Tech Talk for Thursday August 27th 2020

Starbucks (SBUX), an S&P 100 stock moved above $83.17 extending an intermediate uptrend.

Expedia (EXPE), a NASDAQ 100 stock moved above $97.59 extending an intermediate uptrend.

Pre-opening Comments for Thursday August 27th

Index futures were lower this morning. S&P 500 futures were down 3 points in pre-opening trade. Traders are waiting for Federal Reserve Chairman Jerome Powell's address on interest rates to be released later this morning at the annual Jackson Hole symposium.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for second estimate of second quarter real GDP was a drop of 32.5%. Actual was a drop of 31.7%. Consensus for Weekly Initial Jobless Claims was a slip to 1,000,000 from 1,106,000 last week. Actual was 1,006,000

Toronto Dominion Bank (TD $66.37) is expected to open higher after reporting higher than consensus fiscal third quarter earnings.

Canadian Imperial Bank of Commerce (CM $102.06) is expected to open higher after reporting higher than consensus fiscal third quarter earnings.

Net App, a NASDAQ 100 stock gained $4.68 to $46.89 after reporting higher than consensus fiscal first quarter earnings.

Abbott Labs, an S&P 100 stock added $9.31 to an all-time high at $112.50 after receiving U.S. authorization to launch a rapid COVID 19 antigen test. Results are available in 15 minutes at a cost of only $5 per test

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2020/08/26/stock-market-outlook-for-august-27-2020/

Note seasonality charts on Crude Oil Days of Supply and Durable Goods Orders.

The Canadian Technician

Greg Schnell released a comment last night entitled, "Catapult, not Capitulate". Greg notes that

"The top 5 stocks on the Nasdaq 100 are literally catapulting forward like fireballs in a forest fire". Following is a link: https://stockcharts.com/articles/canada/2020/08/catapult-not-capitulate-587.html

Technical Notes for August 26th

Workday (WDAY), a NASDAQ 100 stock moved above $200.00 and $202.00 extending an intermediate uptrend.

Microsoft (MSFT), a Dow Jones Industrial Average stock moved above $217.12 to an all-time high extending an intermediate uptrend.

U.S. Crude Oil ETN (USO) moved above $31.02 extending an intermediate uptrend.

Chile iShares (ECH) moved below $25.83 setting an intermediate downtrend.

Exxon Mobil (XOM) formerly a Dow Jones Industrial Average stock moved below $40.30 setting an intermediate downtrend.

Booking Holdings (BKNG), an S&P 100 stock moved above $1,871.97 extending an intermediate uptrend.

PayPal (PYPL), a NASDAQ 100 stock moved above $204.23 to an all-time high extending an intermediate uptrend.

Splunk (SPLK), a NASDAQ 100 stock moved above $217.36 to an all-time high extending an intermediate uptrend.

TSX Financials iShares (XFN) moved above $34.81 extending an intermediate uptrend.

Toronto Dominion Bank (TD), a TSX 60 stock moved above $65.42 extending an intermediate uptrend.

Medical Devices iShares (IHI) moved above $296.76 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for August 26th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for August 26th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 26th 2020

Green: Increase from previous day

Red: Decrease from previous day

Greg Schnell's "Market Buzz"

Greg says, "Home Builders fire up"

Following is a link:

https://www.youtube.com/watch?v=Y954fJdGlBc&feature=youtu.be

S&P 500 Momentum Barometer

The Barometer slipped 2.00 to 73.95 yesterday. It remains intermediate overbought.

TSX Momentum Barometer

The Barometer gained 4.74 to 78.20 yesterday. It remains intermediate overbought.

Disclaimer: Seasonality 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

Sponsored By...