{"id":179302,"date":"2024-08-26T02:22:00","date_gmt":"2024-08-26T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=179302"},"modified":"2024-08-26T09:04:26","modified_gmt":"2024-08-26T13:04:26","slug":"tech-talk-for-monday-august-26th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/08\/26\/tech-talk-for-monday-august-26th-2024\/","title":{"rendered":"Tech Talk for Monday August 26th 2024"},"content":{"rendered":"

Pre-opening Comments for Monday August 26th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning.<\/b> S&P 500 futures were up 6 points at 8:35 AM EDT.<\/em><\/p>\n

S&P 500 futures slipped 1 point following release of July Durable Goods Orders at 8:30 AM EDT.<\/b> Consensus was a 4.0% increase versus an upwardly revised 6.9% drop in June. Actual was a 9.9% increase. Excluding transportation orders, consensus was unchanged versus a downwardly revised -0.1% decline in June. Actual was a 0.2% decline<\/em><\/p>\n

WTI Crude Oil <\/b>added $2.03 to $76.86 per barrel on increasing Middle East tensions.<\/em><\/p>\n

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Nvidia<\/b> added $1.11 to $173.52 in anticipation of second quarter results to be released on Wednesday.<\/em><\/p>\n

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Regeneron<\/b> added $11.46 to $1,199.12 after receiving European approval for Ordspono.<\/em><\/p>\n

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EquityClock\u2019s stock market outlook for Monday<\/strong><\/font><\/em><\/p>\n

The abnormal rise in New Home Sales for July hints that the housing market has entered a new phase, one where looser conditions entices activity. See:<\/em><\/b><\/p>\n

https:\/\/equityclock.com\/2024\/08\/24\/stock-market-outlook-for-august-26-2024\/<\/em><\/a><\/p>\n

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

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Responses to Federal Reserve Chairman Powell\u2019s Jackson Hole comments triggered significant buying in North American equity markets on Friday<\/b>. According to Powell, \u201cThe time has come to adjust our restrictive monetary policy\u201d. His comments implied that the FOMC likely will start to lower its Fed Fund Rate at its next meeting on September 18th<\/sup>. Key equity and sector indices broke to all-time highs<\/b> on Friday following Powell\u2019s comments including Financial SPDRs, Utility SPDRs, Industrial SPDRs and Equal Weight S&P 500 ETF. Also, Healthcare SPDRs and Utilities SPDRs extended their move to all-time highs. Canadian indices quickly followed: TSX Composite Index, S&P\/TSE 60 Index, TSX Financials iShares broke to all-time highs. <\/p>\n

Currencies moved significantly following Powell\u2019s comments<\/b>. The U.S. Dollar dropped to an eight month low. The Canadian Dollar broke above US73.58 cents reached on two previous occasions setting an intermediate uptrend. Related to the change, prices of U.S. securities valued in Canadian Dollars dropped accordingly.<\/p>\n

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

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

July Durable Goods Orders<\/b> released at 8:30 AM EDT on Monday are expected to increase 4.0% versus a drop of 6.6% in June. Excluding transportation orders, July Durable Goods Orders are expected to be unchanged versus a gain of 0.5% in June. <\/p>\n

Next estimate of annualized second quarter real GDP<\/b> released at 8:30 AM EDT on Thursday is expected to show growth at 2.8% versus a gain of 1.4% in the first quarter. <\/p>\n

July PCE Price Index<\/b> released at 8:30 AM EDT on Friday is expected to increase 0.2% versus a gain of 0.1% in June.<\/p>\n

July Personal Income<\/b> released at 8:30 AM EDT on Friday is expected to increase 0.2% versus a gain of 0.2% in June. July Personal Spending<\/b> is expected to increase 0.5% versus a gain of 0.3% in June. <\/p>\n

August Michigan Consumer Sentiment<\/b> released at 10:00 AM EDT on Friday is expected to increase to 67.8 from 66.4 in July.<\/p>\n

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

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

Focuses are on reports by Nvidia in the U.S. and banks in Canada<\/b><\/p>\n

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

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

Daily Seasonal\/Technical Equity Trends for August 23rd<\/sup> 2024<\/p>\n

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

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

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

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

Daily Seasonal\/Technical Commodities Trends for August 23rd<\/sup> 2024<\/p>\n

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

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

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

Daily Seasonal\/Technical Sector Trends for August 23rd<\/sup> 2024<\/p>\n

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

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

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

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

Michael Campbell\u2019s Money Talks for August 24th<\/sup> <\/b><\/p>\n

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

 <\/p>\n

2 Best Healthcare Stocks for August 2024: David Keller<\/b><\/p>\n

2 Best Healthcare Stocks for August 2024 \u2013 YouTube<\/a><\/p>\n

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Powell Pivots: "Time to Adjust": Schwab<\/b><\/p>\n

Powell Pivots: "Time to Adjust" \u2013 YouTube<\/a><\/p>\n

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BoC widely expected to cut rates in September: BNN<\/b><\/p>\n

BoC widely expected to cut rates in September \u2013 YouTube<\/a><\/p>\n

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Markets in a potentially dangerous time: Mark Leibovit<\/b><\/p>\n

Markets in a Potentially Dangerous Time \u2013 HoweStreet<\/a><\/p>\n

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TLT Turns the Corner and Starts to Lead: Arthur Hill<\/b><\/p>\n

TLT Turns the Corner and Starts to Lead | Art’s Charts | StockCharts.com<\/a><\/p>\n

 <\/p>\n

Fed Promised Cuts Will Not Take You to the Promised Land: Bob Hoye<\/b><\/p>\n

Fed Promised Cuts Will Not Take You to the Promised Land \u2013 HoweStreet<\/a><\/p>\n

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Markets in a Potentially Dangerous Time: Mark Lebovit<\/b><\/p>\n

Markets in a Potentially Dangerous Time \u2013 HoweStreet<\/a><\/p>\n

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In Reality, We\u2019re Already in Recession: Danielle Park<\/b><\/p>\n

In Reality, We\u2019re Already in Recession \u2013 HoweStreet<\/a><\/p>\n

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Trading Desk Notes for August 24, 2024:Victor Adair<\/b><\/p>\n

Trading Desk Notes for August 24, 2024 \u2013 HoweStreet<\/a><\/p>\n

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Technical Scoop from David Chapman and <\/b>www.EnrichedInvesting.com<\/b><\/a> for August 26th<\/sup> <\/b><\/p>\n

https:\/\/enrichedinvesting.com\/library\/<\/a><\/p>\n

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

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The intermediate term Barometer added 7.00 on Friday and gained 10.80 last week to 79.80. It remains Overbought. Daily trend remains up.<\/p>\n

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The long term Barometer added 2.00 on Friday and gained 3.80 last week to 77.60. It remains Overbought. Daily trend remains up.<\/p>\n

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

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The intermediate Barometer added 7.95 on Friday and gained 4.43 last week to 72.57. It remains Overbought. Daily uptrend resumed on Friday.<\/p>\n

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The long term Barometer added 0.88 on Friday and was unchanged last week at 75.66. It remains Overbought. <\/p>\n

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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 26th U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points at 8:35 AM EDT. S&P 500 futures slipped 1 point following release of July Durable Goods Orders at 8:30 AM EDT. Consensus was a 4.0% increase versus an upwardly revised 6.9% drop in June. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-179302","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/179302","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=179302"}],"version-history":[{"count":3,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/179302\/revisions"}],"predecessor-version":[{"id":179311,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/179302\/revisions\/179311"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=179302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=179302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=179302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}