{"id":168967,"date":"2023-08-21T02:22:00","date_gmt":"2023-08-21T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=168967"},"modified":"2023-08-21T08:51:12","modified_gmt":"2023-08-21T12:51:12","slug":"tech-talk-for-monday-august-21st-2023","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2023\/08\/21\/tech-talk-for-monday-august-21st-2023\/","title":{"rendered":"Tech Talk for Monday August 21st 2023"},"content":{"rendered":"

Pre-opening Comments for Monday August 21st<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning.<\/b> S&P 500 futures were up 21 points in pre-opening trade. <\/em><\/p>\n

Palo Alto<\/b> gained $25.34 to $235.02 after reporting higher than consensus quarterly results. <\/em><\/p>\n

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Hecla Mining<\/b> dropped $0.14 to $4.44 following a mine shaft collapse at its Lucky Friday mine in Idaho.<\/em><\/p>\n

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XPeng advanced $0.78 to $15.76 after Bank of America upgraded the stock from Hold to Buy.<\/em><\/p>\n

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 <\/p>\n

EquityClock\u2019s Daily Comment<\/strong><\/font><\/em><\/p>\n

Headline reads \u201cThe recent divergence of the path of corporate bonds versus the S&P 500 Index provides a rather concerning view of the potential trajectory of risk assets moving forward<\/strong>\u201d.<\/em><\/p>\n

https:\/\/equityclock.com\/2023\/08\/19\/stock-market-outlook-for-august-21-2023\/<\/em><\/a><\/p>\n

 <\/p>\n

The Bottom Line<\/strong><\/font><\/p>\n

Intermediate swing traders looking for continuation of an upward trend by North American equity markets were rewarded for their patience last week.<\/b> The S&P 500 Index at 4,369 moved closer to technical support near 4,200. The TSX Composite Index at 19,818 moved closer to technical support near 19,400.<\/p>\n

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<\/b><\/p>\n

Economic focus this week is on the Jackson Hole Symposium from August 24th<\/sup> to August 26th<\/sup><\/b>. Federal Reserve Chairman Powell\u2019s speech is the highlight. Recent price drops by long term Government Treasuries and related ETFs (e.g. TLT and IEF) hint that the FOMC is leaning toward a higher Fed Fund Rate that will remain elevated until at least late this year.<\/p>\n

 <\/p>\n

Economic News This Week<\/strong><\/font><\/p>\n

Source: www.investing.com<\/a><\/p>\n

July U.S. Existing Home Sales<\/b> released at 10:00 AM EDT on Tuesday are expected to slip to 4.15 million units from 4.16 million units in June.<\/p>\n

Canadian June Retail Sales <\/b>are released at 8:30 AM EDT on Wednesday<\/p>\n

July U.S. New Home Sales<\/b> released at 10:00 AM EDT on Wednesday are expected to increase to 701,000 from 697,000 in June.<\/p>\n

July Durable Goods Orders<\/b> released at 8:30 AM EDT on Thursday are expected to drop 4.0% versus a gain of 4.7% in June.<\/p>\n

Discussions on U.S. interest rates<\/b> are held at the Jackson Hold Symposium from Thursday to Saturday.<\/p>\n

August Michigan Consumer Sentiment<\/b> released at 10:00 AM EDT on Friday is expected to slip to 71.2 from 71.6 in July<\/p>\n

 <\/p>\n

Selected Earnings News This Week<\/strong><\/font><\/p>\n

Source: www.investing.com<\/a><\/p>\n

Focuses this week are on U.S. retailers and Canadian banks.<\/b><\/p>\n

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 <\/p>\n

Trader\u2019s Corner<\/strong><\/font><\/p>\n

 <\/p>\n

Equity Indices and Related ETFs<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Equity Trends for August 18th <\/sup>2023<\/p>\n

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Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

Source for all positive seasonality ratings: <\/em>www.EquityClock.com<\/em><\/a><\/p>\n

 <\/p>\n

Commodities<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Commodities Trends for August 17th<\/sup> 2023<\/p>\n

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Green: Increase from previous day<\/b><\/font><\/em><\/p>\n

Red: Decrease from previous day<\/em><\/p>\n

 <\/p>\n

Sectors<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Sector Trends for August 18th<\/sup> 2023 <\/p>\n

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Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

<\/font><\/p>\n

Technical Scores<\/em><\/strong><\/font><\/p>\n

<\/b><\/p>\n

 <\/p>\n

Calculated as follows:<\/em><\/b><\/p>\n

<\/em><\/p>\n

Intermediate Uptrend based on at least 20 trading days: Score 2<\/em><\/p>\n

          (Higher highs and higher lows)<\/em><\/p>\n

Intermediate Neutral trend: Score 0<\/em><\/p>\n

          (Not up or down)<\/em><\/p>\n

Intermediate Downtrend: Score -2<\/em><\/p>\n

          (Lower highs and lower lows)<\/em><\/p>\n

<\/em><\/p>\n

Outperformance relative to the S&P 500 Index: Score: 2<\/em><\/p>\n

Neutral Performance relative to the S&P 500 Index: 0<\/em><\/p>\n

Underperformance relative to the S&P 500 Index: Score \u20132<\/em><\/p>\n

 <\/p>\n

Above 20 day moving average: Score 1<\/em><\/p>\n

At 20 day moving average: Score: 0<\/em><\/p>\n

Below 20 day moving average: \u20131<\/em><\/p>\n

<\/em><\/p>\n

Up trending momentum indicators (Daily Stochastics, RSI and MACD): 1<\/em><\/p>\n

Mixed momentum indicators: 0<\/em><\/p>\n

Down trending momentum indicators: \u20131<\/em><\/p>\n

<\/em><\/p>\n

Technical scores range from -6 to +6. Technical buy signals based on the above guidelines start when a security advances to at least 0.0, but preferably 2.0 or higher. Technical sell\/short signals start when a security descends to 0, but preferably -2.0 or lower. <\/em><\/p>\n

<\/em><\/p>\n

Long positions require maintaining a technical score of -2.0 or higher. Conversely, a short position requires maintaining a technical score of +2.0 or lower<\/em><\/p>\n

 <\/p>\n

Changes Last Week<\/strong><\/font><\/p>\n

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<\/b><\/p>\n

<\/b><\/p>\n

Links offered by valued providers<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Michael Campbell\u2019s<\/font><\/strong><\/em> Money Talks for August 19th<\/sup><\/p>\n

Michael Campbell\u2019s MoneyTalks \u2013 Complete Show (mikesmoneytalks.ca)<\/a><\/p>\n

 <\/p>\n

A Red Bar on the Homebuilders ETF AUGUST 18, 2023 AT 09:00 AM Greg Schnell<\/font><\/em><\/strong><\/p>\n

https:\/\/stockcharts.com\/articles\/canada\/2023\/08\/a-red-bar-on-the-homebuilders-401.html<\/a><\/p>\n

 <\/p>\n

Heads Up! 10-Year Treasury Yield Could Go All the Way To FIVE Percent?! | The Final Bar (08.17.23 (Features comments by Tony Dwyer from Canaccord Genuity<\/p>\n

Heads Up! 10-Year Treasury Yield Could Go All the Way To FIVE Percent?! | The Final Bar (08.17.23) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

We are close to bottoming from recent market decline, says Fundstrat’s Mark Newton<\/p>\n

We are close to bottoming from recent market decline, says Fundstrat’s Mark Newton \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Is NOW the Right Time to be Buying These Commodities? | Your Daily Five (08.18.23)<\/p>\n

Is NOW the Right Time to be Buying These Commodities? | Your Daily Five (08.18.23) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

The August volatility reflects seasonal profit-taking, says BMO’s Brian Belski<\/font><\/em><\/strong><\/p>\n

The August volatility reflects seasonal profit-taking, says BMO’s Brian Belski \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

El-Erian on Markets, Economy and Powell at Jackson Hole<\/p>\n

El-Erian on Markets, Economy and Powell at Jackson Hole \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

August 18, 2023 | More Signs of China\u2019s Crumbling Economy: Bob Hoye<\/font><\/em><\/strong><\/p>\n

More Signs of China\u2019s Crumbling Economy \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

August 17, 2023 | What are the Odds Fed Will Hike Rates? Mark Leibovit<\/em><\/strong><\/font><\/p>\n

What are the Odds Fed Will Hike Rates? \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

August 17, 2023 | China\u2019s Economic Woes Slowing Demand for Oil: Josef Schachter<\/font><\/em><\/strong><\/p>\n

China\u2019s Economic Woes Slowing Demand for Oil \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Trading Desk Notes For August 19, 2023: Victor Adair<\/font><\/em><\/strong><\/p>\n

Trading Desk Notes For August 19, 2023 \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Burry, famous for ‘Big Short,’ bought bearish options against S&P, Nasdaq 100<\/p>\n

Burry, famous for ‘Big Short,’ bought bearish options against S&P, Nasdaq 100 (yahoo.com)<\/a><\/p>\n

 <\/p>\n

Links from Mark Bunting<\/font><\/em><\/strong> and www.uncommonsenseinvestor.com<\/a><\/p>\n

These Stocks Could Rise Three-to-Five Times. – Uncommon Sense Investor<\/a><\/p>\n

Have Programmed Trading & Investor Behaviour Irrevocably Changed the Investing Game? – Uncommon Sense Investor<\/a><\/p>\n

 <\/p>\n

Technical Notes for Friday<\/strong><\/font><\/p>\n

Base Metals ETF XBM.TO moved below intermediate support at $Cdn$18.81.<\/p>\n

\"clip_image013\"<\/a><\/p>\n

Israel iShares $EIS moved below $54.01 setting an intermediate downtrend.<\/p>\n

\"clip_image014\"<\/a><\/p>\n

Lithium ETF $LIT moved below $57.36 extending an intermediate downtrend. <\/p>\n

\"clip_image015\"<\/a><\/p>\n

Colgate $CL an S&P 100 stock moved below $73.75 extending an intermediate downtrend.<\/p>\n

\"clip_image016\"<\/a><\/p>\n

Constellation Software $CSU.TO a TSX 60 stock moved below Cdn$2,634.66 and $2,592.00 setting an intermediate downtrend. <\/p>\n

\"clip_image017\"<\/a><\/p>\n

Thomson Reuters $TRI.TO a TSX 60 stock moved below intermediate support at Cdn$170.56.<\/p>\n

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 <\/p>\n

S&P 500 Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image019\"<\/a><\/p>\n

The intermediate term Barometer added 1.00 on Friday, but plunged 20.00 last week to 35.40. It changed from Neutral to Oversold on a drop below 40.00. Daily trend remains down.<\/p>\n

\"clip_image020\"<\/a><\/p>\n

The long term Barometer added 0.60 on Friday, but dropped 9.40 last week to 54.20. It changed from Overbought to Neutral on a drop below 60.00. Daily trend remains down.<\/p>\n

 <\/p>\n

TSX Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image021\"<\/a><\/p>\n

The intermediate term Barometer slipped 0.44 on Friday and plunged 22.51 to 37.44 last week to 37.44. It changed from Neutral to Oversold on a drop below 40.00. Daily trend remains down.<\/p>\n

\"clip_image022\"<\/a><\/p>\n

The long term Barometer was unchanged on Friday and down 8.81 last week to 48.46. It remains Neutral. Daily trend remains down. <\/p>\n

<\/b><\/p>\n

Disclaimer:<\/b> Seasonality ratings and technical ratings offered in this report and at<\/em><\/p>\n

www.equityclock.com<\/em><\/a> 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<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-opening Comments for Monday August 21st U.S. equity index futures were higher this morning. S&P 500 futures were up 21 points in pre-opening trade. Palo Alto gained $25.34 to $235.02 after reporting higher than consensus quarterly results. Hecla Mining dropped $0.14 to $4.44 following a mine shaft collapse at its Lucky Friday mine in Idaho. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-168967","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/168967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/comments?post=168967"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/168967\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=168967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=168967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=168967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}