Tech Talk for Wednesday August 7th 2024

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Pre-opening Comments for Wednesday August 7th

U.S. equity index futures were higher this morning. S&P 500 futures were up 55 points at 8:30 AM EDT.

Fortinet added $8.20 to $64.01 after reporting higher than consensus second quarter results.

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Airbnb dropped $18.77 to $111.70 after reporting less than consensus second quarter results.

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Rivian dropped $0.25 to $14.55 after reporting a higher quarterly loss.

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Walt Disney dropped $0.57 to $89.40 after reporting lower than consensus results from its parks operations.

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EquityClock’s Stock Market Comment for August 7th

 

This is not just an unwind of the Yen carry trade, but also a collapse of short volatility positioning. See:

https://equityclock.com/2024/08/06/stock-market-outlook-for-august-7-2024/

Technical Notes

BMO Emerging Markets ETF $ZEM.TO moved below Cdn$20.29 extending an intermediate downtrend.

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Nutrien $NTR.TO a TSX 60 stock moved below Cdn$65.20 extending an intermediate downtrend.

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Suncor $SU.TO a TSX 60 stock moved below Cdn$49.73 completing a double top pattern.

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Canadian Natural Resources $CNQ.TO a TSX 60 stock moved below Cdn$46.44 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 6th 2024

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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 6th 2024

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 6th 2024

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Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Surviving the Dip: Investment Strategies for Market Corrections: David Keller and Mary Ellen McGonagle

Surviving the Dip: Investment Strategies for Market Corrections – YouTube

 

Volatility Returns With Vengeance: Guy Adami, Dan Nathan, Liz Young and Carter Worth

Volatility Returns With Vengeance – YouTube

 

S&P 500 Momentum Barometers

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The intermediate term Barometer added 5.40 to 49.60. It remains Neutral.

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The long term Barometer added 2.80 to 65.60. It remains Overbought.

 

TSX Momentum Barometers

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The intermediate term Barometer plunged 6.19 to 50.44. It remains Neutral. Daily trend has turned down.

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The long term Barometer dropped 1.77 to 69.91. It remains Overbought. Daily trend has turned 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




2 Responses to “Tech Talk for Wednesday August 7th 2024”

  1. RonBC Says:

    The $SPX has held the 5200 support level for 3 days now “on the close.” A break below this level would suggest further losses. The RSI 8 is just below the 30 line waiting for a buy signal on a cross above. Critical level now………….

    https://schrts.co/chusqcGU

  2. Bman/Van Says:

    I think we may get an awnser if the bounce is done or a recovery is possible tomoorw based on the action after initial claims are released. Copper under $4 is not a positive.

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