Tech Talk for Tuesday August 23rd 2022
U.S. equity index futures were higher this morning. S&P 500 futures advanced 2 points in pre-opening trade.
Palo Alto Networks $PANW gained $43.85 to $552.00 after the company reported higher than consensus fiscal fourth quarter revenues and earnings. The company also announced a three for one stock split. Stifel raised its target price from $600 to $645.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0011-12.png "clip_image001[1]")
Zoom $ZM dropped $6.64 to $88.74 after the company lowered revenue and earnings estimates. Stifel lowered its target price from $120 to $90.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0021-14.png "clip_image002[1]")
Bank of Nova Scotia added $1.72 to Cdn$82.50 after reporting higher than consensus fiscal third quarter earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0031-11.png "clip_image003[1]")
Macy's added $0.39 to $19.00 after reporting higher than consensus second quarter earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0041-11.png "clip_image004[1]")
EquityClock's Daily Comment
Headline reads "After today's session, you may need a drink and this industry that we just upgraded will cater to your need". Following is the link:
http://www.equityclock.com/2022/08/22/stock-market-outlook-for-august-23-2022/
Technical Notes for yesterday
U.S. Dollar Index ETN $UUP closed at an all-time closing high at $29.17
Natural Gas ETN $UNG moved above $32.77 extending an intermediate uptrend
Wheaton Precious Metals $WPM a TSX 60 stock moved below US$31.56 extending an intermediate downtrend.
Match $MTCH a NASDAQ 100 stock moved below $59.15 extending an intermediate downtrend.
Berkshire Hathaway $BRK.B an S&P 100 stock moved below intermediate support at 290.42.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 22nd 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for August 22nd 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 22nd 2021
Green: Increase from previous day
Red: Decrease from previous day
Link offered by valued provider
RBC's Calvasina: Stock rally can continue in very short term
https://www.youtube.com/watch?v=yDfFB41YLXM
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 10.00 to 78.20 yesterday. It remains Overbought. Trend is down.
The long term Barometer dropped 7.20 to 37.80 yesterday. It changed from Neutral to Oversold after dropping below 40.00. Trend is down.
TSX Momentum Barometers
The intermediate term Barometer slipped 1.26 to 66.81 yesterday. It remains Overbought.
The long term Barometer dropped 2.94 to 39.92 yesterday. It changed from Neutral to Oversold on a drop below 40.00. Trend is 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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