{"id":178633,"date":"2024-08-01T02:22:00","date_gmt":"2024-08-01T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=178633"},"modified":"2024-08-01T08:59:49","modified_gmt":"2024-08-01T12:59:49","slug":"tech-talk-for-thursday-august-1st-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/08\/01\/tech-talk-for-thursday-august-1st-2024\/","title":{"rendered":"Tech Talk for Thursday August 1st 2024"},"content":{"rendered":"

Pre-opening Comments for Thursday August 1st<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning.<\/b> S&P 500 futures were up 30 points at 8:35 AM EDT. <\/em><\/p>\n

S&P 500 futures were unchanged following release of U.S. second quarter Non-farm Productivity at 8:30 AM EDT.<\/b> Consensus was a 1.5% increase versus a gain of 0.2% in the first quarter. Actual was a 2.3% increase.<\/em><\/p>\n

Meta Platform<\/b> advanced $24.16 to $499.00 after reporting higher than consensus second quarter results. The company also offered positive third quarter guidance. <\/em><\/p>\n

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QUALCOMM<\/b> advanced $10.85 to $191.80 after reporting higher than consensus second quarter results. <\/em><\/p>\n

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Lam Research<\/b> dropped $21.54 to $899.70 after reporting less than consensus fiscal fourth quarter results.<\/em><\/p>\n

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Western Digital<\/b> dropped $2.80 to $64.25 after reporting less than consensus fiscal fourth quarter results. <\/em><\/p>\n

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 <\/p>\n

EquityClock\u2019s Stock Market Outlook for August 1st<\/sup><\/strong><\/font><\/em><\/p>\n

 <\/p>\n

August has historically been a flat month for stocks with the S&P 500 Index averaging a decline of 0.1% and only 55% of periods showing positive results. See:<\/em><\/b><\/p>\n

https:\/\/equityclock.com\/2024\/07\/31\/stock-market-outlook-for-august-1-2024\/<\/em><\/a><\/p>\n

 <\/p>\n

Responses to FOMC announcement at 2:00 PM EDT<\/strong><\/font><\/p>\n

The Federal Reserve decided to maintain the Fed Fund Rate at 5.25%-5.50%. Responses in selected markets after 2:00 PM EDT were as follows:<\/p>\n

S&P 500 Index initially moved higher, but closed virtually unchanged<\/p>\n

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Yield on 10 year Treasuries initially moved higher, but closed slightly lower<\/p>\n

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U.S. Dollar Index ETN moved lower<\/p>\n

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Conversely, the Canadian Dollar relative to the U.S. Dollar moved higher<\/p>\n

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Gold bullion moved higher<\/p>\n

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Gold equity prices moved higher.<\/p>\n

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 <\/p>\n

Technical Notes<\/strong><\/font><\/p>\n

20 year + Treasury Bond iShares <\/b>$TLT moved above $94.54 extending an intermediate uptrend. <\/p>\n

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7-10 year Treasury Bond iShares<\/b> $IEF moved above $95.70 extending an intermediate uptrend.<\/p>\n

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Boeing <\/b>$BA a Dow Jones Industrial Average stock moved above $192.63 completing a reverse Head & Shoulders pattern.<\/p>\n

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MasterCard <\/b>$MA an S&P 100 stock moved above $462.39 and $464.24 extending an intermediate uptrend.<\/p>\n

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ADP<\/b> $ADP a NASDAQ 100 stock moved above $265.73 to an all-time high extending an intermediate uptrend.<\/p>\n

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Marriott $<\/b>MA a NASDAQ 100 stock moved below $226.03 completing a double top pattern.<\/p>\n

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BCE<\/b> $BCE.TO a TSX 60 stock moved above US$33.76 and Cdn$46.58 completing a double bottom pattern. <\/p>\n

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Brookfield Infrastructure<\/b> $BIP a TSX 60 stock moved above US $31.61 extending an intermediate uptrend. <\/p>\n

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 <\/p>\n

Trader\u2019s Corner<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Equity Indices and Related ETFs<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Equity Trends for July 31st<\/sup> 2024<\/p>\n

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Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/em><\/p>\n

Source for all positive seasonality ratings: <\/em>www.EquityClock.com<\/em><\/a><\/p>\n

<\/em><\/p>\n

Commodities<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Commodities Trends for July 31st<\/sup> 2024<\/p>\n

\"clip_image018\"<\/a><\/b> <\/i><\/b><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day <\/em><\/p>\n

 <\/p>\n

Sectors<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Sector Trends for July 31st<\/sup> 2024<\/p>\n

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Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

 <\/p>\n

Links offered by valued providers<\/strong><\/font><\/p>\n

Global oil inventories reached record deficit: Nuttall<\/b><\/p>\n

Global oil inventories reached record deficit: Nuttall \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Earnings & Powell: How to Trade the Markets: Guy Adami, Dan Nathan and Liz Young<\/b><\/p>\n

Earnings & Powell: How to Trade the Markets \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Fed holds rates steady, hints a rate cut could be coming<\/b><\/p>\n

Fed holds rates steady, hints a rate cut could be coming \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Factors driving the gold rally: Daniel Ghali<\/b><\/p>\n

Factors driving the gold rally \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Investors sold assets before capital gains tax change: Colliers<\/b><\/p>\n

Investors sold assets before capital gains tax change: Colliers \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

S&P 500 Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image021\"<\/a><\/p>\n

The intermediate term Barometer added 2.60 to 73.00. It remains Overbought.<\/p>\n

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The long term Barometer added 1.60 to 80.00. It remains Overbought.<\/p>\n

 <\/p>\n

TSX Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image023\"<\/a><\/p>\n

The intermediate term Barometer added 4.42 to 77.88. It remains Overbought.<\/p>\n

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The long term Barometer added 0.44 to 81.42. It remains Overbought.<\/p>\n

<\/b><\/p>\n

Disclaimer:<\/b> Seasonality ratings and technical ratings offered in this report and at<\/em><\/p>\n

www.equityclock.com<\/em><\/a> 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<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-opening Comments for Thursday August 1st U.S. equity index futures were higher this morning. S&P 500 futures were up 30 points at 8:35 AM EDT. S&P 500 futures were unchanged following release of U.S. second quarter Non-farm Productivity at 8:30 AM EDT. Consensus was a 1.5% increase versus a gain of 0.2% in the first […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-178633","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/178633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/comments?post=178633"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/178633\/revisions"}],"predecessor-version":[{"id":178643,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/178633\/revisions\/178643"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=178633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=178633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=178633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}