Tech Talk for Thursday August 2nd 2018
U.S. equity index futures were lower this morning. S&P 500 futures were down 15 points in pre-opening trade. Futures are responding to news that the proposed rate for China's tariffs on $200 billion of U.S. products has increased to 25% from 10%.
Index futures were virtually unchanged following release of the Weekly Jobless Claims report. Consensus was an increase to 220,000 from 217,000 last week. Actual was 218,000.
Tesla advanced $26.26 to $327.10 after reporting higher than consensus quarterly revenues.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/08/clip_image0011-1.png "clip_image001[1]")
Bombardier (BBD.B $4.75 Cdn.) is expected to open higher after reporting higher than consensus second quarter earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/08/clip_image0021-1.png "clip_image002[1]")
Nutrien added $0.17 to $54.38 U.S. after reporting higher than consensus second quarter earnings. The company also raised its guidance.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/08/clip_image0031-1.png "clip_image003[1]")
Wynn Resorts plunged $7.14 to 152.85 after reporting lower than consensus second quarter sales and earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2018/08/clip_image0041-1.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is the link:
http://www.equityclock.com/2018/08/01/stock-market-outlook-for-august-2-2018/
Observations
News from the FOMC meeting released yesterday at 2:00 PM EDT was in line with expectations. The Fed Fund rate was maintained at 1.75%-2.00%. Comments by the Fed continued to indicate another 0.25% increase in the Fed Fund Rate on September 26th when the next meeting concludes. Responses by equity, commodity and bond markets were muted.
A fund holding China A shares responded to a proposed increase in the tariff rate on $200 billion Chinese goods to 25% from 10%.
StockTwits Released Yesterday @EquityClock
Intact Financial $IFC.CA moved above $10070 extending an intermediate uptrend.
Technical action by S&P 500 stocks to 10:00: Bearish. Intermediate breakouts: $BHF $AIG . Breakdowns: $HBI $APC $DVN $RIG $ADP $AKAM $IT
Editor's Note: After 10:00 AM EDT, breakouts included PKI, ETR, CI, SLG and BXP. Breakdowns included BLK, ESRX and TROW.
Encana $ECA.CA $ECA, a TSX 60 stock moved above $18.06 Cdn and $13.92 U.S on higher than consensus earnings extending an intermediate uptrend.
Trader's Corner
Equities and Related ETFs
Daily Seasonal/Technical Equity Trends for August 1st 2018
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for August 1st 2018
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 1st 2018
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer dropped 4.60 to 63.20 yesterday. It remains intermediate overbought and shows signs of rolling over
TSX Momentum Barometer
The Barometer dropped another 2.31 to 51.25 yesterday. It remains intermediate neutral and continues to trend down.
Disclaimer: Seasonality 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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