Observation All-time highs set by broadly based U.S. equity indices by 1:00 PM EDT yesterday were followed by an “Ooops” on the political front. The President’s former lawyer Michael Cohen pleaded guilty to eight criminal acts that also implicated the President. The President’s former campaign chairman Paul Manafort was found guilty on eight counts including bank fraud and tax evasion that could put him in jail for the rest of his life. Equity indices quickly backed down from their highs. Full knowledge of both cases became known after the close. StockTwits Released Yesterday @EquityClock S&P 500 SPDRs $SPY moved above $284.21 and 286.01 to an all-time high extending an intermediate uptrend. American Express $AXP, a Dow Jones Industrial stock moved above $102.04 extending an intermediate uptrend. Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $HP $DISCK $AXP $DFS $RF $KSU $UNP $ PPG. No breakdowns Editor’s Note: After 10:00 AM EDT, breakouts included DISCA, TSCO, BBT, TMK, TRV, LEG, BBT, URI and KSS Medical Devices iShares $IHI moved above $212.08 to an all-time high extending an intermediate uptrend. Air Canada $AC.CA moved above $25.27 extending an intermediate uptrend. Travelers $TRV, a Dow Jones Industrial stock moved above $131.64 and $131.98 completing a base building pattern. Russell 2000 Index and related ETF $IWM moved above $1708.10 to an all-time high extending an intermediate uptrend. S&P 500 Index $SPX moved above 2872.87 to an all-time high extending an intermediate uptrend. Dow Jones Transportation Average $TRAN and related ETF $IYT moved above 11423.92 to an all-time high extending an intermediate uptrend. Editor’s Note: Dow Jones Industrial Average moved above 25,800 reaching a new high since late January. Trader’s Corner Equities and Related ETFs Daily Seasonal/Technical Equity Trends for August 21st 2018 Green: Increase from previous day Red: Decrease from previous day Commodities Daily Seasonal/Technical Commodities Trends for August 21st 2018 Green: Increase from previous day Red: Decrease from previous day Sectors Daily Seasonal/Technical Sector Trends for August 21st 2018 Green: Increase from previous day Red: Decrease from previous day S&P 500 Momentum Barometer The Barometer added 2.40 to 72.00 yesterday. It remains intermediate overbought. TSX Momentum Barometer The Barometer was unchanged again yesterday at 49.38. It remains intermediate neutral and trending down. 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