{"id":179543,"date":"2024-09-04T02:22:00","date_gmt":"2024-09-04T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=179543"},"modified":"2024-09-04T08:52:06","modified_gmt":"2024-09-04T12:52:06","slug":"tech-talk-for-wednesday-september-4th-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/09\/04\/tech-talk-for-wednesday-september-4th-2024\/","title":{"rendered":"Tech Talk for Wednesday September 4th 2024"},"content":{"rendered":"

Pre-opening Comments for Wednesday September 4th<\/sup><\/strong><\/font><\/em><\/p>\n

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U.S. equity futures were lower this morning<\/b>. S&P 500 futures were down 24 points at 8:35 AM EDT.<\/em><\/p>\n

S&P 500 futures dropped 3 points following release of the July Trade report at 8:30 AM EDT<\/b>. Consensus was a deficit of $79.10 billion versus a deficit of $73.10 billion in June. Actual was a deficit of $78.8 billion.<\/em><\/p>\n

GitLab<\/b> gained $5.92 to $50.50 after reporting higher than consensus second quarter results. The company also raised guidance for the remainder of 2024<\/em><\/p>\n

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Zscaler<\/b> dropped $27.61 to $165.58 after lowering guidance for fiscal 2025<\/em><\/p>\n

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PagerDuty <\/b>dropped $2.17 to $16.12 after reporting less than consensus second quarter revenues.<\/em><\/p>\n

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Asana<\/b> dropped $1.78 to $11.51 after reporting a fiscal third quarter loss greater than consensus<\/em><\/p>\n

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EquityClock\u2019s Stock Market Outlook for September 4th<\/sup><\/strong><\/font><\/em><\/p>\n

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The intermediate-term trend of the market is under threat as the Technology sector rolls over below the July highs, confirming the shift of the prevailing rising trend. See:<\/em><\/b><\/p>\n

https:\/\/equityclock.com\/2024\/09\/03\/stock-market-outlook-for-september-4-2024\/<\/em><\/a><\/p>\n

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

The VIX Index spiked 38.4% and moved above its 20 and 50 day moving averages. <\/b><\/p>\n

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Weakness was led by the semiconductor sector and related ETFs. Weakest stock in the sector was Nvidia, down 9.53%.<\/b><\/p>\n

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Oil service ETFs and stocks responded to lower crude oil prices<\/b>. Oil Services ETF<\/b> $OIH moved below $290.78, Schlumberger <\/b>$SLB moved below $42.81 and $42.61 and Baker Hughes<\/b> $BKR moved below $33.90 setting intermediate downtrends. <\/p>\n

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U.S. Healthcare Providers iShares<\/b> $IHF moved above $58.49 to an all-time high extending an intermediate uptrend <\/p>\n

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Interest sensitive telecom stocks and related ETFs moved higher. AT&T<\/b> $T moved above $19.99 and Verizon<\/b> $VZ moved above $42.52 extending intermediate uptrends. <\/p>\n

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Boeing <\/b>$BA a Dow Jones Industrial Average stock moved below $162.50 and $159.70 to a 22 month low extending an intermediate downtrend.<\/p>\n

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U.S. interest sensitive utilities stocks and related ETFs stocks moved higher.<\/b> Southern Companies $SO an S&P 100 stock moved above $88.94 to an all-time high.<\/p>\n

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Cenovus<\/b> Energy $CVE.TO a TSX 60 stock moved below Cdn$24.41 extending an intermediate downtrend. Responded to lower crude oil prices!<\/p>\n

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SNC Lavalin<\/b> $ATRL a TSX 60 stock moved below Cdn$51.29 and $51.24 setting 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

Daily Seasonal\/Technical Equity Trends for September 3rd<\/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

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

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

Daily Seasonal\/Technical Commodities Trends for September 3rd<\/sup> 2024<\/p>\n

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Green: Increase from previous day<\/b><\/font><\/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 September 3rd<\/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

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

Former SEC Chair Jay Clayton on taxing unrealized gains, price gouging ban proposals<\/b><\/p>\n

Former SEC Chair Jay Clayton on taxing unrealized gains, price gouging ban proposals \u2013 YouTube<\/a><\/p>\n

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Stocks May Correct in September, Morgan Stanley’s Caron Says<\/b><\/p>\n

Stocks May Correct in September, Morgan Stanley’s Caron Says \u2013 YouTube<\/a><\/p>\n

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Investors should be cautious for the next 8 weeks, says Fundstrat’s Tom Lee<\/b><\/p>\n

Investors should be cautious for the next 8 weeks, says Fundstrat’s Tom Lee \u2013 YouTube<\/a><\/p>\n

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There’s still a lot of nervousness in the markets, says RBC’s Amy Wu Silverman<\/b><\/p>\n

There’s still a lot of nervousness in the markets, says RBC’s Amy Wu Silverman \u2013 YouTube<\/a><\/p>\n

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ISM manufacturing measure shows activity disappointed in August<\/b><\/p>\n

ISM manufacturing measure shows activity disappointed in August \u2013 YouTube<\/a><\/p>\n

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Expect the tech trade to continue moving higher in September, says Deepwater’s Gene Munster<\/b><\/p>\n

Expect the tech trade to continue moving higher in September, says Deepwater’s Gene Munster \u2013 YouTube<\/a><\/p>\n

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Why the S&P 500 Going Sideways is the Best Case Scenario: Julius De Kempenaer<\/b><\/p>\n

Why the S&P 500 Going Sideways is the Best Case Scenario \u2013 YouTube<\/a><\/p>\n

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New trends in the week ahead: Stocks, Gold, and Bonds: TheTechnicalTraders<\/b><\/p>\n

New trends in the week ahead: Stocks, Gold, and Bonds \u2013 YouTube<\/a><\/p>\n

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

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The intermediate term Barometer dropped 10.20 to 71.80. It remains Overbought.<\/p>\n

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The long term Barometer dropped 4.00 to 75.20. It remains Overbought<\/p>\n

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

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The intermediate term Barometer plunged 15.04 to 51.77. It changed from Overbought to Neutral on a drop below 60.00.<\/p>\n

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The long term Barometer dropped 6.64 to 67.70, 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 Wednesday September 4th   U.S. equity futures were lower this morning. S&P 500 futures were down 24 points at 8:35 AM EDT. S&P 500 futures dropped 3 points following release of the July Trade report at 8:30 AM EDT. Consensus was a deficit of $79.10 billion versus a deficit of $73.10 billion […]<\/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-179543","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/179543","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=179543"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/179543\/revisions"}],"predecessor-version":[{"id":179553,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/179543\/revisions\/179553"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=179543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=179543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=179543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}