Pre-opening Comments for Thursday

U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points at 8:35 AM EDT

Hewlett Packard Enterprises dropped $0.78 to $17.99 after reporting less than consensus third quarter earnings.

Verint Systems dropped $4.07 to $25.80 after reporting less than consensus quarterly results.

JetBlue added $0.19 to $5.22 after raising third quarter guidance.

Verizon gained $0.49 to $41.97 after announcing purchase of Frontier Communications for $20 billion.

 

EquityClock’s stock market outlook for Thursday

 

The yield curve is normalizing with the 10-year treasury yield moving back above the 2-year, typically a coincident indication of the start of an economic recession and corresponding downfall of stocks. See:

https://equityclock.com/2024/09/04/stock-market-outlook-for-september-5-2024/

Technical Notes

BMO Equal Weight Canadian Banks ETF $ZEB.TO moved above Cdn$38.20 to an all-time high extending an intermediate uptrend. Helped by strength in Bank of Scotia $BNS.TO on a move above Cdn$68.16 to a two year high.

U.S. Crude Oil ETN $USO moved below $70.44 setting an intermediate downtrend.

Duke Energy $DUK an S&P 100 stock moved above $115.60 to an all-time high extending an intermediate uptrend.

Mondelez $MDLZ an S&P 100 stock moved above $73.41 resuming an intermediate uptrend.

Synopsys $SNPS a NASDAQ 100 stock moved below $474.57 extending an intermediate downtrend.

US Steel plunged below $34.64 following news that the Biden administration opposes its takeover by Nippon Steel.

BCE $BCE.TO a TSX 60 stock moved above Cdn$48.44 extending an intermediate uptrend.

 

Trader’s Corner

 

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 4^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 September 4^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 4^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Stocks Selloff to Start September; Guy Adami and Dan Nathan

Stocks Selloff to Start September – YouTube

 

Is the S&P 500 Breakdown Seasonal or a Sign of Deeper Market Troubles? Schwab

Is the S&P 500 Breakdown Seasonal or a Sign of Deeper Market Troubles? – YouTube

 

September presents a busy month for investors: Yahoo Finance

September presents a busy month for investors – YouTube

 

Canadian Debt to Weigh on Economy for Years: David Rosenberg

Canadian Debt to Weigh on Economy for Years: David Rosenberg – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 1.20 to 70.60

The long term Barometer dropped 1.80 to 73.60. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 1.77 to 50.00.It remains Neutral.

The long term Barometer added 1.33 to 69.03. 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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