Tech Talk for Thursday August 1st 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 30 points at 8:35 AM EDT.

S&P 500 futures were unchanged following release of U.S. second quarter Non-farm Productivity at 8:30 AM EDT. Consensus was a 1.5% increase versus a gain of 0.2% in the first quarter. Actual was a 2.3% increase.

Meta Platform advanced $24.16 to $499.00 after reporting higher than consensus second quarter results. The company also offered positive third quarter guidance.

QUALCOMM advanced $10.85 to $191.80 after reporting higher than consensus second quarter results.

Lam Research dropped $21.54 to $899.70 after reporting less than consensus fiscal fourth quarter results.

Western Digital dropped $2.80 to $64.25 after reporting less than consensus fiscal fourth quarter results.

EquityClock's Stock Market Outlook for August 1st

August has historically been a flat month for stocks with the S&P 500 Index averaging a decline of 0.1% and only 55% of periods showing positive results. See:

https://equityclock.com/2024/07/31/stock-market-outlook-for-august-1-2024/

Responses to FOMC announcement at 2:00 PM EDT

The Federal Reserve decided to maintain the Fed Fund Rate at 5.25%-5.50%. Responses in selected markets after 2:00 PM EDT were as follows:

S&P 500 Index initially moved higher, but closed virtually unchanged

Yield on 10 year Treasuries initially moved higher, but closed slightly lower

U.S. Dollar Index ETN moved lower

Conversely, the Canadian Dollar relative to the U.S. Dollar moved higher

Gold bullion moved higher

Gold equity prices moved higher.

Technical Notes

20 year + Treasury Bond iShares $TLT moved above $94.54 extending an intermediate uptrend.

7-10 year Treasury Bond iShares $IEF moved above $95.70 extending an intermediate uptrend.

Boeing $BA a Dow Jones Industrial Average stock moved above $192.63 completing a reverse Head & Shoulders pattern.

MasterCard $MA an S&P 100 stock moved above $462.39 and $464.24 extending an intermediate uptrend.

ADP $ADP a NASDAQ 100 stock moved above $265.73 to an all-time high extending an intermediate uptrend.

Marriott $MA a NASDAQ 100 stock moved below $226.03 completing a double top pattern.

BCE $BCE.TO a TSX 60 stock moved above US$33.76 and Cdn$46.58 completing a double bottom pattern.

Brookfield Infrastructure $BIP a TSX 60 stock moved above US $31.61 extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 31st 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 July 31st 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 31st 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Global oil inventories reached record deficit: Nuttall

Global oil inventories reached record deficit: Nuttall - YouTube

Earnings & Powell: How to Trade the Markets: Guy Adami, Dan Nathan and Liz Young

Earnings & Powell: How to Trade the Markets - YouTube

Fed holds rates steady, hints a rate cut could be coming

Fed holds rates steady, hints a rate cut could be coming - YouTube

Factors driving the gold rally: Daniel Ghali

Factors driving the gold rally - YouTube

Investors sold assets before capital gains tax change: Colliers

Investors sold assets before capital gains tax change: Colliers - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer added 2.60 to 73.00. It remains Overbought.

The long term Barometer added 1.60 to 80.00. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 4.42 to 77.88. It remains Overbought.

The long term Barometer added 0.44 to 81.42. 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