{"id":178676,"date":"2024-08-02T02:22:00","date_gmt":"2024-08-02T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=178676"},"modified":"2024-08-02T08:44:44","modified_gmt":"2024-08-02T12:44:44","slug":"tech-talk-for-friday-august-2nd-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/08\/02\/tech-talk-for-friday-august-2nd-2024\/","title":{"rendered":"Tech Talk for Friday August 2nd 2024"},"content":{"rendered":"

Pre-opening Comments for Friday August 2nd<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were lower this morning.<\/b> S&P 500 futures were down 98 points at 8:35 AM EDT.<\/em><\/p>\n

S&P 500 futures dropped 41 points following release of the U.S. July Employment Report at 8:30 AM EDT.<\/b> Consensus for July Non-farm Payrolls was a drop to 185,000 from a downwardly revised 179,000 in June. Actual was 114,000. Consensus for July Unemployment Rate was unchanged from June at 4.1%. Actual was an increase to 4.3%. Consensus for July Average Hourly Earnings was a 0.3% increase versus a 0.3% increase in June. Actual was a 0.2% increase. <\/em><\/p>\n

Apple<\/b> added $1.95 to $220.31 following release of quarterly results<\/em><\/p>\n

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Snap <\/b>plunged $2.30 to $10.50 after reporting less than consensus quarterly results.<\/em><\/p>\n

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Amazon<\/b> dropped $12.48 to $171.59 following release of lower than consensus second quarter revenues<\/em><\/p>\n

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Intel<\/b> plunged $5.40 to $23.65 following release of less than consensus quarterly results. The company also suspended its dividend.<\/em><\/p>\n

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 <\/p>\n

EquityClock\u2019s Stock Market Comment for August 2nd<\/sup><\/strong><\/font><\/em><\/p>\n

 <\/p>\n

This is an emerging risk-off market<\/b>. See:<\/em><\/p>\n

https:\/\/equityclock.com\/2024\/08\/01\/stock-market-outlook-for-august-2-2024\/<\/em><\/a><\/p>\n

 <\/p>\n

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

Next report is released on Monday August 5th<\/sup> (despite the holiday in Canada).<\/p>\n

Technical Notes<\/p>\n

Utilities SPDRs<\/b> $XLU moved above $73.37 to an all-time high extending an intermediate uptrend. Led by a breakout by American Electric Power $AEP on a move above $99.38 to an all-time high.<\/p>\n

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Eurozone iShares <\/b>$EZU moved below $48.06 completing a Head & Shoulders pattern. <\/p>\n

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Vietnam ETF<\/b> $VNM moved below $11.84 extending an intermediate downtrend.<\/p>\n

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S&P 100 and NASDAQ 100 stocks<\/b> moving below support extending an intermediate downtrend included Intel <\/b>on a move below $24.73, CDW Corp<\/b> on a move below $212.48, <\/p>\n

Dollar Tree<\/b> on a move below $101.83.<\/p>\n

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Agnico-Eagle Mines<\/b> $AEM.TO a TSX 60 stock moved above Cdn$106.79 to an all-time high extending an intermediate uptrend. <\/p>\n

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Enbridge<\/b> $ENB.TO a TSX 60 stock moved above Cdn$51.93 to an all-time high extending an intermediate uptrend. <\/p>\n

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CAE<\/b> $CAE.TO a TSX 60 stock moved below Cdn$23.74 extending an intermediate downtrend.<\/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 August 1st<\/sup> 2024<\/p>\n

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

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

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

 <\/p>\n

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

Daily Seasonal\/Technical Commodities Trends for August 1st<\/sup> 2024<\/p>\n

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

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

 <\/p>\n

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

Daily Seasonal\/Technical Sector Trends for August 1st<\/sup> t<\/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

NVDA POPS as Fed Hints at First Cut in September: David Keller<\/b><\/p>\n

NVDA POPS as Fed Hints at First Cut in September \u2013 YouTube<\/a><\/p>\n

 <\/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

\u2018Painful\u2019 Fed Announcement; Labor Market To Collapse Unless This Happens Quickly \u2014 with David Lin<\/b><\/p>\n

\u2018Painful\u2019 Fed Announcement; Labor Market To Collapse Unless This Happens Quickly \u2014 with David Lin \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Fed’s Admission Spells Big-Time TROUBLE Ahead! Tom Bowley<\/b><\/p>\n

Fed’s Admission Spells Big-Time TROUBLE Ahead! \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

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

\"clip_image016\"<\/a><\/p>\n

The intermediate term Barometer dropped 8.40 to 64.60. It remains Overbought.<\/p>\n

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The long term Barometer dropped 5.20 to 74.80. It remains Overbought.<\/p>\n

 <\/p>\n

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

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

The intermediate term Barometer dropped 8.85 to 69.03. It remains Overbought.<\/p>\n

\"clip_image019\"<\/a><\/p>\n

The long term Barometer dropped 2.65 to 78.76. It remains Overbought. Daily trend has turned down. <\/p>\n

 <\/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 Friday August 2nd U.S. equity index futures were lower this morning. S&P 500 futures were down 98 points at 8:35 AM EDT. S&P 500 futures dropped 41 points following release of the U.S. July Employment Report at 8:30 AM EDT. Consensus for July Non-farm Payrolls was a drop to 185,000 from a […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-178676","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/178676","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=178676"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/178676\/revisions"}],"predecessor-version":[{"id":178686,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/178676\/revisions\/178686"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=178676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=178676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=178676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}