Tech Talk for Friday August 26th 2022

U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points in pre-opening trade.

Index futures were virtually unchanged following release of core July PCE Price Index at 8:30 AM EDT. Consensus on a year-over-year basis was unchanged at 4.8%. Actual was 4.6%.

Investors are waiting for a speech from Fed Chairman Powell at 10:00 AM EDT

Workday advanced $19.39 to $181.75 after reporting higher than consensus quarterly results. The company was featured on CNBC s Fast Money last night.

Dell dropped $4.00 to 443.90 after reporting less consensus quarterly revenues.

Affirm plunged $4.20 to $27.05 after reporting less than consensus quarterly results. The company also lowered fiscal first quarter and annual estimates.

Ulta Beauty advanced $12.75 to $432.00 after reporting higher than consensus second quarter results.

EquityClock's Daily Comment

Headline reads "With a consumer under strain, loan growth is surging as this cohort of the economy seeks to plug the hole in their finances". Following is a link:

http://www.equityclock.com/2022/08/25/stock-market-outlook-for-august-26-2022/

Technical Notes yesterday

Agribusiness ETF $MOO moved above $94.47 extending an intermediate uptrend.

CF Industries $CF one of the world's largest fertilizer producers moved above $112.58 to an all-time high extending an intermediate uptrend.

Chinese technology and related equities and ETFs (e.g JD.com, Baidu).moved significantly higher on news that Peoples Bank of China has taken steps to reflate the economy.

Chevron $CVX a Dow Jones Industrial Average stock moved above $163.18 resuming an intermediate uptrend.

Dollar Tree $DLTR a NASDAQ 100 stock moved below $147.77 completing a double top pattern. The company reported less than consensus second quarter results.

Bristol-Myers $BMY moved below $71.71 and $71.22 completing a Head & Shoulders pattern.

Cameco $CCO.TO a TSX 60 stock moved above intermediate resistance at Cdn$35.41.

Metals and Mining SPDRs $XME moved above $52.78 extending an intermediate uptrend.

Copper Miners ETF $COPX moved above $32.36 extending an intermediate uptrend.

BMO Equal Weight Global Metals ETF $ZMT.TO moved above $49.15 extending an intermediate uptrend. Several key Canadian based base metal stocks led the advance.

HudBay Minerals $HBM.TO moved above $6.15 extending an intermediate uptrend. The company reached an agreement to resume development.

Lundin Mining $LUN.TO moved above $7.48 completing a reverse Head & Shoulders pattern.

First Quantum Minerals $FM.TO moved above $27.06 extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 25th 2022

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for August 25th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 25th 2021

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Tom Bowley says "S&P 500 ready to rip higher".

S&P 500 Ready To Rip Higher | Tom Bowley | Trading Places (08.25.22) - YouTube

David Keller and Tony Dwyer discuss "It's all about the R word".

It’s All About the R Word | David Keller, CMT | The Final Bar (08.25.22) - YouTube

Jeffrey Huge says "Buyer beware"!

Buyer Beware! | Jeffrey Huge, CMT | Your Daily Five (08.25.22) - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 4.60 to 85.00 yesterday. It remains Overbought.

The long term Barometer added 4.00 to 42.60 yesterday. It returned to Neutral from Oversold on a move above 40.00.

TSX Momentum Barometers

The intermediate term Barometer added 0.84 to 79.41 yesterday. It remains Overbought. Trend remains up.

The long term Barometer added 0.42 to 42.02 yesterday. 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