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August 3, 2024 | Tech Talk for Saturday August 3rd 2024

Don Vialoux

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Donald Vialoux is author of the free blog Tech Talk, a daily investment report available during the past 20 years at www.timingthemarket.ca. Comments focus on the seasonal and technical outlook for equity indices, commodities and sectors. Mr. Vialoux has 53 years of experience in the investment industry and is a past president of the Canadian Society of Technical Analysts (CSTA).

The Bottom Line

World equity markets recorded significant technical weakness last week. Weakness on Friday was extended by a disappointing U.S. July Employment report released at 8:30 AM EDT. Breakdowns below intermediate support levels were recorded by North American, European and Far East equity indices and their related Exchange Traded Funds. Best chart to demonstrate is the break down by Europe, Asia, Far East (EAFE) iShares below intermediate support recording a 3.05% drop last week. In addition, the S&P 500 Index dropped 2.06 % last week. Weakness in equity indices was triggered by growing evidence that world economies are about to enter into a recession period. Slowing economic growth is expected to reduce corporate earnings growth.

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August 3rd, 2024

Posted In: Tech Talk

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