Pre-opening Comments for Wednesday August 7th
U.S. equity index futures were higher this morning. S&P 500 futures were up 55 points at 8:30 AM EDT.
Fortinet added $8.20 to $64.01 after reporting higher than consensus second quarter results.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0011-2.png "clip_image001[1]")
Airbnb dropped $18.77 to $111.70 after reporting less than consensus second quarter results.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0021-2.png "clip_image002[1]")
Rivian dropped $0.25 to $14.55 after reporting a higher quarterly loss.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0031-2.png "clip_image003[1]")
Walt Disney dropped $0.57 to $89.40 after reporting lower than consensus results from its parks operations.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0041-2.png "clip_image004[1]")
EquityClock’s Stock Market Comment for August 7th
This is not just an unwind of the Yen carry trade, but also a collapse of short volatility positioning. See:
https://equityclock.com/2024/08/06/stock-market-outlook-for-august-7-2024/
Technical Notes
BMO Emerging Markets ETF $ZEM.TO moved below Cdn$20.29 extending an intermediate downtrend.
Nutrien $NTR.TO a TSX 60 stock moved below Cdn$65.20 extending an intermediate downtrend.
Suncor $SU.TO a TSX 60 stock moved below Cdn$49.73 completing a double top pattern.
Canadian Natural Resources $CNQ.TO a TSX 60 stock moved below Cdn$46.44 extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 6th 2024
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 6th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 6th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Surviving the Dip: Investment Strategies for Market Corrections: David Keller and Mary Ellen McGonagle
Surviving the Dip: Investment Strategies for Market Corrections – YouTube
Volatility Returns With Vengeance: Guy Adami, Dan Nathan, Liz Young and Carter Worth
Volatility Returns With Vengeance – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 5.40 to 49.60. It remains Neutral.
The long term Barometer added 2.80 to 65.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer plunged 6.19 to 50.44. It remains Neutral. Daily trend has turned down.
The long term Barometer dropped 1.77 to 69.91. It remains Overbought. Daily trend has turned down.
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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August 7th, 2024 at 8:47 pm
The $SPX has held the 5200 support level for 3 days now “on the close.” A break below this level would suggest further losses. The RSI 8 is just below the 30 line waiting for a buy signal on a cross above. Critical level now………….
https://schrts.co/chusqcGU
August 7th, 2024 at 11:20 pm
I think we may get an awnser if the bounce is done or a recovery is possible tomoorw based on the action after initial claims are released. Copper under $4 is not a positive.