Tech Talk for Wednesday August 25th 2021
U.S. equity index futures were lower this morning. S&P 500 futures were down 1 point in pre-opening trade.
Index futures were virtually unchanged following release of the July Durable Goods Orders report at 8:30 AM EDT. Consensus was a drop of 0.5% versus a gain of 0.9% in June. Actual was a slip of 0.1%. Excluding transportation orders, consensus was an increase of 0.5% versus a gain of 0.5% in June. Actual was an increase of 0.7%
Urban Outfitters dropped $1.98 to $38.75 despite reporting higher than consensus second quarter revenues and earnings.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/08/clip_image0015-2.png "clip_image001[5]")
Nordstrom fell $2.91 to $34.90 despite reporting higher than consensus second quarter revenues and earnings.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/08/clip_image0025-2.png "clip_image002[5]")
Intuit added $5.00 to $559.02 after reporting higher than consensus fiscal fourth quarter revenues and earnings.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/08/clip_image0035-2.png "clip_image003[5]")
Royal Bank added $0.31 to $132.36 after reporting higher than consensus fiscal third quarter earnings.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2021/08/clip_image0045.png "clip_image004[5]")
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2021/08/24/stock-market-outlook-for-august-25-2021/
Technical Notes released yesterday at
Colgate Palmolive $CL an S&P 100 stock moved below $77.82 setting an intermediate downtrend.
Medtronic $MDT an S&P 100 stock moved above $132.39 to an all-time high extending an intermediate uptrend.
Marvell $MRVL a NASDAQ 100 stock moved above $62.71 to an all-time high extending an intermediate uptrend.
Splunk $SPLK a NASDAQ 100 stock moved above $151.12 completing a reverse Head & Shoulders pattern.
Chinese equities and related ETFs eg. $FXI $XCH.TO are notably stronger today including Chinese equities listed on U.S. exchanges (e.g. $BABA $PDD $BIDU ). Their strength is a major reason why the NASDAQ 100 Index moved to an all-time high today.
Pinduoduo $PDD a NASDAQ 100 stock moved above intermediate resistance at $95.51 forming possible bottoming pattern.
Another Chinese based inter-listed stock breakout! Trip com $TCOM a NASDAQ 100 stock moved above intermediate resistance at $28.90 completing a potential double bottom pattern.
Seasonality chart of the day from www.EquityClock.com
Seasonal influences on a real and relative basis for Chinese equities and related ETFs turn Positive in mid-August for a seasonal trade to early November.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 24th 2021
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for August 24th 2021
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 24th 2021
Green: Increase from previous day
Red: Decrease from previous day
All seasonality ratings are based on performance relative to the S&P 500 Index
S&P 500 Momentum Barometers
The intermediate term Barometer added another 3.41 yesterday to 66.73. It remains Overbought.
The long term Barometer gained another 1.80 yesterday to 82.16. It remains Extremely Overbought.
TSX Momentum Barometers
The intermediate term Barometer added another 2.93 yesterday to 51.71. It remains Neutral.
The long term Barometer added another 0.49 yesterday to 70.24. It remains 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
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