Tech Talk for Thursday August 10th 2023
Equity index futures were higher this morning. S&P 500 futures added 25 points at 8:35 AM
Index futures were unchanged following release of U.S. July Consumer Price Index at 8:30 AM EDT. Consensus was an increase 0.2% versus a gain of 0.2% in June. Actual was an increase of 0.2%. On a year-over-year basis, consensus was expected to increase 3.1% versus a gain of 3.0% in June. Actual was an increase of 3.2%. Core July CPI was expected to increase 0.2% versus a gain of 0.2% in June. Actual was an increase of 0.2%. On a year-over-year basis, core CPI was expected to increase 4.7% versus a gain of 4.8% in June. Actual was an increase of 4.7%.
Wynn Resorts added $2.45 to $104.00 after reporting higher than consensus quarterly revenues and earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/08/clip_image0011-4.png "clip_image001[1]")
Walt Disney added $3.57to $91.09 after reporting higher than consensus fiscal third quarter earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/08/clip_image0021-5.png "clip_image002[1]")
Sonos jumped $1.73 to $17.37 after reporting higher than consensus quarterly revenues and earnings. The company also raised guidance.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/08/clip_image0031-4.png "clip_image003[1]")
Canadian Tire is expected to open lower after reporting less than consensus second quarter revenues and earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/08/clip_image0041-5.png "clip_image004[1]")
EquityClock's Daily Comment
Headline reads "A regime change in the market is well underway, away from the much beloved Growth trade through the first half of the year and towards Value".
http://www.equityclock.com/2023/08/09/stock-market-outlook-for-august-10-2023/
Technical Notes
Platinum ETN $PPLT moved below $82.44 extending an intermediate downtrend.
Natural Gas ETN $UNG moved above $7.83 completing a reverse Head & Shoulders pattern
ExxonMobil XOM moved above intermediate resistance at $109.14.
Cadence Design Systems $CDNS a NASDAQ 100 stock moved below support at $222.86.
TSX Energy iShares $XEG.TO moved above Cdn$16.24 extending an intermediate uptrend.
Canadian Natural Gas $CNQ.TO a TSX 60 stock moved above Cdn$82.17 to an all-time high extending an intermediate uptrend.
Regeneron $REGN a NASDAQ 100 stock moved above intermediate resistance at $794.00.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 9th 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 9th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 9th 2023
Green: Increase from previous day
Red: Decrease from previous day
Link offered by a valued provider
LOOK OUT BELOW! Market Breadth Indicators Signal Selling Phase | The Final Bar (08.08.23)
LOOK OUT BELOW! Market Breadth Indicators Signal Selling Phase | The Final Bar (08.08.23) - YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 1.40 to 58.80. It changed from Overbought to Neutral on a drop below 60.00. Daily trend remains down.
The long term Barometer added 0.60 to 65.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer slipped 0.44 to 56.39. It remains Neutral.
The long term Barometer added 2.20 to 55.95. 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
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