Tech Talk for Friday August 11th 2023
U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points at 8:35 AM EDT.
S&P 500 futures dropped 6 points following release of the July Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 0.1% in June. Actual was an increase of 0.3%. On a year-over-year basis consensus was an increase of 0.7% versus a gain of 0.1% in June. Actual was an increase of 0.8% Consensus for core PPI was an increase of 0.2% versus a gain of 0.1% in June. Actual was an increase of 0.2%. On a year-over-year basis, consensus for core PPI was an increase of 2.3% versus a gain of 2.4% in June. Actual was an increase of 2.7%.
Air Canada is expected to open higher after reporting higher than consensus second quarter revenues and earnings. The company also offered positive guidance.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/08/clip_image0011-5.png "clip_image001[1]")
Spectrum Brands added $1.55 to $76.66 after reporting higher than consensus fiscal third quarter earnings.
EquityClock's Daily Comment
Headline reads "The fact that July's CPI report completely ignored the 7.2% rise in gasoline prices since the end of June suggests that the aggregate print was a vast under-estimate of the rate of inflation in the economy".
http://www.equityclock.com/2023/08/10/stock-market-outlook-for-august-11-2023/
Technical Notes
Couche Tard $ATD.TO a TSX 60 stock moved above Cdn$68.76 to an all-time high extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 10th 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 10th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 10th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
3 reasons why investors should be cautious about July's 'very encouraging' CPI reading
Improve Your Trades With These Scanning Strategies | Tom Bowley | Trading Places (08.10.23)
Chart of the Day
Nice technical "bump" in Palladium yesterday! Note technical comment posted on Kitco:
Seasonal influences normally start to turn higher in mid-August.
S&P 500 Momentum Barometers
The intermediate term Barometer slipped 0.20 to 58.60. It remains Neutral. Daily trend remains down.
The long term Barometer dropped 1.80 to 63.80. It remains Overbought. Daily trend remains down.
TSX Momentum Barometers
The intermediate term Barometer added 1.75 to 58.15. It remains Neutral.
The long term Barometer added 0.44 to 56.39. It remains Neutral.
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
| More from the network: |