The Bottom Line
Earnings focuses this week are on quarterly reports released by NVidia, Canadian banks and U.S. Retailers.
Economic focus is on the Federal Reserve Chairman Warsh’s comments on interest rates at the Jackson Hole Symposium held from August 27th to August 29th.
The annual post summer slump by North American equity indices (particularly during mid-term U.S. Presidential election cycle years) between the third week in August and the first week in October has been extended.
U.S. Economic News This Week
Source: www.MarketWatch.com
July U.S. New Home Sales released at 10:00 AM EDT on Tuesday are expected to slip to 619,000 units from 628,000 units in June.
July U.S. Durable Goods Orders released at 8:30 AM EDT on Wednesday are expected to increase 0.5% versus 0.3% in June.
Second estimate for U.S. second quarter GDP released at 8:30 AM EDT on Wednesday is expected to remain unchanged at 1.5%
July U.S. Personal Income released at 8:30 AM EDT on Wednesday is expected to increase 0.2% versus 0.2% in June. July U.S Consumer Spending is expected to increase 0.1% versus 0.3% in June.
July Core PCE Price Index released at 8:30 AM EDT on Wednesday is expected to increase 0.2% versus a 0.1% gain in June. On a year-over-year basis, the Index is expected to increase 3.3% versus 3.3% in June.
August University of Michigan Consumer Survey released at 10:00 AM EDT on Friday is expected to slip to 51.0 from 55.2 in July.
Selected Earnings Reports This Week
Source: www.MarketWatch.com
Canadian Banks are bolded
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 21st 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 21st 2026
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 21st 2026
Green: Increase from previous day
Red: Decrease from previous day
Note: Entry dates for seasonality have been updated to correspond with EquityClock’s dates
Changes Last Week
Technical Notes for Friday
Agribusiness ETF (MOO) moved above $84.31 resuming an intermediate uptrend.
Gasoline ETN (UGA) moved above $126.75 to an all-time high extending an intermediate uptrend.
Copper Miners ETF (COPX) moved above $93.47 extending an intermediate uptrend. Notable individual gainers included Freeport McMorran (FCX) on a move above $72.10 to an all-time high, BHP (BHP) on a move above $93.83 to an all-time high and First Quantum Minerals (FM.TO) on a move above Cdn$46.36 to an all-time high. Note Tom Bowley’s bullish comments on gold and base metal sectors in the link below entitled “Rotation YOU need to be following”.
Gold Miners ETF (GDX) moved above US$102.39 extending an intermediate uptrend. TSX Gold Miners ETF (XGD.TO) moved above Cdn$69.54. Notable breakouts included Wheaton Precious Metals on a move above Cdn$210.01(US$153.74) and Barrick Gold (ABX.TO) on a move above Cdn$64.66 (US$46.00).
Links offered by valued providers
Rotation YOU Need To Be Following: Tom Bowley
Rotation YOU Need To Be Following (stockcharts.com)
Michael Campbell’s Money Talks for August 22nd
Michael Campbell’s MoneyTalks – Complete Show (mikesmoneytalks.ca)
Fixing the U.S. debt: Rick Santelli and Steve Liesman on the great rate debate
Fixing the U.S. debt: Rick Santelli and Steve Liesman on the great rate debate – YouTube
Iran Won’t Give Up the Strait – Here’s What Comes Next: Nine Point Partners
Iran Won’t Give Up the Strait – Here’s What Comes Next – YouTube
Could Seasonality Give You an Edge in the Market? StockCharts
Could Seasonality Give You an Edge in the Market? (stockcharts.com)
Markets Ignore Higher Rates, Rally On Bitcoin And Gold…But MAJOR Storm Clouds Approaching!
Markets Ignore Higher Rates, Rally On Bitcoin And Gold…But MAJOR Storm Clouds Approaching! – YouTube
Prime Minister Mark Carney delivers remarks after suspending trade negotiations
Prime Minister Mark Carney delivers remarks after suspending trade negotiations – YouTube
Bob Hoye: US $40 Trillion Debt Adding to Bubble of Everything – Aug. 21, 2026
https://talkdigitalnetwork.substack.com/p/us-40-trillion-debt-adding-to-bubble
S&P 500 Momentum Barometers
The intermediate term Barometer added 2.80 on Friday, but dropped 12.20 last week to 58.00. It changed from Overbought to Neutral on a move below 60.00. Daily downtrend was established.
The short term (20 days) Barometer added 5.00 on Friday, but dropped 17.20 last week to 50.80. It changed from Overbought to Neutral on a drop below 60.00.
The long term (200 day) Barometer slipped 0.60 on Friday, but dropped 2.00 last week to 72.40. It remained Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 0.91 on Friday, but dropped 7.31 last week to 58.90. It changed from Overbought to Neutral on a drop below 60.00. Daily downtrend was established.
The short term (20 days) Barometer added 1.83 on Friday, but dropped 8.22 last week to 56.16. It changed from Overbought to Neutral on a drop below 60.00.
The long term (200 days) Barometer slipped 0.91 on Friday and dropped 0.91 last week to 70.78. 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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Equity Clock Publications