Tech Talk for Wednesday August 30th 2023
U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points at 8:35 AM EDT.
S&P 500 Index futures added 4 points following release of revised U.S. second quarter annualized GDP at 8:30 AM EDT. Consensus was an increase of 2.4%. Actual was an increase of 2.1%
HP Inc dropped $1.88 to $29.49 after reporting lower than consensus third quarter earnings. The company also issued cautious fourth quarter guidance.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/08/clip_image0015-2.png "clip_image001[5]")
National Bank (NA Cdn$) is expected to open lower after reporting less than consensus fiscal third quarter earnings.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/08/clip_image0025-2.png "clip_image002[5]")
Avnet added $0.37 to $50.38 after increasing its dividend by 7%.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/08/clip_image0035-2.png "clip_image003[5]")
EquityClock's Daily Comment
Headline reads "With the normal positivity of equity prices into the Labor Day long weekend, we prefer to stick with those areas of the market that normally perform well at this time of year".
https://equityclock.com/2023/08/29/stock-market-outlook-for-august-30-2023/
Technical Notes
Biotech ETF $BBH moved above $165.82 setting an intermediate uptrend.
Visa $V a Dow Jones Industrial Average stock moved above $244.91 extending an intermediate uptrend.
PDD Holdings $PDD a NASDAQ 100 stock moved above $167.38 extending an intermediate uptrend.
Workday $WDAY a NASDAQ 100 stock moved above $240.18 extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 29th 2023
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 29th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 29th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Three Takeaways from Seasonal Sector Rotation | Julius de Kempenaer | Sector Spotlight (08.28.23)
New Market Bias Assessment Table | Carl & Erin Swenlin | DecisionPoint Trading Room (08.28.23)
Back to School Stocks Primed For Move Up | Your Daily Five (08.29.23)
Back to School Stocks Primed For Move Up | Your Daily Five (08.29.23) - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer advanced 7.80 to 44.80. It changed from Oversold to Neutral on a recovery above 40.00.
The long term Barometer added 4.60 to 58.00. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer jumped 11.01 to 60.35. It changed from Neutral to Overbought on a moved above 60.00.
The long term Barometer advanced 3.96 to 55.07. It remains Neutral.
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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