Pre-opening Comments for Wednesday August 23^rd

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points at 8:30 AM EDT

The Canadian Dollar was unchanged at US73.60 cents following release of Canada’s June Retail Sales at 8:30 AM EDT. Consensus was unchanged from May. Actual was an increase of 0.1%.

Toll Brothers gained $0.66 to $76.70 after reporting higher than consensus fiscal third quarter earnings. The company also raised guidance.

Urban Outfitters added $1.16 to $35.25 after reporting higher than consensus second quarter revenues.

Foot Locker dropped $7.21 to $16.00 after reporting less than consensus quarterly results. The company also lowered guidance and cut its dividend.

Peloton plunged $1.86 to $5.11 after reporting less than consensus fiscal fourth quarter results.

 

EquityClock’s Daily Comment

Headline reads “Ratio of bonds over stocks reaching an interesting juncture, one that could be signaling a notable peak in the equity market”.

https://equityclock.com/2023/08/23/stock-market-outlook-for-august-23-2023/

 

Technical Notes

Solar ETF $TAN moved below $55.54 extending an intermediate downtrend.

Nike $NKE a Dow Jones Industrial Average stock moved below $102.56 extending an intermediate downtrend.

Citigroup $C an S&P 100 stock moved below $41.08 extending an intermediate downtrend.

Target $TGT an S&P 100 stock moved below $124.02 extending an intermediate downtrend.

Scotia Bank $BNS.TO a TSX 60 stock moved below Cdn$62.20 andCdn$61.88 extending an intermediate downtrend.

Loblaw Companies $L.TO a TSX 60 stock moved below Cdn$114.64 setting an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 22^nd 2023

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 22^nd 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 22^nd 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Wall Street firm cuts S&P 500 target. What Seaport says could go wrong by end of 2023

https://www.marketwatch.com/story/wall-street-firm-cuts-s-p-500-target-what-seaport-says-could-go-wrong-by-end-of-2023-df60ffc?mod=mw_pushly&send_date=20230822

 

This Powerful Use of RRG Will Make Your Head Spin | Julius de Kempenaer | Sector Spotlight (8.21.23)

This Powerful Use of RRG Will Make Your Head Spin | Julius de Kempenaer | Sector Spotlight (8.21.23) – YouTube

 

Stock Reversals are EVERYWHERE! | Tom Bowley | Trading Places (08.22.23)

Stock Reversals are EVERYWHERE! | Tom Bowley | Trading Places (08.22.23) – YouTube

 

Is the S&P 500 Ready to Breakout? | Joe Rabil | Your Daily Five (08.22.23) YD5

Is the S&P 500 Ready to Breakout? | Joe Rabil | Your Daily Five (08.22.23) YD5 – YouTube

 

I think we will get to a 9% in market correction, says Worth Charting’s Carter Worth

I think we will get to a 9% in market correction, says Worth Charting’s Carter Worth – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped another 3.60 to 31.60/ It remains Oversold. Daily trend is down.

The long term Barometer dropped another 2.80 to 50.40. It remains Neutral. Daily trend remains down.

 

TSX Momentum Barometers

The intermediate term Barometer slipped 1.32 to 36.56. It remains Oversold. Daily trend remains down.

The long term Barometer dropped another 1.32 to 44.93. It remains Neutral. Daily trend remains down.

 

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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