Tech Talk for Thursday August 31st 2023

Equity index futures were higher this morning. S&P 500 futures were up 13 points at 8:35 AM

Equity index futures were unchanged following release of U.S. economic reports at 8:30 AM EDT. July Core PCE Price Index was expected to increase 0.2% versus a gain of 0.2% in June. Actual was a gain of 0.2%. On a year-over-year basis, July Core PCE Price Index was expected to increase 4.2% versus 4.1% in June. Actual was 4.2%. July Personal Income was expected to increase 0.3% versus a gain of 0.3% in June. Actual was up 0.2%. July Personal Spending was expected to increase 0.6% versus a gain of 0.5% in June. Actual was up 0.8%.

Salesforce.com advanced $12.36 to $227.36 after reporting higher than consensus quarterly earnings. The company also offered positive guidance.

CrowdStrike slipped $0.18 to 149.00 despite reporting higher than consensus quarterly results. The company also offered guidance below consensus.

Okta jumped $8.73 to $82.30 after reporting higher than consensus revenues. The company also offered positive guidance.

Canadian Imperial Bank of Commerce (CM Cdn$55.32) is expected to open lower after reporting less than consensus fiscal third quarter earnings.

EquityClock's Daily Comment

Headline reads "A sharp draw of oil inventories last week has erased virtually all of the injection to stockpiles that was recorded earlier this year".

https://equityclock.com/2023/08/30/stock-market-outlook-for-august-31-2023/

Technical Notes

Vanguard S&P 500 ETF in Canadian Dollars $VFV.TO moved above $108.03 to an all-time high extending an intermediate uptrend.

Global X Uranium ETF $URA moved above $23.86 and $24.28 setting an intermediate uptrend.

Gold, gold stocks and related ETFs have posted strong gains during the past seven trading days. Yesterday, Kinross Gold $KGC a TSX 60 stock moved above intermediate resistance at US$5.19. Peter Schiff gives an explanation for renewed strength in the sector in a video link offered below.

Cannabis stocks on both sides of the border "came alive" following news that HHS (the U.S. Health Authority) has recommended a rescheduling of the product. Change would remove cannabis from the most restricted drug designation.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 30th 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 30th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 30th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Q&A with David Keller, CMT | August 30, 2023 (recorded 10amPT/1pmET)

Q&A with David Keller, CMT | August 30, 2023 (recorded 10amPT/1pmET) - YouTube

Leaked: The Game-Changer For Gold And Silver Prices – Peter Schiff On Price Action

Leaked: The Game-Changer For Gold And Silver Prices – Peter Schiff On Price Action - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.80 to 47.60. It remains Neutral.

The long term Barometer added 0.60 to 58.60. It remains Neutral.

TSX Momentum Barometers

The intermediate term Barometer slipped 2.64 to 57.71. It changed from Overbought to Neutral on a drop below 60.00.

The long term Barometer added 0.88 to 55.95. It remains Neutral.

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