Pre-opening Comments for Tuesday August 6^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 34 points at 8:30 AM EDT.

Palantir advanced $3.31 to $27.40 after reporting higher than consensus second quarter revenues.

Hims & Hers Health dropped $1.14 to $16.70 after cautioning about greater competitive pressures.

Caterpillar added $15.70 to $332.50 after reporting higher than consensus second quarter earnings.

Uber gained $3.32 to $61.80 after reporting higher than consensus second quarter revenues.

 

EquityClock’s stock market outlook for August 6^th

 

The period of volatility in the equity market is clearly here, requiring risk aversion and volatility hedges in portfolios for the months ahead. See:

https://equityclock.com/2024/08/03/stock-market-outlook-for-august-6-2024/

 

Technical Notes

VIX Index spiked

SPDRs breaking intermediate support included Technology, Consumer Discretionary, Industrials and Energy

International MSCI iShares breaking intermediate support included Canada, Europe, United Kingdom, Australia, Japan, Germany, South Korea, Mexico, Brazil, Taiwan, Emerging Markets, South Africa and Turkey.

Selected commodity sensitive sector ETFs breaking intermediate support included Global Timber & Forestry, Steel, Metals & Mining, Gold, Junior Gold, Oil Services and Transports

S&P 100 and S&P 100 stocks breaking intermediate support included Workday, Wallgreens Boots, Citigroup, Goldman Sachs, Morgan Stanley, Caterpillar, Emerson, General Electric, Apple, Google, Net Ease, Microsoft, Palo Alto, ON Semiconductor, Take Two Interactive Software, MongoDB and Zoom.

20+ Treasury Bond iShares $TLT moved above $96.73 setting an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 5^th 2024

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 5^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 5^th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Market expert predicts ‘more carnage’ ahead

https://www.youtube.com/watch?v=Rwaapeivw70

 

Global markets take a nose dive amid fears of a recession

https://www.youtube.com/watch?v=jhCySo76LVs

 

‘LONG BEAR’: Market legend predicts how long it will take for market to normalize

Robert Prechter

https://www.youtube.com/watch?v=B6GZwlkwq7E

 

S&P 500 Momentum Barometers

The intermediate term Barometer plunged 11.80 to 44.20. It remains Neutral. Daily trend is down.

The long term Barometer dropped 6.80 to 62.80. It remains Overbought. Daily trend is down.

 

TSX Momentum Barometers

The intermediate term Barometer plunged 12.39 to 56.64. It changed from Overbought to Neutral on a drop below 60.00. Daily trend is down.

The long term Barometer dropped 7.08 to 71.68. It remains Overbought. Daily trend is 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

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