Tech Talk for Tuesday August 9th 2022
U.S. equity index futures were lower this morning. S&P 500 futures were down 14 points in pre-opening trade.
Micron dropped $2.35 to $59.10 after lowering revenue guidance.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0011-4.png "clip_image001[1]")
Enbridge added $0.45 to Cdn$55.80 on news that Canada and the U.S. are making progress on negotiations to settle the Line 5 pipeline issue.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0021-5.png "clip_image002[1]")
Take Two dropped $3.51 to $122.00 after reporting lower than consensus second quarter results. The company also lowered guidance.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0031-4.png "clip_image003[1]")
Novavax plunged $19.26 to $37.99 after lowering revenue guidance.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0041-4.png "clip_image004[1]")
EquityClock's Daily Comment
Headline reads "The market is at a critical juncture and a near-term trade in this inverse ETF ranks well from a risk-reward perspective".
http://www.equityclock.com/2022/08/08/stock-market-outlook-for-august-9-2022/
Technical Notes for yesterday
S&P 500 SPDRs $SPY moved above intermediate resistance at $229.06. S&P 500 Index moved above intermediate resistance at 4,177.51
Retail SPDRs $XRT moved above $67.23 completing a double bottom pattern
Lithium ETN $LIT moved above $76.96 extending an intermediate uptrend.
Israel iShares $EIS moved above $65.43 extending an intermediate uptrend.
Salesforce.com $CRM a Dow Jones Industrial Average stock moved above $192.58 completing a double bottom pattern.
Alphabet $GOOG and $GOOGL a NASDAQ 100 stock moved above $119.25 and $11.58 respectively completing a double bottom pattern.
Regeneron $REGN a NASDAQ 100 stock moved above $624.48 completing a base building pattern.
AutoDesk $ADSK a NASDAQ 100 stock moved above $223.81 extending an intermediate uptrend.
Union Pacific $UNP an S&P 100 stock moved above intermediate resistance at $229.06.
Accenture $ACN an S&P 100 stock moved above $261.77 completing a double bottom pattern.
Canopy Growth $WEED.TO a TSX 60 stock moved above $4.08 completing a base building pattern.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 8th 2022 
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for August 8th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 8th 2021
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
Tom Bowley says "Market bottom is confirmed".
https://www.youtube.com/watch?v=YOiNHZrogoc
S&P 500 Momentum Barometers
The intermediate term Barometer added 1.80 to 74.80 yesterday. It remains Overbought. Trend remains up.
The long term Barometer added 0.60 to 37.60 yesterday. It remains Oversold. Trend remains up.
TSX Momentum Barometers
The intermediate term Barometer added 5.04 to 60.50 yesterday. It changed from Neutral to Overbought on a move above 60.00. Trend remains up.
The long term Barometer added 0.84 to 37.82 yesterday. It remains Oversold, Trend remains up.
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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