Pre-opening Comments for Tuesday August 29th
U.S. equity index futures were lower this morning. S&P 500 futures were down 8 points at 8:30 AM EDT.
Big Lots jumped $1.04 to $7.32 after reporting a narrower than expected second quarter loss.
JM Smucker advanced $3.65 to $146.54 after reporting higher than consensus fiscal first quarter earnings.
Best Buy added $0.75 to $74.82 after reporting higher than consensus second quarter earnings.
Bank of Nova Scotia (BNS Cdn$62.82 ) is expected to open lower after reporting less than consensus quarterly earnings.
EquityClockās Daily Comment
Headline reads āThe reversal of treasury bond prices last week creates a highly enticing risk-reward to look to accumulate positions, using intermediate-term levels of support below as the stop to any holdingsā.
https://equityclock.com/2023/08/28/stock-market-outlook-for-august-29-2023/
Technical Notes
Mastercard $MA an S&P 100 stock moved above $405.19 to an all-time high extending an intermediate uptrend.
Verisk Analytics $VRSK a NASDAQ 100 stock moved above $238.82 to an all-time high extending an intermediate uptrend.
Traderās Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 28th 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 28th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 28th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Dollar gains may bring stock market pain in September
Dollar Gains May Bring Stock Market Pain In September | Seeking Alpha
The stock market is set up for a relief rally. Donāt chase the bounce, says technician.
Prepare for a stock market crash: Jeffery Huge
StockCharts TV | StockCharts.com
S&P 500 Momentum Barometers
The intermediate term Barometer added 2.80 to 37.00. It remains Oversold.
The long term Barometer added 1.40 to 53.40. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer advanced 8.37 to 40.34. It changed from Oversold to Neutral on a recovery above 40.00.
The long term Barometer added 3.52 to 51.10. 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
