Pre-opening Comments for Thursday August 22^nd

U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points at 8:30 AM EDT.

Synopsys gained $4.43 to $569.11 after reporting higher than consensus fiscal third quarter revenues and earnings.

Zoom added $1.10 to $60.23 after reporting higher than consensus second quarter results. The company also offered positive guidance.

Charles Schwab dropped $3.22 to $61.35 on news that Toronto Dominion Bank sold 40.5 million shares reducing its interest to 10.1%.

Toronto Dominion Bank is expected to open lower after reporting lower than consensus fiscal third quarter earnings.

 

EquityClock’s Stock Market Outlook for August 22^nd

 

It is highly abnormal to see the price of oil around the lows of the year during this typically upbeat period for demand in the summer months. See:

https://equityclock.com/2024/08/21/stock-market-outlook-for-august-22-2024/

 

Technical Notes

iShares EAFE $EFA moved above $81.87 to an all-time high extending an intermediate uptrend.

iShares Europe $IEV moved above $57.12 to an all-time high extending an intermediate uptrend.

S&P 100 and NASDAQ 100 stocks breaking to all-time highs include Coca Cola on a move above $69.67, Philip Morris International on a move $119.06, Ross Stores on a move above $153.06, Texas Instruments on a move above $209.48, IBM on a move above $195.46 and DR Horton on a move above $185.43.

 

Trader’s Corner

 

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 21^st 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 21^st 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 21^st 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Top Picks For August: Two Consumer Staples With Potential: David Keller

Top Picks For August: Two Consumer Staples With Potential – YouTube

 

Dan Niles on Mag7 Guidance + Nvidia Earnings Preview

Dan Niles on Mag7 Guidance + Nvidia Earnings Preview – YouTube

 

Chart Check on Gold, Dollar, Bitcoin & Oil: Guy Adami, Dan Nathan and Carter Worth

Chart Check on Gold, Dollar, Bitcoin & Oil – YouTube

 

Investors should shift more towards quality within their equity portfolios: JPMorgan’s Jack Caffrey

Investors should shift more towards quality within their equity portfolios: JPMorgan’s Jack Caffrey – YouTube

 

Case for Rate Cut Made in FOMC Minutes

Case for Rate Cut Made in FOMC Minutes – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 4.20 to 74.80. It remains Overbought. Daily uptrend continues.

The long term Barometer added 2.40 to 76.80. It remains Overbought. Daily uptrend continues.

 

TSX Momentum Barometers

The intermediate term Barometer added 3.10 to 69.91. It remains Overbought. Daily uptrend was extended.

The long term Barometer added 1.33 to 74.34. It remains Overbought.

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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