Pre-opening Comments for Thursday September 4^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 futures slipped 4 points following release of economic news at 8:30 AM EDT. Consensus for next estimate for second quarter U.S. Non-farm Productivity was a 2.9% increase versus a previous 2.4% increase in June. Actual was a 3.3% increase. Consensus for July U.S. Trade was a $67.20 billion deficit versus a $60.20 billion deficit in June. Actual was a $78.3 billion deficit.

Salesforce.com dropped $10.85 to $245.73 after issuing third quarter guidance less than consensus.

American Eagle Outfitters advanced $3.38 to $17.00 after reporting higher than consensus second quarter results.

Hewlett Packard Enterprises dropped $0.62 to $22.20 after issuing guidance less than consensus.

EquityClock’s Market Outlook for September 4^th

Google’s ruling shines an ever-glowing light on Communications Services sector exposure in portfolios. See:

https://equityclock.com/2025/09/03/stock-market-outlook-for-september-4-2025/

Technical Notes

Invesco Base Metals ETN (DBB: one third weight each in copper, zinc and aluminum) moved above $19.94 and $19.95 extending an intermediate uptrend.

Apple (AAPL) a Dow Jones Industrial Average stock moved above $235.12 extending an intermediate uptrend.

Coca Cola (KO) a Dow Jones Industrial Average stock moved below $67.74 extending an intermediate downtrend.

Mondelez (MDLZ) an S&P 100 stock moved below $60.26 extending an intermediate downtrend.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 3^rd 2025

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 September 3^rd 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for September 3^rd 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

MACD Reverse Divergence: Hidden Power in the Charts: Joe Rabil

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

CHART THIS with David Keller, CMT Tuesday 9/2/25

https://www.youtube.com/watch?v=moa2kWhavaE

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 1.00 to 58.00. It remains Neutral.

The intermediate term Barometer dropped 0.80 to 64.60. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 0.47 to 69.19. It remains Overbought.

The long term Barometer added 0.95 to 82.46. 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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