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August 24, 2024 | Tech Talk for Saturday August 24th 2024

Don Vialoux

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Donald Vialoux is author of the free blog Tech Talk, a daily investment report available during the past 20 years at www.timingthemarket.ca. Comments focus on the seasonal and technical outlook for equity indices, commodities and sectors. Mr. Vialoux has 53 years of experience in the investment industry and is a past president of the Canadian Society of Technical Analysts (CSTA).

The Bottom Line

Responses to Federal Reserve Chairman Powell’s Jackson Hole comments triggered significant buying in North American equity markets on Friday. According to Powell, “The time has come to adjust our restrictive monetary policy”. His comments implied that the FOMC likely will start to lower its Fed Fund Rate at its next meeting on September 18th. Key equity and sector indices broke to all-time highs on Friday following Powell’s comments including Financial SPDRs, Utility SPDRs, Industrial SPDRs and Equal Weight S&P 500 ETF. Also, Healthcare SPDRs and Utilities SPDRs extended their move to all-time highs. Canadian indices quickly followed: TSX Composite Index, S&P/TSE 60 Index, TSX Financials iShares broke to all-time highs.

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August 24th, 2024

Posted In: Tech Talk

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