most amount on record over a three week period”.

https://equityclock.com/2023/08/24/stock-market-outlook-for-august-25-2023/

 

Technical Notes

Splunk $SPLK a NASDAQ 100 stock moved above $112.03 extending an intermediate uptrend.

The company reported higher than consensus quarterly results.

Walt Disney $DIS a Dow Jones Industrial Average stock moved below $85.16 and $84.07 extending an intermediate downtrend.

Dollar Tree $DLTR a NASDAQ 100 stock moved below $128.85 extending an intermediate downtrend.

Lululemon $LULU a NASDAQ 100 stock moved below $368.76 completing a double top pattern.

DexCom $DXCM a NASDAQ 100 stock moved below $102.50 extending an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 24^th 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 24^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 23^rd 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

The Top 3 Reasons Why THIS Is My Favorite Entry Trigger | Stock Talk (08.24.23)

https://www.youtube.com/watch?v=xr24Bm-ozz0

 

Perspective: Looking At Monthly Charts | Tom Bowley | Trading Places (08.24.23)

https://www.youtube.com/watch?v=4GXSEGnunAk

 

S&P 500 Momentum Barometers

The intermediate term Barometer plunged 6.40 to 31.20. It remains Oversold. Daily downtrend resumed.

The long term Barometer dropped 1.60 to 50.40. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer plunged 8.37 to 35.68. It remains Oversold. Daily downtrend resumed.

The long term Barometer dropped 3.08 to 46.26. 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

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