Tech Talk for Friday August 18th 2023

U.S. equity index futures were lower this morning. S&P 500 futures were down 29 points at 8:30 AM EDT.

Applied Materials gained $2.41 to $140.00 after reporting higher than consensus fiscal third quarter results. The company also offered positive fourth quarter guidance.

Ross Stores added $6.13 to 119.19 after reporting higher than consensus second quarter results. The company also offered positive guidance. Jefferies raised its target price from $105 to $120.

Deere dropped $4.29 to $414.87 despite reporting higher than consensus fiscal third quarter revenues and earnings.

Walmart slipped $0.31 to $155.38 despite Raymond James and KeyBanc Capital raising their target price on the stock.

EquityClock's Daily Comment

Headline reads "Manufacturer sentiment in Philadelphia has surprisingly flipped to show optimism during this normal retail stocking period ahead of the holiday shopping season".

https://equityclock.com/2023/08/17/stock-market-outlook-for-august-18-2023/

Technical Notes

Dow Jones Industrial Average dropped below its 50 day moving average at 34,615.70.

Salesforce.com $CRM a Dow Jones Industrial Average stock moved below intermediate support at $205.02

Walgreens Boots $WBA a Dow Jones Industrial Average stock moved below $28.14 extending an intermediate downtrend.

UnitedHealth Group $UNH a Dow Jones Industrial Average stock moved below $497.28 completing a double top pattern

EAFE iShares $EFA moved below intermediate support at $69.94.

Nikkei Average moved below 31,791.71 completing a double top pattern.

Medical Devices iShares $IHI moved below intermediate support at $52.09.

Aerospace & Defense ETF $PPA moved below $83.05 completing a double top pattern.

Netflix $NFLX a NASDAQ 100 stock moved below $411.88 and $411.40 completing a Head & Shoulders pattern.

CVS $CVS an S&P 100 stock moved below $72.61, $66.10 and $65.80 extending an intermediate downtrend.

Wheaton Precious Metals $WPM a TSX 60 stock moved below US$41.17 and Franco Nevada $FNV a TSX 60 stock moved below US$135.68 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 17th 2023

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for August 17th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 17th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Are There Broader Problems With FAILED Breakout in Metals? | Market Buzz (08.16.23)

https://www.youtube.com/watch?v=x7FDFOqmwzc

Sentiment Says Bottom Rapidly Approaching | Tom Bowley | Trading Places (08.17.23)

https://www.youtube.com/watch?v=sFS6zcY-Z9A

What Does Equal-Weight S&P 500 Tell Us About Market Strength? | The Final Bar (08.16.23)

What Does Equal-Weight S&P 500 Tell Us About Market Strength? | The Final Bar (08.16.23) - YouTube

3 Critical Keys To Multiple Timeframe Trading | Stock Talk (08.17.23)

3 Critical Keys To Multiple Timeframe Trading | Stock Talk (08.17.23) - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer plunged 7.00 to 34.40. It changed from Neutral to Oversold on a drop below 40.00. Daily trend remains down.

The long term Barometer dropped 2.40 to 53.60. It remains Neutral. Daily trend remains down.

TSX Momentum Barometers

The intermediate term Barometer dropped 4.85 to 37.89. It changed from Neutral to Oversold on a drop below 40.00. Daily trend remains down.

The long term Barometer slipped 0.88 to 48.46. It remains Neutral. Daily trend remains 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