Tech Talk for Tuesday August 13th 2024

U.S. equity index futures were higher this morning. S&P 500 futures were up 33 points at 8:35 AM EDT

S&P 500 futures gained 14 points following release of the U.S. July Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 0.2% in June. Actual was an increase of 0.1%. On a year-over-year basis, consensus was an increase of 2.3% versus a gain of 2.6% in June. Actual was a 2.2% gain. Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.4% in June. Actual was no change. On a year-over-year basis, consensus was an increase of 2.7% versus a gain of 3.0% in June. Actual was a 2.4% gain.

Home Depot dropped $8.46 to $337.35 after offering a third quarter outlook below consensus.

Hudbay Minerals is expected to open lower after reporting a wider second quarter loss.

PACS Group gained $2.68 to $35.03after offering an upbeat outlook for the remainder of 2024

Starbucks gained $11.00 to $88.03 after announcing a change in Chief Executive Officer

Equity Clock – Market Outlook for August 13, 2024

Technology sector testing rising trendline support, presenting a make or break point to the strength of the rising intermediate-term trend of the broader equity market. See:

https://equityclock.com/2024/08/12/stock-market-outlook-for-august-13-2024/

Technical Notes

Brazil iShares $EWZ moved above $29.41 completing a double bottom pattern.

Cisco $CSCO a Dow Jones Industrial Average stock moved below $44.57 extending an intermediate downtrend.

Dollar General $DG a NASDAQ 100 stock moved below $115.98 extending an intermediate downtrend.

Warner Brothers Discovery $WBD a NASDAQ 100 stock moved below $6.73 to a 14 year low extending an intermediate downtrend.

BMO Equal Weight Canadian Oil & Gas ETF $ZEO.TO moved above Cdn$72.90 to an all-time high extending an intermediate uptrend.

Strength was led by Imperial Oil $IMO.TO a TSX 60 stock on a move above $101.00 to an all-time high extending an intermediate uptrend.

Shopify $SHOP.TO a TSX 60 stock moved above intermediate resistance at Cdn$95.76.

Bank of Nova Scotia $BNS.TO a TSX 60 stock moved below Cdn$60.62 following news of its purchase of a 14.9% interest in Keycorp for $2.8 billion.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August12th 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 12th 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August12th 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Profit Like the PROS By Timing Your Entry Points: David Keller

Profit Like the PROS By Timing Your Entry Points - YouTube

Not much room from banks to grow in Canada: Schwartz

Not much room from banks to grow in Canada: Schwartz - YouTube

TSX vs. U.S. stocks, where to invest? Ross Healy

TSX vs. U.S. stocks, where to invest? - YouTube

Volatility could push gold to $3,000 per ounce: Strategist

Volatility could push gold to $3,000 per ounce: Strategist - YouTube

Stock market bounce, seasonality, cycles, and optimal trading strategy

Stock market bounce, seasonality, cycles, and optimal trading strategy - YouTube

Chart of the Day: iShares Gold Bullion (CGL.TO)

Seasonal influences are positive to Oct.15th. See:

https://charts.equityclock.com/ishares-gold-bullion-etf-tsecgl-to-seasonal-chart

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 4.00 to 54.00. It remains Neutral.

The long term Barometer dropped 2.20 to 66.20. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 3.10 to 53.98. It remains Neutral.

The long term Barometer added 1.33 to 71.68. It remains Overbought.

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