Pre-opening Comments for Wednesday August 28^th

 

U.S. equity index futures were lower this morning. S&P 500 futures were down 4 points at 8:30 AM EDT.

Royal Bank is expected to open higher after reporting higher than consensus fiscal third quarter earnings.

National Bank is expected to open higher after reporting higher than consensus fiscal third quarter earnings.

Bath & Body Works dropped $0.70 to $34.02 after reporting less than consensus second quarter revenues. The company also lowered guidance.

Kohl’s gained $0.63 to $20.23 after reporting higher than consensus second quarter earnings. The company also raised guidance.

 

EquityClock’s Stock Market Outlook for August 28^th

The pace of price appreciation of US homes can be seen slowing as the dynamics of supply and demand come back into balance. See:

https://equityclock.com/2024/08/27/stock-market-outlook-for-august-28-2024/

Technical Notes

American Express $AXP a Dow Jones Industrial Average stock moved above $256.24 to an all-time high extending an intermediate uptrend.

MasterCard $MA an S&P 100 stock moved above $474.00 extending an intermediate uptrend.

Costco $COST an S&P 100 stock moved above $895.42 to an all-time high extending an intermediate uptrend.

Accenture $ACN an S&P 100 stock moved above $338.87 extending an intermediate uptrend.

MercadoLibre $MELI a NASDAQ 100 stock moved above $2020.00 to an all-time high extending an intermediate uptrend.

Power Corp $POW.TO a TSX 60 stock moved above Cdn$40.38 to an all-time high extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 27^th 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 27^th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 27^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Link offered by a valued provider

Nvidia Earnings Preview: Guy Adami, Dan Nathan and Carter Worth

Nvidia Earnings Preview – YouTube

 

Chart of the Day: Palladium Futures

Seasonal influences are neutral until at least mid-September and frequently to end of November.

See: https://charts.equityclock.com/palladium-futures-pa-seasonal-chart

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 1.40 to 76.40. It remains Overbought.

The long term Barometer slipped 1.20 to 77.40. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 4.87 to 68.58. It remains Overbought.

The long term Barometer slipped 1.33 to 76.11. 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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