Pre-opening Comments for Thursday August 29^th

U.S. equity index futures were higher this morning. S&P 500 futures gained 19 points at 8:35 AM EDT

S&P 500 futures added 3 points following release of the next estimate of second quarter annualized U.S. real GDP. Consensus was unchanged with growth at a 2.8% rate versus a gain of 1.4% in the first quarter. Actual was growth at a 3.0% rate.

Nvidia dropped $5.24 to $120.40 despite reporting higher than consensus second quarter results. The company also offered guidance below consensus.

Salesforce.com gained $9.60 to $268.50 after reporting higher than consensus second quarter revenues and profits.

CrowdStrike initially moved higher after reporting second quarter results, but dropped $10.98 to $253.22 following the conference call with analysts.

Pure Storage dropped $7.76 to $52.00 after its revenue forecast was less than consensus.

 

EquityClock’s Stock Market Outlook for August 29^th

Asset managers are holding an allocation to S&P 500 Futures that is at the upper limit of historical extremes. See:

https://equityclock.com/2024/08/28/stock-market-outlook-for-august-29-2024/

 

Technical Notes

Japan iShares $EWJ briefly moved above $71.96 to an all-time high extending an intermediate uptrend.

Travelers $TRV a Dow Jones Industrial Average stock moved above $224.76 resuming an intermediate uptrend.

US Bancorp $USB an S&P 100 stock moved above $45.88 extending an intermediate uptrend.

Gilead $GILD an S&P 100 stock moved above $78.45 extending an intermediate uptrend.

Lockheed Martin $LMT an S&P 100 stock moved above $562.60 to an all-time high extending an intermediate uptrend.

Super Micro Computer $SMCI a NASDAQ 100 stock plunged below $478.56 extending an intermediate downtrend.

 

Trader’s Corner

 

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 28^th 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 28^th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 28^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Stocks Enter Seasonally Weak Period: Guy Adami, Dan Nathan and Liz Young

Editor’s Note: See charts and comments starting at minute 29.

Stocks Enter Seasonally Weak Period – YouTube

 

Three Technology Stocks in Make or Break Scenarios: David Keller

Three Technology Stocks in Make or Break Scenarios – YouTube

 

Strategist: Markets approaching ‘ugly seasonal period’

Strategist: Markets approaching ‘ugly seasonal period’ – YouTube

 

‘Really Nasty, Negative Surprise’ Coming For Labor Market By Year-End | David Rosenberg

‘Really Nasty, Negative Surprise’ Coming For Labor Market By Year-End | David Rosenberg – YouTube

 

4 MACD Patterns That Will Give You an Edge: Joe Rabil

4 MACD Patterns That Will Give You an Edge – YouTube

 

Market gain trends after U.S. Fed rate cuts: Sam Stovall

Editor’e Note: See charts and comments on gold and gold stocks after first rate cut.

Market gain trends after U.S. Fed rate cuts – YouTube

 

Chart of the Day: U.S. Financial SPDRs (XLF)

Seasonal influences are positive until November 2^nd. See

https://charts.equityclock.com/?s=xlf

 

S&P 500 Momentum Barometers

The intermediate term Barometer added 0.20 to 76.60. It remains Overbought.

The long term Barometer slipped 1.20 to 76.20. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer dropped 4.42 to 64.16. It remains Overbought.

The long term Barometer slipped 1.33 to 74.78. 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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