Pre-opening Comments for Wednesday August 9^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.

IAC dropped $5.98 to $61.10 after reporting lower than consensus second quarter revenues.

ZipRecruiter fell $2.13 to $15.26 after lowering third quarter revenue guidance.

Toast gained $2.56 to $22.78 after reporting higher than consensus second quarter revenues.

Wal-Mart added $0.29 to $160.94 after BMO and Wells Fargo raised their target price to $175.

 

EquityClock’s Daily Comment

Headline reads “The reaction of many equity benchmarks to points of significant resistance makes this a logical point for a market correction”.

http://www.equityclock.com/2023/08/08/stock-market-outlook-for-august-9-2023/

 

Technical Notes

Pharmaceutical ETF $PPH moved above $82.28 to an all-time high extending an intermediate uptrend.

Main reason for PPH moving to an all-time high was strength in Eli Lilly $LLY an S&P 100 stock that moved above $469.87 to an all-time high extending an intermediate uptrend.

Amgen $AMGN an S&P 100 stock moved above $254.04 extending an intermediate uptrend.

Gold Miners ETF $GDX moved below $28.76 extending an intermediate downtrend

Fox $FOX a NASDAQ 100 stock moved above $32.39 extending an intermediate uptrend. FOXA moved above $34.16 extending an intermediate uptrend.

Kraft Heinz $KHC an S&P 100 stock moved below $34.83 extending an intermediate downtrend.

DexCom $DXCM a NASDAQ 100 stock moved below $112.27 setting an intermediate downtrend.

TSX Technology iShares $XIT.TO moved below intermediate support at US$43.89.

Most of the weakness in XIT.TO came from Shopify $SHOP.TO a TSX 60 stock that moved below Cdn$75.09 setting an intermediate downtrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 8^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 8^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 8^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Risk to S&P as Technology Under Pressure | Julius de Kempenaer | Sector Spotlight (08.08.23)

Risk to S&P as Technology Under Pressure | Julius de Kempenaer | Sector Spotlight (08.08.23) – YouTube

 

Asbury 6 Signals An Emerging Correction | Your Daily Five (08.08.

Asbury 6 Signals An Emerging Correction | Your Daily Five (08.08.23) – YouTube

 

Value Begins To Lead Growth | Tom Bowley | Trading Places (08.08.23)

Value Begins To Lead Growth | Tom Bowley | Trading Places (08.08.23) – YouTube

 

A HUGE Double Top Pattern In The S&P 500? | The Final Bar (08.07.23)

A HUGE Double Top Pattern In The S&P 500? | The Final Bar (08.07.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 6.20 to 60.20. It remains Overbought. Daily trend remains down.

The long term Barometer dropped 2.60 to 65.00. It remains Overbought. Daily trend is down.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 1.32 to 56.83. It remains Neutral.

The long term Barometer added 0.44 to 53.74. 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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