Pre-opening Comments for Wednesday August 16^th

Equity index futures were mixed this morning. S&P 500 futures were down 1 point at 8:35 AM EDT.

Index futures were unchanged following release of the July U.S. Housing Starts report at 8:30 AM EDT. Consensus was an increase of 1.450 million units versus 1.414 million units in June. Actual was 1.452 million units

H&R Block gained $1.85 to $37.20 after reporting higher than consensus fiscal fourth quarter revenues.

Agilent dropped $2.50 to $123.15 after reporting lower than consensus fiscal third quarter revenues. The company also lowered fourth quarter guidance.

Target gained $10.45 to $135.50 after reporting higher than consensus second quarter earnings.

Chevron added $1.01 to $160.25 after Mizuho upgraded the stock from Neutral to Buy. Target price was raised from $205 to $209.

 

EquityClock’s Daily Comment

Headline reads “Consumers are becoming increasingly discerning and this is starting to take a toll on retail sales and inventories”.

http://www.equityclock.com/2023/08/15/stock-market-outlook-for-august-16-2023/

 

Technical Notes

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

Gold stocks and related ETFs continue under technical pressure. Agnico-Eagle $AEM a TSX 60 stock moved below US$47.84 and Cdn$63.28 extending an intermediate downtrend.

Base Metal stocks and related ETFs were under technical pressure. Global Base Metals iShares $PICK moved below intermediate support at $39.08. Teck Resources $TECK.B.TO a TSX 60 company moved below Cdn$51.55 and Cdn$50.90 extending an intermediate downtrend. BHP Group $BHP one of the world’s largest base metal producers moved below intermediate support at $56.93.

Travelers $TRV a Dow Jones Industrial Average stock moved below intermediate support at $164.75.

Target $TGT an S&P 100 stock moved below intermediate support at $127.46. Quarterly results are released today.

Sun Life Financial $SLF.TO a TSX 60 stock moved below intermediate support at $66.53.

S&P 500 Index dropped below its 50 day moving average at 4,446.54, a key institutional support level.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 15^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 15^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 15^th 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Money Rotating Out of Large-Cap Growth Stocks | Sector Spotlight (08.14.23)

Money Rotating Out of Large-Cap Growth Stocks | Sector Spotlight (08.14.23) – YouTube

 

Quick Rebound Led By Technology | Tom Bowley | Trading Places (08.15.23)

Quick Rebound Led By Technology | Tom Bowley | Trading Places (08.15.23) – YouTube

 

S&P 500 Momentum Barometers

The intermediate term Barometer plunged 9.20 to 46.40. It remains Neutral. Daily trend continued down.

The intermediate term Barometer plunged 4.60 to 58.20. It changed from Overbought to Neutral on a move below 60.00. Daily trend continued down.

 

TSX Momentum Barometers

The intermediate term Barometer plunged 11.89 to 42.73. It remains Neutral. Daily trend continued down.

The intermediate term Barometer dropped 4.85 to 50.22. It remains Neutral. Daily down trend was resumed.

 

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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