Pre-opening Comments for Thursday August 10^th

Equity index futures were higher this morning. S&P 500 futures added 25 points at 8:35 AM

Index futures were unchanged following release of U.S. July Consumer Price Index at 8:30 AM EDT. Consensus was an increase 0.2% versus a gain of 0.2% in June. Actual was an increase of 0.2%. On a year-over-year basis, consensus was expected to increase 3.1% versus a gain of 3.0% in June. Actual was an increase of 3.2%. Core July CPI was expected to increase 0.2% versus a gain of 0.2% in June. Actual was an increase of 0.2%. On a year-over-year basis, core CPI was expected to increase 4.7% versus a gain of 4.8% in June. Actual was an increase of 4.7%.

Wynn Resorts added $2.45 to $104.00 after reporting higher than consensus quarterly revenues and earnings.

Walt Disney added $3.57to $91.09 after reporting higher than consensus fiscal third quarter earnings.

Sonos jumped $1.73 to $17.37 after reporting higher than consensus quarterly revenues and earnings. The company also raised guidance.

Canadian Tire is expected to open lower after reporting less than consensus second quarter revenues and earnings.

 

EquityClock’s Daily Comment

Headline reads “A regime change in the market is well underway, away from the much beloved Growth trade through the first half of the year and towards Value”.

http://www.equityclock.com/2023/08/09/stock-market-outlook-for-august-10-2023/

 

Technical Notes

Platinum ETN $PPLT moved below $82.44 extending an intermediate downtrend.

Natural Gas ETN $UNG moved above $7.83 completing a reverse Head & Shoulders pattern

ExxonMobil XOM moved above intermediate resistance at $109.14.

Cadence Design Systems $CDNS a NASDAQ 100 stock moved below support at $222.86.

TSX Energy iShares $XEG.TO moved above Cdn$16.24 extending an intermediate uptrend.

Canadian Natural Gas $CNQ.TO a TSX 60 stock moved above Cdn$82.17 to an all-time high extending an intermediate uptrend.

Regeneron $REGN a NASDAQ 100 stock moved above intermediate resistance at $794.00.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 9^th 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 9^th 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 9^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Link offered by a valued provider

LOOK OUT BELOW! Market Breadth Indicators Signal Selling Phase | The Final Bar (08.08.23)

LOOK OUT BELOW! Market Breadth Indicators Signal Selling Phase | The Final Bar (08.08.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 1.40 to 58.80. It changed from Overbought to Neutral on a drop below 60.00. Daily trend remains down.

The long term Barometer added 0.60 to 65.60. It remains Overbought.

 

TSX Momentum Barometers

The intermediate term Barometer slipped 0.44 to 56.39. It remains Neutral.

The long term Barometer added 2.20 to 55.95. 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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