Tech Talk for Wednesday August 14th 2024
U.S. equity index futures were mixed this morning. S&P 500 futures were down 4 points at 8:35 AM EDT
The S&P 500 Index dropped 8 points following release of the July U.S. Consumer Price Index at 8:30 AM EDT. Consensus was a 0.2% increase versus a decline of 0.1% in June. Actual was a 0.2% increase. On a year-over-year basis, July CPI was expected to increase 3.0% versus a 3.0% increase in June. Actual was a 2.9% increase. Excluding food and energy, July CPI is expected to increase 0.2% versus a gain of 0.1% in June. Actual was a 0.2% gain. Excluding food and energy, July core CPI was expected to increase 3.2% versus a gain of 3.3% in June. Actual was a 3.2% gain.
Kellanova advanced $6.05 to $80.59 after Mars offered to purchase the company at $83.50 per share. Value of the cash offer is estimated at $36 billion.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0011-7.png "clip_image001[1]")
Brinker International dropped $11.05 to $59.35 after reporting less than consensus quarterly results.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0021-6.png "clip_image002[1]")
Victoria's Secret advanced $2.82 to $21.89 after hiring a new Chief Executive Officer.
EquityClocks's stock market outlook for August 14th
Managed money is ramping up their short allocation in intermediate treasury bond futures back toward an all-time record. See:
https://equityclock.com/2024/08/13/stock-market-outlook-for-august-14-2024/
Technical Notes
Starbucks $SBUX a Dow Jones Industrial Average stock moved above $83.43 completing a double bottom pattern.
Intuitive Surgical $ISRG a NASDAQ 100 stock moved above $468.87 to an all-time high extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August13th 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 13th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August13th 2024
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0025-3.png "clip_image002[5]")
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Why Bonds and Gold Are Outperforming Stocks: David Keller
https://www.youtube.com/watch?v=wHbPp7PeT7A
Stocks Rally Off Inflation Report: Guy Adami and Dan Nathan
https://www.youtube.com/watch?v=ng7Oagyja-0
S&P 500 Momentum Barometers
The intermediate term Barometer advanced 5.00 to 59.00. It remains Neutral. Daily trend is up.
The long term Barometer added 3.60 to 69.80. It remains Overbought. Daily trend is up.
TSX Momentum Barometers
The intermediate term Barometer added 4.87 to 58.85. It remains Neutral.
![clip_image010[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0101.png "clip_image010[1]")
The long term Barometer added 3.60 to 69.80. It remains Overbought. Daily trend is up.
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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