Tech Talk for Thursday August 8th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 20 points at 8:30 AM EDT.

Robinhood gained $0.48 to $17.60 after reporting higher than consensus second quarter revenues and earnings.

Zillow advanced $5.03 to $46.80 after reporting a narrower loss.

CF Industries added $2.20 to $75.50 after reporting higher than consensus second quarter revenues and earnings.

Eli Lilly advanced $80.26 to $852.40 after reporting higher than consensus second quarter results.

EquityClock's Stock Market Comment for August 8th

Data continues to confirm that the economy is within decline. See:

https://equityclock.com/2024/08/07/stock-market-outlook-for-august-8-2024/

Technical Notes

Illumina $ILMN a NASDAQ 100 stock moved above $126.29 extending an intermediate uptrend.

Emerson Electric $EMR an S&P 100 stock moved below $103.42 setting an intermediate downtrend

Sun Life Financial $SLF.TO a TSX 60 stock moved below Cdn$64.60 extending an intermediate downtrend.

Power Corp $POW.TO a TSX 60 stock moved below Cdn$36.65 completing a double top pattern.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 6th 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 7th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 7th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

'Rebound Day' Offers Hope for Weary Investors: David Keller

'Rebound Day' Offers Hope for Weary Investors - YouTube

How Long Will The Party Last? Guy Adami, Dan Nathan and Liz Young

How Long Will The Party Last? - YouTube

Should investors be prepared for another sell-off? Goldman Sachs

Should investors be prepared for another sell-off? - YouTube

Get defensive and take a barbell approach to this market, says iCapital’s Anastasia Amoroso

Get defensive and take a barbell approach to this market, says iCapital’s Anastasia Amoroso - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 2.80 to 46.80. It remains Neutral.

The long term Barometer dropped 3.00 to 62.60. It remains Overbought. Daily trend is down.

TSX Momentum Barometers

The intermediate term Barometer plunged 7.96 to 42.48. It remains Neutral. Daily downtrend was extended.

The intermediate term Barometer dropped another 4.87 to 66.04. 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