Tech Talk for Tuesday August 4th 2020
Corn ETN (CORN) moved below $11.61 setting an intermediate downtrend.
![clip_image001[3]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/08/clip_image0013.png "clip_image001[3]")
Pre-opening Comments for Tuesday August 4th
U.S. equity index futures were lower this morning. S&P 500 futures were down 13 points in pre-opening trade.
Mosaic advanced $1.32 to $15.00 after reporting higher than consensus second quarter sales and earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/08/clip_image0011.png "clip_image001[1]")
Take Two Interactive advanced $8.32 to $176.00 after reporting higher than consensus quarterly revenues. Wedbush raised its target price from $170 to $210.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/08/clip_image0021-1.png "clip_image002[1]")
KLA Tencor dropped $4.65 to $203.000 despite reporting higher than consensus second quarter earnings and despite raising its dividend. In addition, Stifel Nicolaus and KeyBanc Capital raised their target price on the stock.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/08/clip_image0031-1.png "clip_image003[1]")
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2020/08/04/stock-market-outlook-for-august-4-2020/
Cautious seasonality comments on U.S. equity markets for August by Sam Stovall
Following is a link:
https://www.cnbc.com/2020/08/03/tn-sam-stovall-on-august-kick-off-landsman-200803-ec.html
Technical Notes for August 3rd
Target (TGT), an S&P 100 stock moved above $125.97 extending an intermediate uptrend.
NVIDIA (NVDA), a NASDAQ 100 stock moved above $431.69 to an all-time high extending an intermediate uptrend.
Natural Gas ETN (UNG) moved above $11.27 completing a double bottom pattern.
Splunk (SPLK), a NASDAQ 100 stock moved above $213.26 to an all-time high extending an intermediate uptrend.
Microsoft (MSFT), a Dow Jones Industrial stock moved above $216.38 to an all-time high extending an intermediate uptrend. The company is negotiating a potential purchase of TicTok.
Much of the gain by U.S. equity indices yesterday was recorded by two index heavy weight stocks: Microsoft and Apple.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for August 3rd 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Seasonal/Technical Commodities Trends for August 3rd 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 3rd 2020
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer added 0.60 to 66.13 yesterday. It remains intermediate overbought.
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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