Pre-opening Comments for Tuesday August 9^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 14 points in pre-opening trade.

Micron dropped $2.35 to $59.10 after lowering revenue guidance.

Enbridge added $0.45 to Cdn$55.80 on news that Canada and the U.S. are making progress on negotiations to settle the Line 5 pipeline issue.

Take Two dropped $3.51 to $122.00 after reporting lower than consensus second quarter results. The company also lowered guidance.

Novavax plunged $19.26 to $37.99 after lowering revenue guidance.

 

EquityClock’s Daily Comment

 

Headline reads “The market is at a critical juncture and a near-term trade in this inverse ETF ranks well from a risk-reward perspective”.

http://www.equityclock.com/2022/08/08/stock-market-outlook-for-august-9-2022/

Technical Notes for yesterday

S&P 500 SPDRs $SPY moved above intermediate resistance at $229.06. S&P 500 Index moved above intermediate resistance at 4,177.51

Retail SPDRs $XRT moved above $67.23 completing a double bottom pattern

Lithium ETN $LIT moved above $76.96 extending an intermediate uptrend.

Israel iShares $EIS moved above $65.43 extending an intermediate uptrend.

Salesforce.com $CRM a Dow Jones Industrial Average stock moved above $192.58 completing a double bottom pattern.

Alphabet $GOOG and $GOOGL a NASDAQ 100 stock moved above $119.25 and $11.58 respectively completing a double bottom pattern.

Regeneron $REGN a NASDAQ 100 stock moved above $624.48 completing a base building pattern.

AutoDesk $ADSK a NASDAQ 100 stock moved above $223.81 extending an intermediate uptrend.

Union Pacific $UNP an S&P 100 stock moved above intermediate resistance at $229.06.

Accenture $ACN an S&P 100 stock moved above $261.77 completing a double bottom pattern.

Canopy Growth $WEED.TO a TSX 60 stock moved above $4.08 completing a base building pattern.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 8^th 2022

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for August 8^th 2022

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 8^th 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)

Links offered by valued providers

Tom Bowley says “Market bottom is confirmed”.

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

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.80 to 74.80 yesterday. It remains Overbought. Trend remains up.

The long term Barometer added 0.60 to 37.60 yesterday. It remains Oversold. Trend remains up.

 

TSX Momentum Barometers

The intermediate term Barometer added 5.04 to 60.50 yesterday. It changed from Neutral to Overbought on a move above 60.00. Trend remains up.

The long term Barometer added 0.84 to 37.82 yesterday. It remains Oversold, Trend remains up.

 

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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