Pre-opening Comments for Thursday August 15th
U.S. equity index futures were higher this morning. S&P 500 futures were up 41 points at 8:35 AM EDT
S&P 500 futures added 29 points following release of economic news at 8:30 AM EDT. Consensus for U.S. July Retail sales was a 0.4% increase versus no change in June. Actual was a 1.0% increase. Excluding auto sales, consensus was a 0.1% increase versus a 0.4% increase in June. Actual was a 0.4% increase. Consensus for the August Empire State Manufacturing Survey was an improvement to -5.90 from -6.60 in July. Actual was an improvement to -4.70. Consensus for the August Philly Fed was a drop to a gain of 5.6 from a gain of 13.9 in July. Actual was a drop to -7.00.
Nike gained $3.83 to $82.35 on news that Pershing Square has purchased an interest.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0011-8.png "clip_image001[1]")
Cisco added $2.54 to $47.98 after reporting higher than consensus fiscal fourth quarter revenues and earnings.
Ulta Beauty jumped $39.75 to $368.80 on news that Berkshire Hathaway has taken a position in the stock.
EquityClock’s Stock Market Outlook for Thursday August 15th
The sustainability of the rising intermediate-term trend of stocks is under scrutiny. See:
https://equityclock.com/2024/08/14/stock-market-outlook-for-august-15-2024/
Technical Notes
ARC Resources $ARX.TO a Canadian “gassy” stock moved above Cdn$25.99 to an all-time high extending an intermediate uptrend.
Sun Life Financial $SLF.TO a TSX 60 stock moved above Cdn$69.73 completing a double bottom pattern.
![clip_image002[4]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0024.png "clip_image002[4]")
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August14th 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 14th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August14th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
The GROWTH Trade IS BACK!! David Keller Note comment on seasonality
https://www.youtube.com/watch?v=RLLml_s9mCs
How ATR Analysis Can Make You a BETTER Trader! Joe Rabil
https://www.youtube.com/watch?v=tkn0C4Ydw3A
Chart of the Day: TSX Financial iShares (XFN.TO)
Technical score increased from +2 to +4. Seasonal influences are positive until September 30th
S&P 500 Momentum Barometers
The intermediate term Barometer added 1.00 to 60.00. It changed from Neutral to Overbought on a move to 60.00. Daily momentum is up.
The long term Barometer slipped 0.60 to 69.20. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 3.54 to 62.39. It changed from Neutral to Overbought on a move above 60.00.
The long term Barometer added 2.21 to 74.34. 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 15th, 2024 at 10:34 am
Re: Ronald – Post on SPY downtrend line. Believe me Ronald I was looking at that early this morning. The economic data that came out this morning was benign on economic growth and moderate inflation and the market is working off that. We broke a lot of downtrend lines the last couple of days. I find myself on guard due to the trading calendar yet staying in winners that want to run after they got trashed in the drop more than a week ago. I am focused on growth stocks and have not bought into the small cap story though it may prove correct over time.