Tech Talk for Tuesday September 3rd 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 30 points at 8:30 AM EDT.

Boeing dropped $5.80 to $167.94 after Wells Fargo downgraded the stock. Target was set at $119.

US Steel dropped $2.50 to $35.71 after Vice President Kamala Harris opposed its takeover by Nippon Steel for $14.1 billion.

Halliburton dropped $0.23 to $30.86 after the company confirmed that operations were disrupted by a cyberattack.

Sphere dropped $1.70 to $44.90 after Benchmark downgraded the stock.

The Bottom Line

Look for relatively quiet North American equity markets this week. Traders are partially on holidays after returning from the Labor Day holiday weekend. Corporate news is quiet prior to release of third quarter results starting in the second week in September. Economic focus is on Canadian and U.S. August employment reports to be released on Friday. Trading activity is expected to be quieter than normal prior to release of the next FOMC report on September 18th.

Historically, North American equity markets in September have drifted slightly higher until mid-September followed by a shallow correction into mid-October. A similar pattern is followed during U.S. Presidential Election years. Look for history to repeat.

Economic News This Week

Source: www.Investing.com

August ISM Manufacturing PMI released at 10:00 AM EDT on Tuesday is expected to improve to 47.8 from 46.8 in July.

July U.S. Trade released at 8:30 AM EDT on Wednesday is expected to reach a deficit of $74.00 billion versus a deficit of $73.10 billion in June.

July Canadian Trade is released at 8:30 AM EDT on Wednesday.

Bank of Canada's interest rate policy released at 9:45 AM EDT on Wednesday is expected to lower the Rate offered to major banks from 4.50% to 4.25%. Press conference is offered at 10:30 AM EDT.

Beige Book is released at 2:00 PM EDT on Wednesday.

August ISM Non-Manufacturing PMI released at 10:00 AM EDT on Thursday is expected to increase to 51.5 from 51.4 in July.

U.S. August Non-farm Payrolls released at 8:30 AM EDT on Friday are expected to increase to 163,000 from 114,000 in July. August Unemployment Rate is expected to slip to 4.2% from 4.3% in July. August Hourly Earnings are expected to increase 0.3% from 0.2% in July

Canadian August Employment Report is released at 8:30 AM EDT on Friday.

Selected Earnings News This Week

Source: www.Investing.com

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 30th 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 30th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 30th 2024

Green: Increase from previous day

Red: Decrease from previous day

Chart of the Day: U.S. Crude Oil ETN

Technical score dropped on Friday from +2 to -4 when units dropped below their 20 day moving average, strength relative to the S&P 500 Index turned negative and daily momentum indicators (Stochastics, RSI and MACD) simultaneously turned lower.

Seasonal influences are neutral to mid-October and negative to mid-January. See chart and comment at https://charts.equityclock.com/united-states-oil-fund-lp-nyseuso-seasonal-chart

Technical Notes for Friday

Dollar Tree $DLTR a NASDAQ 100 stock moved below $84.26 to a four year low extending an intermediate downtrend. Second quarter results disappointed!

MongoDB $MDB a NASDAQ 100 stock moved above $268.35 completing a double bottom pattern. Second quarter results exceeded consensus.

Links offered by valued providers

Michael Campbell's Money Talks for August 31st

Michael Campbell's MoneyTalks - Complete Show (mikesmoneytalks.ca)

NVDA Earnings Miss Yet Dow Powers Higher: David Keller

NVDA Earnings Miss Yet Dow Powers Higher - YouTube

Critical Market Rotation Gives Us One MAJOR Signal: Tom Bowley

Critical Market Rotation Gives Us One MAJOR Signal - YouTube

We're Coming to the Most Dangerous Month for Stocks: Mark Leibovit

We're Coming to the Most Dangerous Month for Stocks - HoweStreet

What Would a Top in Semiconductors Mean for the S&P 500? David Keller

What Would a Top in Semiconductors Mean for the S&P 500? | The Mindful Investor w/ David Keller, CMT | StockCharts.com

Trading Desk Notes for August 31, 2024: Victor Adair

Trading Desk Notes for September 31, 2024 - HoweStreet

Crude Oil Retreats More Than US$5/b As War Premium Shrinks. WTI Breach Of US$70/b Likely In September: Josef Schachter

Crude Oil Retreats More Than US$5/b As War Premium Shrinks. WTI Breach Of US$70/b Likely In September - HoweStreet

Technical Scoop for September 2nd from David Chapman and www.EnrichedInvesting.com

https://enrichedinvesting.com/library/

Changes Last Week

S&P 500 Momentum Barometers

The intermediate term Barometer added 3.00 on Friday and gained 2.20 last week to 82.00. It remains Overbought. Daily uptrend was extended.

The long term Barometer added 1.60 on Friday and gained 1.60 last week to 79.20. It remains Overbought. Daily uptrend was extended.

TSX Momentum Barometers

The intermediate term Barometer added 0.89 on Friday, but dropped 5.76 last week to 66.81. It remains Overbought.

The long term Barometer dipped 0.44 on Friday and dropped 1.32 last week to 74.34. It remains Overbought.

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