Pre-opening Comments for Monday August 10th
U.S. equity index futures were mixed this morning. S&P500 futures were unchanged at 8:30 AM EDT.
JP Morgan raised its 2026 target price for the S&P 500 from 7,800 to 8,000 citing a strong second quarter earnings season.
WTI Crude Oil added $1.11 to U.S. $79.29 per barrel after negotiations to re-open the Strait of Hormuz stalled.
EquityClock’s Market Outlook for August 10th
Trend of employment conducive to reining in recent strength in the dollar and the cost of borrowing, promoting reliable seasonal trades through the third quarter. See:
https://equityclock.com/2026/08/08/stock-market-outlook-for-august-10-2026/
Technical Scoop for August 10th from David Chapman and www.enrichedinvesting.com
Yen fear, jobs surprise, cut odds, rally spark, precious bid, Hormuz hope, declined energy: See:
https://enrichedinvesting.com/library/
The Bottom Line
Focuses this week are on the U.S. July CPI report released on Wednesday and the U.S. July Producer Price Index released on Thursday.
Earnings and Revenue Consensus for S&P 500 Companies
Source: www.factset.com
Analysts increased their 2026 earnings and revenue estimates again last week. Eight six percent of S&P 500 companies have reported quarterly results to date.
- Consensus for second quarter 2026 earnings gains increased to 50.4% from 47.4% last week. Consensus for revenue gains increased to 15.0% from 14.1%.
- Consensus for third quarter 2026 earnings gains remained at 27.4% Consensus for revenue gains increased to 11.3% from 10.9%.
- Consensus for fourth quarter 2026 earnings gains remained at 25.2%. Consensus for revenue gains increased to 10.9% from 10.5%.
- For all of 2026, consensus for earnings gains increased to 30.0% from 29.1 % last week. Consensus for revenue gains increased to 11.5% from 11.1%.
- For all of 2027, consensus for earnings gains dropped to 13.6% from 14.1% last week and consensus for revenue gains slipped to 8.4% from 8.5%.
Economic News This Week
Source: www.MarketWatch.com
U.S. July Existing Home Sales released at 10:00 AM EDT on Tuesday is expected to drop to 4.01 million units from 4.09 million units in June.
U.S. July Consumer Price Index released at 8:30 AM EDT on Wednesday is expected to increase 0.1% versus a 0.4% drop in June. On a year-over-year basis, July CPI is expected to slip to 3.4% from 3.5% in June. Excluding food and energy, July CPI is expected to increase 0.3% versus no change in June. On a year-over-year basis, core July CPI is expected to increase 2.5% versus a 2.6% increase in June.
U.S. July Producer Price Index released at 8:30 AM EDT on Thursday is expected to increase 0.2% versus a 0.3% drop in June. Core July PPI is expected to increase 0.3% versus a 0.1% increase in June.
U.S. July Retail Sales released at 8:30 AM EDT on Friday are expected to increase 0.1% versus a 0.2% increase in June.
U.S. June Business Inventories released at 10:00 AM EDT on Friday are expected to increase 0.1% versus a 0.3% increase in May.
Selected Earnings News This Week
Source: www.MarketWatch.comm
Nine S&P 500 companies are scheduled to report quarterly results this week (including one Dow Jones Industrial Average stock: Cisco). Five TSX 60 companies are scheduled to report.
Bolded stocks are TSX 60 stocks
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 7th 2026
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 7th 2026
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 7th 2026
Green: Increase from previous day
Red: Decrease from previous day
Changes Last Week
Technical Notes for Friday
Biotech ETF (BBH) moved above $212.54 extending an intermediate uptrend.
Atlassian (TEAM) a NASDAQ 100 stock moved above $119.38 extending an intermediate uptrend.
Trade Desk (TTD) a NASDAQ 100 stock moved below $16.70 extending an intermediate downtrend
Wheaton Precious Metals (WPM.TO) a TSX 60 stock moved above Cdn$186.62 (US$132.99) extending an intermediate uptrend.
Franco-Nevada (FNV.TO) a TSX 60 stock moved above Cdn$332.67 and Cdn$332.79 setting an intermediate uptrend.
Links offered by valued providers
Michael Campbell’s Money Talks for August 8th
Michael Campbell’s MoneyTalks – Complete Show (mikesmoneytalks.ca)
The S&P 500 Just Hit Its Target. What Happens Next? Frank Cappelleri
The S&P 500 Just Hit Its Target. What Happens Next? – YouTube
Mike Wilson’s Second-Half Outlook
Mike Wilson’s Second-Half Outlook – YouTube
Will the S&P 500 Hit 8,000? Tom Lee’s Case
Will the S&P 500 Hit 8,000? Tom Lee’s Case – YouTube
Why US Stocks May ‘Grind Higher’ Goldman Sachs
Why US Stocks May ‘Grind Higher’ – YouTube
Jobs Report Shocker, Market Surge, S&P Nears Next Major Resistance, Bitcoin Breakout, Gold Surge: Verified Investing
Gold Is Breaking Out. Will CPI Keep the Rally Going? Stock Charts
Gold Is Breaking Out. Will CPI Keep the Rally Going? (stockcharts.com)
The Bull Market Has Legs, But Is Risk Appetite Really Back? Stock Charts
The Bull Market Has Legs, But Is Risk Appetite Really Back? (stockcharts.com)
This Week in Money: Ross Clark, Erik Hadik, Victor Adair
S&P 500 Momentum Barometers
The intermediate term Barometer added 2.20 on Friday and gained 4.00 last week to 66.40 It remains Overbought.
The short term (20 days) Barometer added 1.20 on Friday and gained 11.00 to 64.60. It changed from Neutral to Overbought on a move above 60.00.
The long term (200 days) Barometer advanced 2.00 on Friday and gained 19.60 last week to 73.20. It changed from Neutral to Overbought on a move above 60.00. Daily uptrend was extended on Friday.
TSX Momentum Barometers
The intermediate term (50 days) Barometer was unchanged on Friday and gained 1.53 last week to 63.93. It remained Overbought.
The short term (20 days) Barometer added 0.46 on Friday and gained 12.78 last week to 56.62.
It remained Neutral.
The long term (200 days) Barometer added 4.11 on Friday and gained 8.67 last week to 71.23. It remained Overbought. Daily uptrend was extended.
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
|
|
Equity Clock Publications