{"id":169143,"date":"2023-08-28T02:22:00","date_gmt":"2023-08-28T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=169143"},"modified":"2023-08-28T08:46:37","modified_gmt":"2023-08-28T12:46:37","slug":"tech-talk-for-monday-august-28th-2023","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2023\/08\/28\/tech-talk-for-monday-august-28th-2023\/","title":{"rendered":"Tech Talk for Monday August 28th 2023"},"content":{"rendered":"

Pre-opening Comments for Monday August 28th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning<\/b>. S&P 500 futures were up 18 points at 8:30 AM EDT. <\/em><\/p>\n

Horizon Therapeutics<\/b> added $5.38 to $112.05 after the Federal Trade Commission halted its challenge of Amgen to take over the company.<\/em><\/p>\n

\"clip_image001[1]\"<\/a><\/p>\n

MMM <\/b>gained $5.05 to 104.00 on news that the company is nearing a settlement to pay $5.5 billion to resolve a claim on faulty earplugs sold to the U.S. military.<\/em><\/p>\n

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Macom Technology<\/b> added $1.51 to 81.55 after Benchmark 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 \u201cBreakout from trend channel resistance on the US Dollar Index threatens to impose a headwind against stocks moving forward<\/strong>\u201d.<\/em><\/p>\n

https:\/\/equityclock.com\/2023\/08\/26\/stock-market-outlook-for-august-28-2023\/<\/em><\/a><\/p>\n

 <\/p>\n

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

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

High and rising interest rates on long term North American Treasuries have \u201cput a lid\u201d on North American equity markets<\/b>. Comments by Federal Reserve Chairman Powell on Friday echoed comments by the Bank of Canada that central banks in North America are \u201cprepared to raise rates further\u201d. The stage is set for \u201cchoppy\u201d equity markets between now and October. <\/p>\n

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 <\/p>\n

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

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

Focus this week is on the July Core PCE Price Index, the Federal Reserve\u2019s favoured measure on inflation. The report is released on Thursday morning.<\/p>\n

U.S. second quarter annualized real GDP released at 8:30 AM EDT on Wednesday is expected to increase 2.4% versus a gain of 2.0% in the first quarter.<\/p>\n

July Core PCE Price Index is released at 8:30 AM EDT on Thursday is expected to increase 0.2% versus 0.2% in June. On a year-over-year basis, July Index is expected to increase 4.2% versus 4.1% in June. <\/p>\n

July Personal Income released at 8:30 AM EDT on Thursday is expected to increase 0.3% versus a gain of 0.3% in June. July Personal Spending also is released.<\/p>\n

August Chicago Purchasing Managers Index is released at 9:45 AM EDT on Thursday.<\/p>\n

August Employment Report is released at 8:30 AM EDT on Friday. Non-farm Payrolls are expected to increase 170,000 versus a gain of 187,000 in July. August Unemployment Rate is expected to remain unchanged from July at 3.5%. August Hourly Earnings are expected to increase 0.3% versus a gain of0.4% in August. On a year-over-year basis, August Hourly Earnings are expected to increase 4.4% versus a gain of 4.4% in July.<\/p>\n

Canada\u2019s June GDP released at 8:30 AM EDT on Friday is expected to decline 0.2% versus a gain of 0.3% in May.<\/p>\n

July U.S. Construction Spending released at 10:00 AM EDT on Friday is expected to drop 0.1% versus a gain of 0.5% in June.<\/p>\n

August ISM Manufacturing PMI released at 10:00 AM EDT on Friday is expected to improve to 46.6 from 46.4 in July.<\/p>\n

 <\/p>\n

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

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

Focus this week is on quarterly reports released by Canada\u2019s major banks<\/p>\n

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 <\/p>\n

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

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

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

Daily Seasonal\/Technical Equity Trends for August 25th<\/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 25th<\/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

 <\/p>\n

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

Daily Seasonal\/Technical Sector Trends for August 25rd<\/sup> 2023 <\/p>\n

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

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

 <\/p>\n

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

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

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

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

<\/em><\/strong><\/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

<\/em><\/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

 <\/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

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

Intuit $INTU a NASDAQ 100 stock moved above $514.14 extending an intermediate uptrend.<\/p>\n

\"clip_image012\"<\/a><\/p>\n

Emerson $EMR an S&P 100 stock moved above $98.01 to a two year high extending an intermediate uptrend.<\/p>\n

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 <\/p>\n

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

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

Michael Campbell\u2019s<\/font><\/em> Money Talks for August 26th<\/sup> <\/b><\/p>\n

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

 <\/p>\n

Wyckoff Case Study Pare 2 w\/ Special Guest Roman Bogomazo<\/font><\/em> | Power Charting (08.25.23)<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=8mzvqZDAjp8<\/a><\/p>\n

 <\/p>\n

How the Market Is Shaping Up After 3 Weeks Down | Moxie Indicator Minutes (08.25.23)<\/b><\/p>\n

https:\/\/www.youtube.com\/watch?v=m8Aa0RmBB10<\/a><\/p>\n

 <\/p>\n

Watch These Four Horrible Charts in the Dow Jones Industrials Index<\/b><\/p>\n

Watch These Four Horrible Charts in the Dow Jones Industrials Index | RRG Charts | StockCharts.com<\/a><\/p>\n

 <\/p>\n

Swenlin Trading Oscillators Trying To Turn Up<\/b><\/p>\n

Swenlin Trading Oscillators Trying To Turn Up | DecisionPoint | StockCharts.com<\/a><\/p>\n

 <\/p>\n

Can Small Caps Lead the Market Higher? A Video Analysis<\/b><\/p>\n

Can Small Caps Lead the Market Higher? A Video Analysis | Mish’s Market Minute | StockCharts.com<\/a><\/p>\n

 <\/p>\n

M2 Continues to Fall, Making Stocks Overvalued<\/b><\/p>\n

M2 Continues to Fall, Making Stocks Overvalued | Top Advisors Corner | StockCharts.com<\/a><\/p>\n

 <\/p>\n

The Five Ratios ALL Investors Should Follow | The Final Bar (08.25.23)<\/b><\/p>\n

The Five Ratios ALL Investors Should Follow | The Final Bar (08.25.23) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

August 25, 2023 | Has the Fed Eaten Yellen\u2019s Magic Mushrooms? Bob Hoye<\/font><\/em><\/b><\/p>\n

Has the Fed Eaten Yellen\u2019s Magic Mushrooms? \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

August 24, 2023 | BRICS vs The US Dollar Trading World<\/b><\/p>\n

BRICS vs The US Dollar Trading World \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

August 26, 2023 | Trading Desk Notes For August 26, 2023 Victor Adair<\/font><\/em><\/b><\/p>\n

Trading Desk Notes For August 26, 2023 \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

GDP Boom a Mirage As Barbenheimer\/Swift\/Beyonce Effect Fades<\/b>.<\/p>\n

GDP Boom a Mirage As Barbenheimer\/Swift\/Beyonce Effect Fades. – Uncommon Sense Investor<\/a><\/p>\n

 <\/p>\n

Technical Scoop from David Chapman<\/font><\/em> and <\/b>www.EnrichedInvesting.com<\/a><\/p>\n

https:\/\/enrichedinvesting.com\/wp-content\/uploads\/2023\/08\/Hawkish-chair-mixed-market-Everything-Bubble-ticking-bombs-golden-signs-energy-upside-.pdf<\/a><\/p>\n

 <\/p>\n

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

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

The intermediate term Barometer added 3.00 on Friday, but slipped 1.20 last week. It remains Oversold. Daily trend remains down.<\/p>\n

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

The long term Barometer added 1.60 on Friday, but slipped 2.20 last week. It remains Neutral.. Daily trend remains down.<\/p>\n

 <\/p>\n

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

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

The intermediate term Barometer added 5.29 on Friday and gained 3.53 last week to 40.97. It returned to Neutral on a recovery above 40.00.<\/p>\n

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

The long term Barometer added 1.32 on Friday, but slipped 0.88 last week to 47.58. It remains Neutral. <\/p>\n

 <\/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 28th U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points at 8:30 AM EDT. Horizon Therapeutics added $5.38 to $112.05 after the Federal Trade Commission halted its challenge of Amgen to take over the company. MMM gained $5.05 to 104.00 on news that the […]<\/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-169143","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/169143","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=169143"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/169143\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=169143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=169143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=169143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}