Pre-opening Comments for Tuesday August 1^st

U.S. equity index futures were lower this morning. S&P 500 Index was down 19 points at 8:30 AM EDT.

Republic Services added $0.64 to $151.75 after reporting higher than consensus second quarter results. The company also offered positive guidance.

Pfizer dropped $0.32 to $35.74 after reporting less than consensus second quarter earnings.

Caterpillar advanced $3.33 to $268.50 after reporting higher than consensus second quarter revenues and earnings.

George Weston (WN.TO Cdn$150.06) is expected to open lower after reporting lower than consensus second quarter earnings.

 

EquityClock’s Daily Comment

Headline reads “Over the past 20 years, the S&P 500 Index has gained 0.1%, on average, during the month of August and 60% of periods have produced a positive result”.

http://www.equityclock.com/2023/07/31/stock-market-outlook-for-august-1-2023/

 

Technical Notes

Energy SPDRs $XLE moved above $86.97 resuming an intermediate uptrend.

Crude oil ETN $USO moved above $72.65 resuming an intermediate uptrend.

BMO Canadian Energy ETF $ZEO.TO moved above Cdn$61.47 resuming an intermediate uptrend.

Copper Miners ETF $COPX moved above $41.87 resuming an intermediate uptrend.

Russell 2000 iShares $IWM moved above $197.98 resuming an intermediate uptrend.

Trip.com $TCOM a NASDAQ 100 stock moved above $40.17 extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 31^st 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 July 31^st 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 31^st 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Identify Entry Points By Using Harmonic Patterns | Your Daily Five (07.31.23)

https://www.youtube.com/watch?v=eg0hXl5xHRQ

 

The "Magnificent 7" Mega-Caps | Carl Swenlin & Erin Swenlin | DecisionPoint Trading Room (07.31.23)

https://www.youtube.com/watch?v=60C-lXuJtBM

 

Energy & Tech’s Opposite Seasonal Rotations | Julius de Kempenaer | Sector Spotlight (07.31.23)

https://www.youtube.com/watch?v=O4LmFKWaqzk

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.60 to 81.80. It remains Overbought. Technical evidence of a daily peak continues to build.

The long term Barometer added 1.00 to 74.00. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer added 5.70 to 71.05. It remains Overbought.

The long term Barometer added 1.32 to 64.04. 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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