{"id":179434,"date":"2024-08-29T02:22:00","date_gmt":"2024-08-29T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=179434"},"modified":"2024-08-29T09:03:30","modified_gmt":"2024-08-29T13:03:30","slug":"tech-talk-for-thursday-august-29th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/08\/29\/tech-talk-for-thursday-august-29th-2024\/","title":{"rendered":"Tech Talk for Thursday August 29th 2024"},"content":{"rendered":"

Pre-opening Comments for Thursday August 29th<\/sup><\/strong><\/font><\/em><\/p>\n

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U.S. equity index futures were higher this morning<\/b>. S&P 500 futures gained 19 points at 8:35 AM EDT<\/em><\/p>\n

S&P 500 futures added 3 points following release of the next estimate of second quarter annualized U.S. real GDP<\/b>. 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.<\/em><\/p>\n

Nvidia<\/b> dropped $5.24 to $120.40 despite reporting higher than consensus second quarter results. The company also offered guidance below consensus.<\/em><\/p>\n

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Salesforce.com<\/b> gained $9.60 to $268.50 after reporting higher than consensus second quarter revenues and profits. <\/em><\/p>\n

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CrowdStrike <\/b>initially moved higher after reporting second quarter results, but dropped $10.98 to $253.22 following the conference call with analysts. <\/em><\/p>\n

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Pure Storage<\/b> dropped $7.76 to $52.00 after its revenue forecast was less than consensus.<\/em><\/p>\n

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EquityClock\u2019s Stock Market Outlook for August 29th<\/sup><\/strong><\/font><\/em><\/p>\n

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Asset managers are holding an allocation to S&P 500 Futures that is at the upper limit of historical extremes. See:<\/em><\/b><\/p>\n

https:\/\/equityclock.com\/2024\/08\/28\/stock-market-outlook-for-august-29-2024\/<\/em><\/a><\/p>\n

 <\/p>\n

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

Japan iShares<\/b> $EWJ briefly moved above $71.96 to an all-time high extending an intermediate uptrend. <\/p>\n

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Travelers <\/b>$TRV a Dow Jones Industrial Average stock moved above $224.76 resuming an intermediate uptrend.<\/p>\n

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US Bancorp<\/b> $USB an S&P 100 stock moved above $45.88 extending an intermediate uptrend.<\/p>\n

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Gilead<\/b> $GILD an S&P 100 stock moved above $78.45 extending an intermediate uptrend.<\/p>\n

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Lockheed Martin<\/b> $LMT an S&P 100 stock moved above $562.60 to an all-time high extending an intermediate uptrend. <\/p>\n

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Super Micro Computer<\/b> $SMCI a NASDAQ 100 stock plunged below $478.56 extending an intermediate downtrend.<\/p>\n

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

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

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Daily Seasonal\/Technical Equity Trends for August 28th<\/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 28th<\/sup> 2024<\/p>\n

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

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

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

Daily Seasonal\/Technical Sector Trends for August 28th<\/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

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

Stocks Enter Seasonally Weak Period: Guy Adami, Dan Nathan and Liz Young<\/b><\/p>\n

Editor\u2019s Note: See charts and comments starting at minute 29.<\/b><\/p>\n

Stocks Enter Seasonally Weak Period \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

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

Three Technology Stocks in Make or Break Scenarios: David Keller<\/b><\/p>\n

Three Technology Stocks in Make or Break Scenarios \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Strategist: Markets approaching ‘ugly seasonal period’<\/b><\/p>\n

Strategist: Markets approaching ‘ugly seasonal period’ \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

‘Really Nasty, Negative Surprise’ Coming For Labor Market By Year-End | David Rosenberg<\/b><\/p>\n

‘Really Nasty, Negative Surprise’ Coming For Labor Market By Year-End | David Rosenberg \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

4 MACD Patterns That Will Give You an Edge: Joe Rabil<\/b><\/p>\n

4 MACD Patterns That Will Give You an Edge \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Market gain trends after U.S. Fed rate cuts: Sam Stovall<\/b><\/p>\n

Editor\u2019e Note: See charts and comments on gold and gold stocks after first rate cut.<\/b><\/p>\n

Market gain trends after U.S. Fed rate cuts \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Chart of the Day: U.S. Financial SPDRs (XLF)<\/strong><\/font><\/p>\n

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Seasonal influences are positive until November 2nd<\/sup>. See<\/p>\n

https:\/\/charts.equityclock.com\/?s=xlf<\/a><\/p>\n

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 <\/p>\n

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

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The intermediate term Barometer added 0.20 to 76.60. It remains Overbought.<\/p>\n

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The long term Barometer slipped 1.20 to 76.20. It remains Overbought.<\/p>\n

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

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The intermediate term Barometer dropped 4.42 to 64.16. It remains Overbought.<\/p>\n

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The long term Barometer slipped 1.33 to 74.78. It remains Overbought.<\/p>\n

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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 29th 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 […]<\/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-179434","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/179434","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=179434"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/179434\/revisions"}],"predecessor-version":[{"id":179444,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/179434\/revisions\/179444"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=179434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=179434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=179434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}