Pre-opening Comments for Wednesday August 26^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points at 8:35 AM EDT

S&P 500 futures dropped 10 points following release of U.S. economic reports. Consensus for second estimate of U.S. second quarter GDP was unchanged at 1.5%. Actual was unchanged at 1.5%. Consensus for July Durable Goods Orders was a 0.5% increase versus a 0.3% increase in June. Actual was a 1.1% increase. Consensus for July U.S. Personal Income was a 0.2% increase versus a 0.2% increase in June. Actual was a 0.4% increase. Consensus for July Consumer Spending was a 0.1% increase versus a 0.3% increase in June. Actual was a 0.2% increase. Consensus for July Core PCE Price Index was a 0.2% increase versus a 0.1% increase in June. Actual was a 0.2% increase. On a year-over-year basis, consensus for July PCE Price Index was a 3.3% increase versus a 3.3% increase in June. Actual was a 3.3% increase.

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

Intuit (INTU) dropped $31.71 to $325.75 after forecasting slower growth.

Zoom Communications (ZM) dropped $4.29 to $96.63 after reporting less than consensus second quarter results.

EquityClock’s Market Outlook for August 26^th

Break of short-term trends of long-term interest rates supporting favoured seasonal trades into the month of September. See:

https://equityclock.com/2026/08/25/stock-market-outlook-for-august-26-2026/

Technical Notes

U.S. Broker iShares (IAI) moved above $198.44 to an all-time high extending an intermediate uptrend.

Broadcom (AVGO) an S&P 100 stock moved below $356.43 completing a double top pattern.

Agnico-Eagle Mines (AEM.TO) a TSX 60 stock moved above Cdn$307.74 and US$223.80 extending an intermediate uptrend.

Teck Resources (TECK/B.TO) a TSX 60 stock moved above US$71.11 and Cdn$98.44 to an all-time high extending an intermediate uptrend

Wheaton Precious Metals (WPM.TO) a TSX 60 stock moved above $225.68 to an all-time high extending an intermediate uptrend

Bank of Nova Scotia (BNS.TO) a TSX 60 stock moved above Cdn$127.63 to an all-time high extending an intermediate uptrend. The Bank reported higher than consensus fiscal third quarter results.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 25^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 25^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 25^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

The Sector Rotation Just Changed. Here’s What’s Leading: StockCharts

The Sector Rotation Just Changed. Here’s What’s Leading – YouTube

Market Call: Rick Rule’s outlook on Natural Resource Stocks (Aug. 24, 2026)

Market Call: Rick Rule’s outlook on Natural Resource Stocks (Aug. 24, 2026) – YouTube

3 Best TSX Sectors to Buy Before They Break Out! ValueTrendCanada

3 Best TSX Sectors to Buy Before They Break Out! – YouTube

Did Bitcoin & Gold Top: Fear Trade Fades As Yields Drop With Oil, Markets Push Higher

Verified Investing

Did Bitcoin & Gold Top: Fear Trade Fades As Yields Drop With Oil, Markets Push Higher – YouTube

Trading Places Live, August 25, 2026: Tom Bowley

Trading Places Live, August 25, 2026 – YouTube

Tim Knight Says The Weakest Month Is Almost Here

Tim Knight Says The Weakest Month Is Almost Here – YouTube

Bessent’s Own Mentor Just Called His Bond Market Bluff: Dan Nathan, Carter Worth, Guy Adami

https://www.youtube.com/watch?v=J_jglOSTMqo

The Uranium Market Is Entering a Critical Phase – John Ciampaglia

https://www.youtube.com/watch?v=FB_ijBkptxU&t=27s

S&P 500 Momentum Barometers

The intermediate term (50 days) Barometer dropped 2.20 to 58.40. It dropped back to Neutral from Overbought on a fall below 60.00.

The short term (20 days) Barometer dropped 2.00 to 51.40. It remained Neutral.

The long term Barometer dropped 2.00 to 72.00. It remained Overbought.

TSX Momentum Barometers

The intermediate term (50 days) Barometer dropped 4.57 to 54.79. It remained Neutral. Daily downtrend was established.

The short term (20 days) Barometer dropped 6.85 to 47.95. It remained Neutral. Daily downtrend was established.

The long term (200 days) Barometer dropped 0.46 to 73.52. 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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