Tech Talk for Thursday August 4th 2022

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Pre-opening Comments for Thursday August 4th

U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for the June Trade Deficit was $82.2 billion versus $85.6 billion in May. Actual was $79.6 billion. Consensus for Weekly Jobless Claims was 260,000 versus 254,000 last week. Actual was 260,000.

Nutrien added $1.31 to US$83.20 after reporting slightly higher than consensus second quarter earnings.

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eBay advanced $1.12 to $51.60 after reporting higher than consensus second quarter earnings.

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Walmart dropped $0.75 to 129.75 after the company announced layoffs of hundreds of corporate workers.

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Clorox fell $8.57 to $136.00 after reporting less than consensus second quarter revenues.

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EquityClock’s Daily Comment

Headline reads:The trend of manufacturers’ orders in the US remains strong, but the pockets of strength below the surface highlight the areas to target within investment portfolios”.   Following is a link:

http://www.equityclock.com/2022/08/03/stock-market-outlook-for-august-4-2022/

 

Technical Notes for yesterday

Biotech ETFs moved above intermediate resistance extending an intermediate uptrend. Van Eck Biotech ETF moved above $158.07, NASDAQ Biotech iShares moved above $127.15 and AMEX Biotech ETF moved above $144.25.

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Software SPDRs $IGV moved above $301.10 completing a reverse Head & Shoulders pattern.

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CVS Health $CVS an S&P 100 stock moved above $96.57 and $98.30 completing a reverse Head & Shoulders pattern.

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Blackrock $BLK an S&P 100 stock moved above $687.95 completing a double bottom pattern.

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NASDAQ 100 stock breakouts above intermediate resistance levels:

Lululemon $LULU moved above $312.90 completing a double bottom pattern.

Moderna $MRNA moved above $180.73 and $1.88.00 resuming an intermediate uptrend

Skyworks Solutions $SWKS moved above $110.88 extending an intermediate uptrend.

Peloton $PTON moved above $11.40 completing a reverse Head & Shoulders pattern.

Microchip Technology $MCHP moved above $73.36 extending an intermediate uptrend.

CrowdStrike $CRWD moved above $194.85 extending an intermediate uptrend.

Docusign $DOCU moved above $70.71 completing a double bottom pattern.

 

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Match $MTCH a NASDAQ 100 stock moved below $63.33 extending an intermediate downtrend.

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Shopify $SHOP.TO a TSX 60 stock moved above $52.41 and $53.01 completing a base building pattern.

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Gildan Activewear $GIL.TO a TSX 60 stock moved above $37.63 and $37.78 completing a reverse Head & Shoulders pattern.

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WTI Crude Oil moved below $90.56 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 3rd 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for August 3rd 2022

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 3rd 2021

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Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index (except TSX)

 

Links offered by valued providers

Greg Schnell asks “More Corrective Price Action Ahead”?

More Corrective Price Action Ahead? | Greg Schnell, CMT | Market Buzz (08.03.22) – YouTube

 

David Keller discusses “The risk of the rising dollar”.

The Risk of a Rising Dollar | David Keller, CMT | The Final Bar (08.02.22) – YouTube

 

S&P 500 Momentum Barometers

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The intermediate term Barometer added 3.60 to 75.40 yesterday. It remains Overbought. Trend remains up.

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The long term Barometer added 2.80 to 36.20 yesterday. It remains Oversold. Trend remains up.

 

TSX Momentum Barometers

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The intermediate term Barometer was unchanged at 55.04 yesterday. It remains Neutral.

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The long term Barometer added 0.42 to 36.97 yesterday. It remains Oversold. Trend remains up.

 

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




3 Responses to “Tech Talk for Thursday August 4th 2022”

  1. bruce Says:

    the AAII bulls this week are 30.6% vs 27.7 last week and a 9 week high….the bears are 38.9% vs 40.1 and are at a 9 week low….

  2. Ron/BC Says:

    Bruce

    Here is the Fear & Greed Index just to add to your sentiment data,thanks…………

    https://www.cnn.com/markets/fear-and-greed

  3. Ron/BC Says:

    So here we are again with the $SPX that has bounced back up to the early June highs & breakdown point at 4176 along with overbought indicators.The big question is now are the “Big Boys” going to blow through this resistance or short the crap out of it and clean up on the downside once again……The 60 minute chart shows weak momentum.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p41642751786&listNum=1&a=1039537764

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