Tech Talk for Wednesday August 31st 2022
U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points in pre-opening trade.
The Canadian Dollar slipped 0.08 to US76.16 cents following release of Canada's second quarter real GDP. Consensus was growth at a 4.5% versus a gain of 3.1% in the first quarter. Actual was a gain of 3.3%
HP Inc dropped $1.15 to $29.95 after reporting less than consensus quarterly results. The company also lowered guidance.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0011-17.png "clip_image001[1]")
PVH fell $2.02 to $60.82 after reporting lower than consensus second quarter results. The company also lowered third quarter guidance.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0021-20.png "clip_image002[1]")
Couche Tard (ATD.TO Cdn$56.57) is expected to open higher after reporting higher than consensus fiscal first quarter results.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0031-16.png "clip_image003[1]")
Boeing slipped $0.70 to $161.51 after the U.S. Army grounded Chinook helicopters manufactured by Boeing.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0041-16.png "clip_image004[1]")
EquityClock's Daily Comment
Headline reads "Abnormal June declines of home prices in various regions is suggestive of a peak in the housing market, something that threatens to weigh on stocks in the year ahead".
http://www.equityclock.com/2022/08/30/stock-market-outlook-for-august-31-2022/
Technical Notes yesterday
Broadly based U.S. equity indices and related ETFs broke below their 50 day moving averages.
Gold equity ETG $GDX moved below $24.38 extending an intermediate downtrend. The Gold Bug Index $HUI also broke support extending an intermediate downtrend.
Franco-Nevada $FNV a TSX 60 stock moved below US$122.38 extending an intermediate downtrend.
Gasoline ETN $UGA moved below $55.54 extending an intermediate downtrend.
Biotech ETN $FBT moved below intermediate support at $136.50.
MMM $MMM a Dow Jones Industrial Average stock moved below $124.32 extending an intermediate downtrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 30th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for August 30th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 30th 2021
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Mark Hulbert says "The stock market typically bottoms before the end of a Fed rate hike cycle".
Tom Bowley asks "Can the S&P 500 Index hold its 50 day MA"?
Can the S&P 500 Hold Its 50-Day MA? | Tom Bowley | Trading Places (08.30.22) - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer plunged 9.40 to 50.60 yesterday. It changed from Overbought to Neutral. Trend remains down.
The long term Barometer dropped 2.80 to 30.40 yesterday. It remains Oversold. Trend remains down.
TSX Momentum Barometers
The intermediate term Barometer plunged 10.92 to 55.04 yesterday. It changed from Overbought to Neutral on a drop below 60.00. Trend remains down.
The long term Barometer dropped 3.36 to 34.45 yesterday. It remains Oversold. Trend remains 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
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