Pre-opening Comments for Thursday August 25th
U.S. equity index futures were higher this morning. S&P 500 futures were up 20 points in pre-opening trade.
Index futures were virtually unchanged following release of next estimate for second quarter real GDP at 8:30 AM EDT. Consensus was a reduction of 0.7% versus the first estimate of a reduction of 0.9%. Actual was a reduction of 0.6%.
Nvidia (NVDA) dropped $4.72 to $167.50 after lowering third quarter revenue and earnings guidance.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0011-14.png "clip_image001[1]")
Salesforce.com (CRM) dropped $11.21 to $168.80 after the company lowered third quarter guidance.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0021-16.png "clip_image002[1]")
Snowflake (SNOW) advanced $28.21 to $187.70 after reporting higher than consensus second quarter revenues.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0031-13.png "clip_image003[1]")
Victoria’s Secret (VSCO) dropped $2.83 to $35.52 after reporting less than consensus second quarter revenues and earnings.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0041-13.png "clip_image004[1]")
EquityClock’s Daily Comment
Headline reads “Durable goods orders showed a significant plunge in July, but there are still segments in the manufacturing economy to be invested in.” Following is the link:
http://www.equityclock.com/2022/08/24/stock-market-outlook-for-august-25-2022/
Technical Notes for yesterday
Soybeans ETN $SOYB moved above $27.66 resuming an intermediate uptrend.
Globex Uranium ETF $URA moved above $22.12 extending an intermediate uptrend. Japan announced plans to return to use of nuclear power. Mainly reflected strength in Cameco.
Coffee ETN $JJOFF moved above $20.70 resuming an intermediate uptrend.
AT&T moved below $17.99 extending an intermediate downtrend
Enbridge $ENB.TO, a TSX 60 stock moved above $Cdn$57.18 resuming an intermediate uptrend.
Cenovus Energy $CVE.TO a TSX 60 stock moved above Cdn$25.20 resuming an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 24th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for August 24th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 24th 2021
Green: Increase from previous day
Red: Decrease from previous day
CATA Meeting
Next meeting of the Canadian Association for Technical Analysis is held tonight at 8:00 PM EDT. Speaker is Jake Bernstein. Not a member? Click on www.canadianata.ca for information.
Links offered by valued providers
Mark Bunting and www.uncommonsenseinvestor.com offers the following links:
The Ugliest Chart of Them All – Uncommon Sense Investor
Strategist: Time to Raise Cash for Another Correction – Uncommon Sense Investor
The Fed May Stop Hiking By End of Year: RBC Capital Markets’ Tom Porcelli
https://www.youtube.com/watch?v=eFIuShNkDgA
Greg Schnell asks “Is this growing”? A focus on the Agriculture sector
https://www.youtube.com/watch?v=QjuH8Q09a8E
John Kosar discusses “The key to market direction into yearend “. Includes a comment on seasonal weakness through early October followed by strong gains thereafter.
https://www.youtube.com/watch?v=ZvbLP4FgTvo
S&P 500 Momentum Barometers
The intermediate term Barometer added 2.20 to 80.40 yesterday. It remains Overbought.
The long term Barometer added 1.40 to 38.60 yesterday. It remains Oversold.
TSX Momentum Barometers
The intermediate term Barometer added 6.72 to a new recent high at 78.57 yesterday. It remains Overbought. Trend remains up.
The long term Barometer added 0.84 to 41.60 yesterday. It remains Neutral.
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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August 25th, 2022 at 11:26 am
BIR – Definite profit taking going on at this level including me. The sector’s good it’s just overextended and needs to consolidate.
CNQ – Great rally from a nice bottom
August 25th, 2022 at 1:14 pm
Here is a chart of VET.to along with a ratio chart of VET.to:BIR.to
https://stockcharts.com/h-sc/ui?s=VET.TO&p=D&yr=1&mn=0&dy=0&id=p62472330309&a=902427462
August 25th, 2022 at 3:50 pm
Pivotal day tomorrow with Jerome Powell’s speech at Jackson Hole. I am amazed at the buying going on now instead of investors going defensive. Powell could push the market in either direction but bets are being placed that the direction is up.
August 25th, 2022 at 9:43 pm
Hi Ron/BC
Thanks for the chart on BIR. Much appreciated.
NTR
How is the golf game these days? Playing lots?
I’m playing more 3-4 times a week.
August 26th, 2022 at 1:17 am
Dave/AB
I can’t play golf right now as I need a hip replacement and walk around with a cane. And I’m on a wait list here in B.C. for surgery. Only I know that it will be forever to get medical help here. So I’m booked to get private surgery in Calgary in October. It costs $28,000 plus the cost of a motel and flight costs for me and a lady friend to help out after for awhile. But I was considering buying another SUV and I’ve decided the hip replacment will just have to replace the SUV I was thinking of buying. Not such a bad deal. But I envy you golfing. I was thinking I could likely rent a cart to golf and walk to my ball and then back to the cart but I haven’t tried it yet and I wouldn’t want to hold up golfers behind me. Life’s a b…. I know.
August 26th, 2022 at 1:23 am
BIG DAY tomorrow with the U.S.Federal Reserve likely to raise interest rates sharply. And hopefully rates will then rise sharply on the GICs here in Canada. I recall back in about 1980 a person could get 19% to 21% on their money at the bank. I say bring back the good old days……Right now about the highest rate one can get with a GIC is 4.50% with Tangerine’s 1yr GIC.
August 26th, 2022 at 1:00 pm
Ron/BC
Have you considered putting yourself on a cancellation list for hip surgery. Sometimes it can help speed it yup