{"id":168754,"date":"2023-08-14T02:22:00","date_gmt":"2023-08-14T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=168754"},"modified":"2023-08-14T09:02:25","modified_gmt":"2023-08-14T13:02:25","slug":"tech-talk-for-monday-august-14th-2023","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2023\/08\/14\/tech-talk-for-monday-august-14th-2023\/","title":{"rendered":"Tech Talk for Monday August 14th 2023"},"content":{"rendered":"

Pre-opening Comments for Monday August 14th<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were lower this morning<\/b>. S&P 500 futures were down 6 points in pre-opening trade.<\/em><\/p>\n

US Steel gained $0.22 to $22.72<\/b> after the company confirmed receipt of multiple unsolicited proposals to acquire some or all of the company.<\/em><\/p>\n

\"clip_image001[1]\"<\/a><\/p>\n

Amgen gained $0.96 to $263.47<\/b> after Mizuho raised its target price from $214 to $223.<\/em><\/p>\n

\"clip_image002\"<\/a><\/p>\n

Tesla dropped $4.95 to $237.70<\/b> after reducing the price of its autos in China.<\/em><\/p>\n

\"clip_image003[1]\"<\/a><\/p>\n

AMC plunged $1.47 to $3.79<\/b> after the company received court approval for a revised stock conversion plan.<\/em><\/p>\n

\"clip_image004\"<\/a><\/p>\n

 <\/p>\n

EquityClock\u2019s Daily Comment<\/strong><\/font><\/em><\/p>\n

Headline reads \u201cTreasury yield spreads are showing indications that they have bottomed and the path towards normalization may be underway<\/strong>\u201d.<\/em><\/p>\n

http:\/\/www.equityclock.com\/2023\/08\/12\/stock-market-outlook-for-august-14-2023\/<\/em><\/a><\/p>\n

<\/em><\/p>\n

The Bottom Line<\/strong><\/font><\/p>\n

Now is the time for intermediate swing traders to become patient<\/p>\n

Led by the \u201cMagnificent Seven\u201d big cap technology stocks, U.S. equity indices came under short term trading profit taking pressures last week. Intermediate term and long term momentum data available at the end of this report shows that the S&P 500 Index is overbought and has started to trend down.<\/p>\n

Carter Worth from CNBC noted the following:<\/p>\n

\u00b7 Intermediate trend for the S&P 500 is up and within a well-defined channel.<\/p>\n

\u00b7 The Index has started to retreat from the top of its channel<\/p>\n

\u00b7 Downside risk within the channel is to 4,200 implying short term downside potential of another 6%.<\/p>\n

\u00b7 The Index recently has entered into a short term corrective phase within an intermediate uptrend. Weakness by the Index to near the 4,200 level during the typically volatile late July\/mid- September period will provide an opportunity to buy favoured U.S. indices, equities and ETFs on short term weakness.<\/p>\n

\"clip_image001\"<\/a><\/p>\n

 <\/p>\n

Economic News This Week<\/strong><\/font><\/p>\n

Source: www.investing.com<\/a><\/p>\n

August Empire State Manufacturing Survey<\/b> is released at 8:30 AM EDT on Tuesday July survey was reported at 1.10.<\/p>\n

July U.S. Retail Sales<\/b> released at 8:30 AM EDT on Tuesday are expected to increase 0.4% versus a gain of 0.2% in June.<\/p>\n

July Canadian Consumer Price Index <\/b>released at 8:30 AM EDT on Tuesday<\/p>\n

on a year-over-year basis is expected to increase 2.7% versus a gain of 2.8% in June. <\/p>\n

June Business Inventory<\/b> released at 10:00 AM EDT on Tuesday are expected to increase 0.1% versus a gain of 0.2% in May. <\/p>\n

July U.S. Housing Starts<\/b> released at 8:30 AM EDT on Wednesday are expected to increase to 1.440 million units from 1.434 million units in June.<\/p>\n

July U.S. Capacity Utilization<\/b> released at 9:15 AM EDT on Wednesday is expected to increase to 79.2% from 78.9% in June. July U.S. Industrial Production <\/b>is expected to increase 0.3% versus a decline of 0.5% in June.<\/p>\n

FOMC Meeting Minutes<\/b> are released at 2:00 PM EDT on Wednesday.<\/p>\n

August Philly Fed Index<\/b> released at 8:30 AM EDT on Thursday is expected to increase from -13.5 to -10.0. <\/p>\n

July Leading Economic Indicators<\/b> are released at 10:00 AM EDT on Thursday. They dropped 0.7% in June.<\/p>\n

 <\/p>\n

Selected Earnings News This Week<\/strong><\/font><\/p>\n

Source: www.investing.com<\/a><\/p>\n

Focus is on retail stocks: Home Depot, Target, Walmart<\/p>\n

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<\/b><\/p>\n

<\/b><\/p>\n

Trader\u2019s Corner<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Equity Indices and Related ETFs<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Equity Trends for August 11th <\/sup>2023<\/p>\n

\"clip_image005\"<\/a><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

Source for all positive seasonality ratings: <\/em>www.EquityClock.com<\/em><\/a><\/p>\n

 <\/p>\n

Commodities<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Commodities Trends for August 11th<\/sup> 2023<\/p>\n

\"clip_image007\"<\/a><\/b><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

 <\/p>\n

Sectors<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Sector Trends for August 11th<\/sup> 2023 <\/p>\n

\"clip_image009\"<\/a><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

<\/em><\/p>\n

Links offered by valued providers<\/strong><\/font><\/p>\n

<\/font><\/strong><\/p>\n

Mike<\/font><\/em><\/strong>\u2019s Money Talks for August 12th<\/sup><\/p>\n

Michael Campbell\u2019s MoneyTalks \u2013 Complete Show (mikesmoneytalks.ca)<\/a><\/p>\n

 <\/p>\n

Growing Urgency to Modernize U.S. Power Grid: Got Copper?  Sprott Research<\/p>\n

Sprott Energy Transition Materials Monthly: Growing Urgency to Modernize U.S. Power Grid<\/a><\/p>\n

<\/u><\/p>\n

<\/u><\/p>\n

Russell 2000 Small-Caps Bullish Seasonality Coming Up | Your Daily Five (08.09.23)<\/p>\n

Russell 2000 Small-Caps Bullish Seasonality Coming Up | Your Daily Five (08.09.23) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Stocks Take a Break For That 7th Inning Stretch! | GoNoGo Charts (08.10.23)<\/p>\n

Stocks Take a Break For That 7th Inning Stretch! | GoNoGo Charts (08.10.23) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

The Great Rotation of 2023 Continues: Latest Updates and Insights | The Final Bar (08.11.23)<\/p>\n

https:\/\/www.youtube.com\/watch?v=3BDgnVeZPNI<\/a><\/p>\n

 <\/p>\n

Patience is Key: Waiting for the Pull Back to Run Its Course | Moxie Indicator Minutes (08.11.23)<\/p>\n

Patience is Key: Waiting for the Pull Back to Run Its Course | Moxie Indicator Minutes (08.11.23) \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Charts Point To Stock Market Breakdown<\/p>\n

Carter Worth calls for a potential 9% correction in a bull market.<\/p>\n

Charts Point To Stock Market Breakdown \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Check Out These Bright Spots In A Weak Market! | The MEM Edge (08.11.23)<\/p>\n

https:\/\/www.youtube.com\/watch?v=Tx9EvLreN3Q<\/a><\/p>\n

 <\/p>\n

Comments by Mark Liebovit<\/font><\/em><\/strong><\/p>\n

This Week in Money \u2013 HoweStreet<\/a><\/p>\n

 <\/p>\n

Technical Scoop from David Chapman<\/font><\/em><\/strong> and www.enrichedinvesting.com<\/a><\/p>\n

Summer doldrums, China deflation, topping signs, BRICS currency, precious struggle, oil rise, silver signs<\/a><\/p>\n

 <\/p>\n

Technical Scores<\/em><\/strong><\/font><\/p>\n

<\/font><\/em><\/strong><\/p>\n

<\/b><\/p>\n

Calculated as follows:<\/em><\/b><\/p>\n

<\/em><\/strong><\/p>\n

Intermediate Uptrend based on at least 20 trading days: Score 2<\/em><\/p>\n

          (Higher highs and higher lows)<\/em><\/p>\n

Intermediate Neutral trend: Score 0<\/em><\/p>\n

          (Not up or down)<\/em><\/p>\n

Intermediate Downtrend: Score -2<\/em><\/p>\n

          (Lower highs and lower lows)<\/em><\/p>\n

 <\/p>\n

Outperformance relative to the S&P 500 Index: Score: 2<\/em><\/p>\n

Neutral Performance relative to the S&P 500 Index: 0<\/em><\/p>\n

Underperformance relative to the S&P 500 Index: Score \u20132<\/em><\/p>\n

<\/em><\/p>\n

Above 20 day moving average: Score 1<\/em><\/p>\n

At 20 day moving average: Score: 0<\/em><\/p>\n

Below 20 day moving average: \u20131<\/em><\/p>\n

<\/em><\/p>\n

Up trending momentum indicators (Daily Stochastics, RSI and MACD): 1<\/em><\/p>\n

Mixed momentum indicators: 0<\/em><\/p>\n

Down trending momentum indicators: \u20131<\/em><\/p>\n

<\/em><\/p>\n

Technical scores range from -6 to +6. Technical buy signals based on the above guidelines start when a security advances to at least 0.0, but preferably 2.0 or higher. Technical sell\/short signals start when a security descends to 0, but preferably -2.0 or lower. <\/em><\/p>\n

<\/em><\/p>\n

Long positions require maintaining a technical score of -2.0 or higher. Conversely, a short position requires maintaining a technical score of +2.0 or lower<\/em><\/p>\n

 <\/p>\n

Changes Last Week<\/strong><\/font><\/p>\n

\"clip_image011\"<\/a><\/b><\/p>\n


<\/b><\/p>\n

<\/b><\/p>\n

Technical Notes for Friday<\/strong><\/font><\/p>\n

Technology SPDRs $XLK moved below intermediate support at $167.32.<\/p>\n

\"clip_image012\"<\/a><\/p>\n

Semiconductor ETF $SMH moved below intermediate support at $146.83. <\/p>\n

\"clip_image013\"<\/a><\/p>\n

Taiwan iShares $EWT moved below $45.74 completing a double top pattern. <\/p>\n

\"clip_image014\"<\/a><\/p>\n

Tesla $TSLA a NASDAQ 100 stock moved below intermediate support at $240.70.<\/p>\n

\"clip_image015\"<\/a><\/p>\n

Phillip Morris International $PM an S&P 100 stock moved below $95.81 setting an intermediate downtrend.<\/p>\n

\"clip_image016\"<\/a><\/p>\n

Canadian Tire $CTC.A.TO a TSX 60 stock moved below intermediate support at $161.00 and $159.94 following release of less than consensus second quarter results. <\/p>\n

\"clip_image017\"<\/a><\/p>\n

 <\/p>\n

S&P 500 Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image018\"<\/a><\/p>\n

The intermediate term Barometer dropped 3.20 on Friday and plunged 6.40 last week to 55.40. It changed from Overbought to Neutral on a drop below 60.00. Daily trend is down.<\/p>\n

\"clip_image019\"<\/a><\/p>\n

The long term Barometer slipped 0.20 on Friday and was unchanged last week at 63.60. It remains Overbought. Daily trend is down.<\/p>\n

 <\/p>\n

TSX Momentum Barometers<\/strong><\/font><\/p>\n

\"clip_image020\"<\/a><\/p>\n

The intermediate term Barometer added 1.76 on Friday and gained 1.76 last week to 59.91. It remains Neutral.<\/p>\n

\"clip_image021\"<\/a><\/p>\n

The long term Barometer added 0.88 on Friday and gained 3.97 last week to 57.27. It remains Neutral.<\/p>\n

 <\/p>\n

Disclaimer:<\/b> Seasonality ratings and technical ratings offered in this report and at<\/em><\/p>\n

www.equityclock.com<\/em><\/a> 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<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-opening Comments for Monday August 14th U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade. US Steel gained $0.22 to $22.72 after the company confirmed receipt of multiple unsolicited proposals to acquire some or all of the company. Amgen gained $0.96 to $263.47 after Mizuho raised […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-168754","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/168754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/comments?post=168754"}],"version-history":[{"count":0,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/168754\/revisions"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=168754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=168754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=168754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}