{"id":178796,"date":"2024-08-07T02:22:00","date_gmt":"2024-08-07T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=178796"},"modified":"2024-08-07T08:57:28","modified_gmt":"2024-08-07T12:57:28","slug":"tech-talk-for-wednesday-august-7th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/08\/07\/tech-talk-for-wednesday-august-7th-2024\/","title":{"rendered":"Tech Talk for Wednesday August 7th 2024"},"content":{"rendered":"

Pre-opening Comments for Wednesday August 7th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning<\/b>. S&P 500 futures were up 55 points at 8:30 AM EDT.<\/em><\/p>\n

Fortinet <\/b>added $8.20 to $64.01 after reporting higher than consensus second quarter results.<\/em><\/p>\n

\"clip_image001[1]\"<\/a><\/p>\n

Airbnb<\/b> dropped $18.77 to $111.70 after reporting less than consensus second quarter results.<\/em><\/p>\n

\"clip_image002[1]\"<\/a><\/p>\n

Rivian <\/b>dropped $0.25 to $14.55 after reporting a higher quarterly loss.<\/em><\/p>\n

\"clip_image003[1]\"<\/a><\/p>\n

Walt Disney<\/b> dropped $0.57 to $89.40 after reporting lower than consensus results from its parks operations. <\/em><\/p>\n

\"clip_image004[1]\"<\/a><\/p>\n

 <\/p>\n

EquityClock\u2019s Stock Market Comment for August 7th<\/sup><\/strong><\/font><\/em><\/p>\n

 <\/p>\n

This is not just an unwind of the Yen carry trade, but also a collapse of short volatility positioning. See: <\/em><\/b><\/p>\n

https:\/\/equityclock.com\/2024\/08\/06\/stock-market-outlook-for-august-7-2024\/<\/em><\/a><\/p>\n

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

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

BMO Emerging Markets ETF<\/b> $ZEM.TO moved below Cdn$20.29 extending an intermediate downtrend.<\/p>\n

\"clip_image001\"<\/a><\/p>\n

Nutrien <\/b>$NTR.TO a TSX 60 stock moved below Cdn$65.20 extending an intermediate downtrend.<\/p>\n

\"clip_image002\"<\/a><\/p>\n

Suncor <\/b>$SU.TO a TSX 60 stock moved below Cdn$49.73 completing a double top pattern.<\/p>\n

\"clip_image003\"<\/a><\/p>\n

Canadian Natural Resources<\/b> $CNQ.TO a TSX 60 stock moved below Cdn$46.44 extending an intermediate downtrend.<\/p>\n

\"clip_image004\"<\/a><\/p>\n

 <\/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 6th<\/sup> 2024<\/p>\n

\"clip_image006\"<\/a><\/p>\n

Green: Increase from previous day<\/font><\/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 6th<\/sup> 2024<\/p>\n

\"clip_image008\"<\/a><\/b><\/p>\n

Green: Increase from previous day<\/b><\/font><\/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 6th<\/sup> 2024<\/p>\n

\"clip_image010\"<\/a><\/p>\n

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

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

 <\/p>\n

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

Surviving the Dip: Investment Strategies for Market Corrections: David Keller and Mary Ellen McGonagle<\/b><\/p>\n

Surviving the Dip: Investment Strategies for Market Corrections \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Volatility Returns With Vengeance: Guy Adami, Dan Nathan, Liz Young and Carter Worth<\/b><\/p>\n

Volatility Returns With Vengeance \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

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

\"clip_image011\"<\/a><\/p>\n

The intermediate term Barometer added 5.40 to 49.60. It remains Neutral.<\/p>\n

\"clip_image012\"<\/a><\/p>\n

The long term Barometer added 2.80 to 65.60. It remains Overbought.<\/p>\n

 <\/p>\n

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

\"clip_image013\"<\/a><\/p>\n

The intermediate term Barometer plunged 6.19 to 50.44. It remains Neutral. Daily trend has turned down.<\/p>\n

\"clip_image014\"<\/a><\/p>\n

The long term Barometer dropped 1.77 to 69.91. 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 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. Airbnb dropped $18.77 to $111.70 after reporting less than consensus second quarter results. Rivian dropped $0.25 to […]<\/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-178796","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/178796","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=178796"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/178796\/revisions"}],"predecessor-version":[{"id":178806,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/178796\/revisions\/178806"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=178796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=178796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=178796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}