Pre-opening Comments for Friday August 11^th

U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points at 8:35 AM EDT.

S&P 500 futures dropped 6 points following release of the July Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 0.1% in June. Actual was an increase of 0.3%. On a year-over-year basis consensus was an increase of 0.7% versus a gain of 0.1% in June. Actual was an increase of 0.8% Consensus for core PPI was an increase of 0.2% versus a gain of 0.1% in June. Actual was an increase of 0.2%. On a year-over-year basis, consensus for core PPI was an increase of 2.3% versus a gain of 2.4% in June. Actual was an increase of 2.7%.

Air Canada is expected to open higher after reporting higher than consensus second quarter revenues and earnings. The company also offered positive guidance.

Spectrum Brands added $1.55 to $76.66 after reporting higher than consensus fiscal third quarter earnings.

 

EquityClock’s Daily Comment

Headline reads “The fact that July’s CPI report completely ignored the 7.2% rise in gasoline prices since the end of June suggests that the aggregate print was a vast under-estimate of the rate of inflation in the economy”.

http://www.equityclock.com/2023/08/10/stock-market-outlook-for-august-11-2023/

 

Technical Notes

Couche Tard $ATD.TO a TSX 60 stock moved above Cdn$68.76 to an all-time high extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 10^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 10^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 10^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

3 reasons why investors should be cautious about July’s ‘very encouraging’ CPI reading

https://www.marketwatch.com/story/3-reasons-why-investors-should-be-cautious-about-julys-very-encouraging-cpi-reading-ec669424?mod=home-page

 

Improve Your Trades With These Scanning Strategies | Tom Bowley | Trading Places (08.10.23)

Improve Your Trades With These Scanning Strategies | Tom Bowley | Trading Places (08.10.23) – YouTube

 

Chart of the Day

Nice technical “bump” in Palladium yesterday! Note technical comment posted on Kitco:

https://www.kitco.com/commentaries/2023-08-09/Metals-on-the-Move-unveiling-current-trends-in-copper-and-palladium-markets.html

Seasonal influences normally start to turn higher in mid-August.

 

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 0.20 to 58.60. It remains Neutral. Daily trend remains down.

The long term Barometer dropped 1.80 to 63.80. It remains Overbought. Daily trend remains down.

 

TSX Momentum Barometers

The intermediate term Barometer added 1.75 to 58.15. It remains Neutral.

The long term Barometer added 0.44 to 56.39. 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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