Equity Clock

Stock Market Outlook for August 10, 2021

US Dollar has turned higher, presenting a headwind to this favoured seasonal trade for the third quarter.

 

 

 

*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.   As always, the use of technical and fundamental analysis is encouraged in order to fine tune entry and exit points to average seasonal trends.

Stocks Entering Period of Seasonal Strength Today:

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NVIDIA Corp. (NASD:NVDA) Seasonal Chart

CACI Intl, Inc. (NYSE:CACI) Seasonal Chart

Build-A-Bear Workshop Inc (NYSE:BBW) Seasonal Chart

Pacific Premier Bancorp, Inc. (NASD:PPBI) Seasonal Chart

TransGlobe Energy Corp. (TSE:TGL.TO) Seasonal Chart

WisdomTree Bloomberg US Dollar Bullish Fund (AMEX:USDU) Seasonal Chart

ProShares Ultra FTSE China 50 (NYSE:XPP) Seasonal Chart

 

 

The Markets

Stocks closed essentially unchanged on Monday as a bid in the market remained embedded following Friday’s strong payroll report for the month of July.  The S&P 500 Index closed lower by a tenth of one percent, remaining within arm’s reach of all-time highs.  Short-term support remains intact at the rising 20-day moving average at 4385, while intermediate support at the rising 50-day moving average remains firm at 4312.  This intermediate hurdle has defined the downside risk on each short-term pullback over the past three months and it continues to be the point that investors are looking towards to buy the dip.  The hurdle closely follows the lower limit to the intermediate rising range, which can be pegged between 4325 and 4525.  RSI and MACD continue to negatively diverge from price, indicating waning buying demand and possibly setting up for the next short-term pullback ahead.

Want to know which areas of the market to buy or sell?  Our Weekly Chart Books have just been updated, providing a clear Accumulate, Avoid, or Neutral rating for currencies, cryptocurrencies, commodities, broad markets, and subsectors/industries of the market.  Subscribers can login and click on the relevant links to access.

• Currencies
• Cryptocurrencies
• Commodities
• Major Benchmarks
• Sub-sectors / Industries

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Today, in our Market Outlook to subscribers, we discuss the following:

• The shift in the trend of the US Dollar and the headwind for risk assets
• Notable changes in this weeks chart books: Find out what has been upgraded and what has been downgraded
• US Wholesale Inventories and Sales
• The seasonal trade in the agriculture sector and the sub-group that is just taking off

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Sentiment on Monday, as gauged by the put-call ratio, ended bullish at 0.86.

 

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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