Pre-opening Comments for Thursday August 20^th

U.S. equity index futures are lower this morning. S&P 500 futures were down 45 points at 8:35 AM EDT.

S&P 500 futures dropped 4 points following release of economic news at 8:30 AM EDT. Consensus for the August Philly Fed Index was a drop to 25.0 from 41.4 in July. Actual was an increase to 47.4

Analog Devices (ADI) added $3.87 to $377.13 after reporting higher than consensus fiscal third quarter results.

Walmart dropped $7.30 to $107.00 after reporting less than consensus second quarter revenues.

Deere slipped $0.53 to $580.10 despite reporting higher than consensus fiscal third quarter results.

EquityClock’s Market Outlook for August 20^th

Falling yields at the long end of the treasury curve juicing some reliable seasonal trades for this time of year, while leading to upside exhaustion in another. See

https://equityclock.com/2026/08/19/stock-market-outlook-for-august-20-2026/

Technical Notes

Pharmaceutical ETF (PPH) moved above $114.57 to an all-time high. Strength was led by Bristol-Myers (BMY), Johnson & Johnson (JNJ) and Eli Lilly (LLY) to all-time highs and by Pfizer (PFE) completing a reverse Head & Shoulders pattern.

Other S&P 100 and NASDAQ 100 stock breaking resistance extending an intermediate uptrend included Comcast (CMCSA) on a move above $26.74, DR Horton (DHI) on a move above $152.29, Danaher (DHR) on a move above $209.90, Adobe (ADBE) on a move above $275.44, Biogen (BIIB) on a move above $219.72 and AT&T (T) on a move above $25.32

TSX Financial Services iShares (XFN.TO) moved below intermediate support at Cdn$94.10 completing a double top pattern. BMO Equal Weight Banks ETF (ZEB.TO) moved below intermediate support at $74.66 completing a modified double top pattern. Individual banks breaking intermediate support included Bank of Montreal (BMO.TO) on a move below $244.28, Commerce Bank (CM.TO) on a move below $162.77, Toronto Dominion Bank (TD.TO) on a move below $164.11 and Royal Bank (RY.TO) on a move below $289.17.

TSX Energy iShares (XEG.TO) moved above Cdn$28.68 to an all-time high extending an intermediate uptrend.

Canadian Pacific (CP.TO) a TSX 60 stock moved above Cdn$131.80 to an all-time high extending an intermediate uptrend.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 19^th 2026

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 19^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 19^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Bitcoin leaders meet in the White House with President Trump

LIVE: President Trump delivers remarks with technology leaders — 8/19/2026 – YouTube

MU, AVGO & META: These Levels Could Decide What’s Next: Dave Keller

MU, AVGO & META: These Levels Could Decide What’s Next – YouTube

Government Buys Back Debt, Markets Surge, Dollar Drops, Yields Collapse…Gold And Bitcoin SURGE: Verified Investing

Government Buys Back Debt, Markets Surge, Dollar Drops, Yields Collapse…Gold And Bitcoin SURGE – YouTube

3 Straight Double-Digit Years: What Followed the Last 4 Times: Jazz Wealth Managers

3 Straight Double-Digit Years: What Followed the Last 4 Times – YouTube

The Treasury Just Blinked: QE Is Back On The Menu: Guy Adami and Dan Nathan

The Treasury Just Blinked: QE Is Back On The Menu – YouTube

These Gold Stocks Have the Better Setups Right Now: Joe Rabil

These Gold Stocks Have the Better Setups Right Now – YouTube

S&P 500 Momentum Barometers

The intermediate term (50 days) Barometer added 0.80 to 61.80. It remained Overbought.

The short term (20 days) Barometer slipped 0.20 to 54.20. It remained Netral.

The long term (200 days) Barometer added 4.00 to 75.00. It remained Overbought. Daily uptrend was extended.

TSX Momentum Barometers

The intermediate term (50 days) Barometer slipped 0.46 to 63.01. It remained Overbought.

The short term (20 days) Barometer added 0.46 to 55.25. It remained Neutral.

The long term (200 days) Barometer added 5.48 to 71.69. It remained 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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