Pre-opening Comments for Tuesday August 13th
U.S. equity index futures were higher this morning. S&P 500 futures were up 33 points at 8:35 AM EDT
S&P 500 futures gained 14 points following release of the U.S. July Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 0.2% in June. Actual was an increase of 0.1%. On a year-over-year basis, consensus was an increase of 2.3% versus a gain of 2.6% in June. Actual was a 2.2% gain. Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.4% in June. Actual was no change. On a year-over-year basis, consensus was an increase of 2.7% versus a gain of 3.0% in June. Actual was a 2.4% gain.
Home Depot dropped $8.46 to $337.35 after offering a third quarter outlook below consensus.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0011-6.png "clip_image001[1]")
Hudbay Minerals is expected to open lower after reporting a wider second quarter loss.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0021-5.png "clip_image002[1]")
PACS Group gained $2.68 to $35.03after offering an upbeat outlook for the remainder of 2024
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0031-6.png "clip_image003[1]")
Starbucks gained $11.00 to $88.03 after announcing a change in Chief Executive Officer
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0041-3.png "clip_image004[1]")
Equity Clock – Market Outlook for August 13, 2024
Technology sector testing rising trendline support, presenting a make or break point to the strength of the rising intermediate-term trend of the broader equity market. See:
https://equityclock.com/2024/08/12/stock-market-outlook-for-august-13-2024/
Technical Notes
Brazil iShares $EWZ moved above $29.41 completing a double bottom pattern.
Cisco $CSCO a Dow Jones Industrial Average stock moved below $44.57 extending an intermediate downtrend.
Dollar General $DG a NASDAQ 100 stock moved below $115.98 extending an intermediate downtrend.
Warner Brothers Discovery $WBD a NASDAQ 100 stock moved below $6.73 to a 14 year low extending an intermediate downtrend.
BMO Equal Weight Canadian Oil & Gas ETF $ZEO.TO moved above Cdn$72.90 to an all-time high extending an intermediate uptrend.
Strength was led by Imperial Oil $IMO.TO a TSX 60 stock on a move above $101.00 to an all-time high extending an intermediate uptrend.
Shopify $SHOP.TO a TSX 60 stock moved above intermediate resistance at Cdn$95.76.
Bank of Nova Scotia $BNS.TO a TSX 60 stock moved below Cdn$60.62 following news of its purchase of a 14.9% interest in Keycorp for $2.8 billion.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August12th 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 12th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August12th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Profit Like the PROS By Timing Your Entry Points: David Keller
Profit Like the PROS By Timing Your Entry Points – YouTube
Not much room from banks to grow in Canada: Schwartz
Not much room from banks to grow in Canada: Schwartz – YouTube
TSX vs. U.S. stocks, where to invest? Ross Healy
TSX vs. U.S. stocks, where to invest? – YouTube
Volatility could push gold to $3,000 per ounce: Strategist
Volatility could push gold to $3,000 per ounce: Strategist – YouTube
Stock market bounce, seasonality, cycles, and optimal trading strategy
Stock market bounce, seasonality, cycles, and optimal trading strategy – YouTube
Chart of the Day: iShares Gold Bullion (CGL.TO)
![clip_image002[5]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0025-2.png "clip_image002[5]")
Seasonal influences are positive to Oct.15th. See:
https://charts.equityclock.com/ishares-gold-bullion-etf-tsecgl-to-seasonal-chart
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 4.00 to 54.00. It remains Neutral.
The long term Barometer dropped 2.20 to 66.20. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 3.10 to 53.98. It remains Neutral.
The long term Barometer added 1.33 to 71.68. It remains Overbought.
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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August 13th, 2024 at 12:10 pm
The $SPX bounced off the Fibonacci 38% retracement level and has now rallied up to first resistance at 5400. Next resistance if 5400 is cleared is the downtrendline.
https://schrts.co/WWTyJJEW