Pre-opening Comments for Wednesday September 4^th

 

U.S. equity futures were lower this morning. S&P 500 futures were down 24 points at 8:35 AM EDT.

S&P 500 futures dropped 3 points following release of the July Trade report at 8:30 AM EDT. Consensus was a deficit of $79.10 billion versus a deficit of $73.10 billion in June. Actual was a deficit of $78.8 billion.

GitLab gained $5.92 to $50.50 after reporting higher than consensus second quarter results. The company also raised guidance for the remainder of 2024

Zscaler dropped $27.61 to $165.58 after lowering guidance for fiscal 2025

PagerDuty dropped $2.17 to $16.12 after reporting less than consensus second quarter revenues.

Asana dropped $1.78 to $11.51 after reporting a fiscal third quarter loss greater than consensus

 

EquityClock’s Stock Market Outlook for September 4^th

The intermediate-term trend of the market is under threat as the Technology sector rolls over below the July highs, confirming the shift of the prevailing rising trend. See:

https://equityclock.com/2024/09/03/stock-market-outlook-for-september-4-2024/

 

Technical Notes

The VIX Index spiked 38.4% and moved above its 20 and 50 day moving averages.

Weakness was led by the semiconductor sector and related ETFs. Weakest stock in the sector was Nvidia, down 9.53%.

Oil service ETFs and stocks responded to lower crude oil prices. Oil Services ETF $OIH moved below $290.78, Schlumberger $SLB moved below $42.81 and $42.61 and Baker Hughes $BKR moved below $33.90 setting intermediate downtrends.

U.S. Healthcare Providers iShares $IHF moved above $58.49 to an all-time high extending an intermediate uptrend

Interest sensitive telecom stocks and related ETFs moved higher. AT&T $T moved above $19.99 and Verizon $VZ moved above $42.52 extending intermediate uptrends.

Boeing $BA a Dow Jones Industrial Average stock moved below $162.50 and $159.70 to a 22 month low extending an intermediate downtrend.

U.S. interest sensitive utilities stocks and related ETFs stocks moved higher. Southern Companies $SO an S&P 100 stock moved above $88.94 to an all-time high.

Cenovus Energy $CVE.TO a TSX 60 stock moved below Cdn$24.41 extending an intermediate downtrend. Responded to lower crude oil prices!

SNC Lavalin $ATRL a TSX 60 stock moved below Cdn$51.29 and $51.24 setting an intermediate downtrend.

 

Trader’s Corner

 

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 3^rd 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 September 3^rd 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 3^rd 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Former SEC Chair Jay Clayton on taxing unrealized gains, price gouging ban proposals

Former SEC Chair Jay Clayton on taxing unrealized gains, price gouging ban proposals – YouTube

 

Stocks May Correct in September, Morgan Stanley’s Caron Says

Stocks May Correct in September, Morgan Stanley’s Caron Says – YouTube

 

Investors should be cautious for the next 8 weeks, says Fundstrat’s Tom Lee

Investors should be cautious for the next 8 weeks, says Fundstrat’s Tom Lee – YouTube

 

There’s still a lot of nervousness in the markets, says RBC’s Amy Wu Silverman

There’s still a lot of nervousness in the markets, says RBC’s Amy Wu Silverman – YouTube

 

ISM manufacturing measure shows activity disappointed in August

ISM manufacturing measure shows activity disappointed in August – YouTube

 

Expect the tech trade to continue moving higher in September, says Deepwater’s Gene Munster

Expect the tech trade to continue moving higher in September, says Deepwater’s Gene Munster – YouTube

 

Why the S&P 500 Going Sideways is the Best Case Scenario: Julius De Kempenaer

Why the S&P 500 Going Sideways is the Best Case Scenario – YouTube

 

New trends in the week ahead: Stocks, Gold, and Bonds: TheTechnicalTraders

New trends in the week ahead: Stocks, Gold, and Bonds – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 10.20 to 71.80. It remains Overbought.

The long term Barometer dropped 4.00 to 75.20. It remains Overbought

 

TSX Momentum Barometers

The intermediate term Barometer plunged 15.04 to 51.77. It changed from Overbought to Neutral on a drop below 60.00.

The long term Barometer dropped 6.64 to 67.70, It remains Overbought.

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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