Pre-opening Comments for Wednesday August 30^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points at 8:35 AM EDT.

S&P 500 Index futures added 4 points following release of revised U.S. second quarter annualized GDP at 8:30 AM EDT. Consensus was an increase of 2.4%. Actual was an increase of 2.1%

HP Inc dropped $1.88 to $29.49 after reporting lower than consensus third quarter earnings. The company also issued cautious fourth quarter guidance.

National Bank (NA Cdn$) is expected to open lower after reporting less than consensus fiscal third quarter earnings.

Avnet added $0.37 to $50.38 after increasing its dividend by 7%.

 

EquityClock’s Daily Comment

Headline reads “With the normal positivity of equity prices into the Labor Day long weekend, we prefer to stick with those areas of the market that normally perform well at this time of year”.

https://equityclock.com/2023/08/29/stock-market-outlook-for-august-30-2023/

Technical Notes

Biotech ETF $BBH moved above $165.82 setting an intermediate uptrend.

Visa $V a Dow Jones Industrial Average stock moved above $244.91 extending an intermediate uptrend.

PDD Holdings $PDD a NASDAQ 100 stock moved above $167.38 extending an intermediate uptrend.

Workday $WDAY a NASDAQ 100 stock moved above $240.18 extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 29^th 2023

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 29^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 29^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Three Takeaways from Seasonal Sector Rotation | Julius de Kempenaer | Sector Spotlight (08.28.23)

Three Takeaways from Seasonal Sector Rotation | Julius de Kempenaer | Sector Spotlight (08.28.23) – YouTube

 

New Market Bias Assessment Table | Carl & Erin Swenlin | DecisionPoint Trading Room (08.28.23)

New Market Bias Assessment Table | Carl & Erin Swenlin | DecisionPoint Trading Room (08.28.23) – YouTube

 

Back to School Stocks Primed For Move Up | Your Daily Five (08.29.23)

Back to School Stocks Primed For Move Up | Your Daily Five (08.29.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer advanced 7.80 to 44.80. It changed from Oversold to Neutral on a recovery above 40.00.

The long term Barometer added 4.60 to 58.00. It remains Neutral.

 

TSX Momentum Barometers

The intermediate term Barometer jumped 11.01 to 60.35. It changed from Neutral to Overbought on a moved above 60.00.

The long term Barometer advanced 3.96 to 55.07. It remains Neutral.

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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