Pre-opening Comments for Wednesday August 3rd
U.S. equity index futures were higher this morning. S&P 500 futures were up 24 points in pre-opening trade.
Starbucks added $1.98 to $85.69 after reporting higher than consensus fiscal third quarter revenues and earnings.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0011-1.png "clip_image001[1]")
Advanced Micro Devices dropped $6.28 to $93.01 after lowering third quarter guidance below consensus estimates.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0021-1.png "clip_image002[1]")
PayPal gained $8.50 to 498.13 after reporting higher than consensus second quarter revenues and earnings.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0031-1.png "clip_image003[1]")
Electronic Arts advanced $1.14 to $130.03 after reporting higher than consensus fiscal first quarter earnings.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0041-1.png "clip_image004[1]")
EquityClock’s Daily Comment
Headline reads “Defensive groups in the Staples and Utilities sectors popping up as areas to Accumulate in this week’s chart books”. Following is a link:
http://www.equityclock.com/2022/08/02/stock-market-outlook-for-august-3-2022/
Technical Notes for yesterday
TSX Information Technology iShares $XIT.TO moved above $35.00 extending an intermediate uptrend.
PayPal $PYPL a NASDAQ 100 stock moved above $89.32 extending an intermediate uptrend.
Fastenal $FAST a NASDAQ 100 stock moved above $51.64 extending an intermediate uptrend.
Rogers Communications $RCI $RCI.B.TO a TSX 60 stock moved below US$44.53 and Cdn$57.90 extending an intermediate downtrend.
Restaurants Brands International $QSR.TO a TSX 60 stock moved above Cdn$69.19 extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 2nd 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for August 2nd 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 2nd 2021
Green: Increase from previous day
Red: Decrease from previous day
All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX)
Link offered by valued provider
Tom Bowley says “Falling yields spurring stocks”
https://www.youtube.com/watch?v=vop_U4K_7Ok
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 4.60 to 71.80 yesterday. It remains Overbought.
The long term Barometer slipped 2.80 to 33.40 yesterday. It remains Oversold.
TSX Momentum Barometers
The intermediate term Barometer slipped 6.30 to 55.04 yesterday. It changed from Overbought to Neutral on a drop below 60.00.
The long term Barometer slipped 1.26 to 36.55 yesterday. It remains Oversold.
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
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August 3rd, 2022 at 9:39 am
Ford – Stunning July sales up 36% year over year. Stock bottomed with the market a month ago and now up around 50% in one month and is still below its’ 200 day MA. The drop in F was completely overdone.
August 3rd, 2022 at 4:53 pm
KBE – Made a double bottom and broke its’ downtrend line. Major resistance at 49.42.
ZEB – About to clear the 50 day.
SP500 – If it can clear resistance and move above 4200 the bears will be in retreat. There are so many sceptics and doom sayers out there that investors may be taken by surprise.
The economic news today was quite positive.
“Comments from St. Louis Federal Reserve President James Bullard also boosted sentiment. He told CNBC Wednesday morning that he doesn’t think the U.S. is currently in a recession, and that rate hikes to tame high inflation will continue.
“As the chair said, we’re not in recession right now,” Bullard said during a live “Squawk Box” interview. “With all the job growth in the first half of the year, it’s hard to say that there was a recession.”