Tech Talk for Tuesday August 6th 2024
U.S. equity index futures were higher this morning. S&P 500 futures were up 34 points at 8:30 AM EDT.
Palantir advanced $3.31 to $27.40 after reporting higher than consensus second quarter revenues.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0011-1.png "clip_image001[1]")
Hims & Hers Health dropped $1.14 to $16.70 after cautioning about greater competitive pressures.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0021-1.png "clip_image002[1]")
Caterpillar added $15.70 to $332.50 after reporting higher than consensus second quarter earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0031-1.png "clip_image003[1]")
Uber gained $3.32 to $61.80 after reporting higher than consensus second quarter revenues.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0041-1.png "clip_image004[1]")
EquityClock's stock market outlook for August 6th
The period of volatility in the equity market is clearly here, requiring risk aversion and volatility hedges in portfolios for the months ahead. See:
https://equityclock.com/2024/08/03/stock-market-outlook-for-august-6-2024/
Technical Notes
VIX Index spiked
SPDRs breaking intermediate support included Technology, Consumer Discretionary, Industrials and Energy
International MSCI iShares breaking intermediate support included Canada, Europe, United Kingdom, Australia, Japan, Germany, South Korea, Mexico, Brazil, Taiwan, Emerging Markets, South Africa and Turkey.
Selected commodity sensitive sector ETFs breaking intermediate support included Global Timber & Forestry, Steel, Metals & Mining, Gold, Junior Gold, Oil Services and Transports
S&P 100 and S&P 100 stocks breaking intermediate support included Workday, Wallgreens Boots, Citigroup, Goldman Sachs, Morgan Stanley, Caterpillar, Emerson, General Electric, Apple, Google, Net Ease, Microsoft, Palo Alto, ON Semiconductor, Take Two Interactive Software, MongoDB and Zoom.
20+ Treasury Bond iShares $TLT moved above $96.73 setting an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 5th 2024
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for August 5th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 5th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Market expert predicts 'more carnage' ahead
https://www.youtube.com/watch?v=Rwaapeivw70
Global markets take a nose dive amid fears of a recession
https://www.youtube.com/watch?v=jhCySo76LVs
‘LONG BEAR’: Market legend predicts how long it will take for market to normalize
Robert Prechter
https://www.youtube.com/watch?v=B6GZwlkwq7E
S&P 500 Momentum Barometers
The intermediate term Barometer plunged 11.80 to 44.20. It remains Neutral. Daily trend is down.
The long term Barometer dropped 6.80 to 62.80. It remains Overbought. Daily trend is down.
TSX Momentum Barometers
The intermediate term Barometer plunged 12.39 to 56.64. It changed from Overbought to Neutral on a drop below 60.00. Daily trend is down.
The long term Barometer dropped 7.08 to 71.68. It remains Overbought. Daily trend is down.
Disclaimer: Seasonality ratings and technical ratings offered in this report and at
www.equityclock.com 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
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