Equity Clock

Stock Market Outlook for August 16, 2021

As volume in the equity market falls to the lowest level of the year, both the bulls and the bears are waiting for a catalyst.

 

 

*** 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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Belden Inc. (NYSE:BDC) Seasonal Chart

Balchem Corp. (NASD:BCPC) Seasonal Chart

First Financial Bancorp. (NASD:FFBC) Seasonal Chart

Healthcare Services Group, Inc. (NASD:HCSG) Seasonal Chart

LSI Industries, Inc. (NASD:LYTS) Seasonal Chart

Community Trust Bancorp, Inc. (NASD:CTBI) Seasonal Chart

Hancock Whitney Corp. (NASD:HWC) Seasonal Chart

Oppenheimer Small Cap Revenue ETF (AMEX:RWJ) Seasonal Chart

Southern Copper Corp. (NYSE:SCCO) Seasonal Chart

Garmin Ltd. (NASD:GRMN) Seasonal Chart

Titan Medical Inc. (TSE:TMD.TO) Seasonal Chart

Dick’s Sporting Goods Inc. (NYSE:DKS) Seasonal Chart

Global X Lithium ETF (NYSE:LIT) Seasonal Chart

 

 

The Markets

Stocks continued to grind on Friday with defensive sectors taking their turn on the leaderboard following push and pull amongst growth and value names in recent days/weeks.  The S&P 500 Index gained just over a tenth of one percent, remaining around the mid-point to the approximately 200-point trading range that it has been in all year.  Short-term support can be pegged at the rising 20-day moving average at 4404, while intermediate support is implied around the rising 50-day moving average at 4332.  Volume on the S&P 500 Index has seen the lowest level of the year for a non-holiday period, highlighting the lack of interest in the market at present while investors wait for a catalyst and/or step away from their desks to take vacations.  This has left buy programs in charge, creating these rather slight gyrations each day.  Staples, healthcare, utilities, and REITs were the leaders on the day, highlighting a defensive tilt to Friday’s action.

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

• Weekly look at the S&P 500 Index and the limits of the rising range than have supported the benchmark for months
• US Consumer Sentiment and the rise of COVID cases
• Interesting juncture for the bond market that has intermediate to long-term implications
• The Russell 2000 Small Cap ETF (IWM) and when we would seek to buy
• Test of the lower limit of the trading range for the Emerging Market ETF (EEM): The downside risk in the beleaguered area of the equity market

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Sentiment on Friday, as gauged by the put-call ratio, ended close to neutral at 0.93.

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

TSE Composite

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