Pre-opening Comments for Wednesday August 14^th

U.S. equity index futures were mixed this morning. S&P 500 futures were down 4 points at 8:35 AM EDT

The S&P 500 Index dropped 8 points following release of the July U.S. Consumer Price Index at 8:30 AM EDT. Consensus was a 0.2% increase versus a decline of 0.1% in June. Actual was a 0.2% increase. On a year-over-year basis, July CPI was expected to increase 3.0% versus a 3.0% increase in June. Actual was a 2.9% increase. Excluding food and energy, July CPI is expected to increase 0.2% versus a gain of 0.1% in June. Actual was a 0.2% gain. Excluding food and energy, July core CPI was expected to increase 3.2% versus a gain of 3.3% in June. Actual was a 3.2% gain.

Kellanova advanced $6.05 to $80.59 after Mars offered to purchase the company at $83.50 per share. Value of the cash offer is estimated at $36 billion.

Brinker International dropped $11.05 to $59.35 after reporting less than consensus quarterly results.

Victoria’s Secret advanced $2.82 to $21.89 after hiring a new Chief Executive Officer.

 

EquityClocks’s stock market outlook for August 14^th

 

Managed money is ramping up their short allocation in intermediate treasury bond futures back toward an all-time record. See:

https://equityclock.com/2024/08/13/stock-market-outlook-for-august-14-2024/

 

Technical Notes

Starbucks $SBUX a Dow Jones Industrial Average stock moved above $83.43 completing a double bottom pattern.

Intuitive Surgical $ISRG a NASDAQ 100 stock moved above $468.87 to an all-time high extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August13^th 2024

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 13^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August13^th 2024

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Why Bonds and Gold Are Outperforming Stocks: David Keller

https://www.youtube.com/watch?v=wHbPp7PeT7A

 

Stocks Rally Off Inflation Report: Guy Adami and Dan Nathan

https://www.youtube.com/watch?v=ng7Oagyja-0

 

S&P 500 Momentum Barometers

The intermediate term Barometer advanced 5.00 to 59.00. It remains Neutral. Daily trend is up.

The long term Barometer added 3.60 to 69.80. It remains Overbought. Daily trend is up.

 

TSX Momentum Barometers

The intermediate term Barometer added 4.87 to 58.85. It remains Neutral.

The long term Barometer added 3.60 to 69.80. It remains Overbought. Daily trend is 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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