Equity Clock

Stock Market Outlook for August 9, 2021

While headlines point to a strong increase in payrolls for July, employment actually declined in this summer month, highlighting the influence of the seasonal adjustment factor.

 

 

 

*** 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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Norfolk Southern Corp. (NYSE:NSC) Seasonal Chart

Quarterhill Inc. (TSE:QTRH.TO) Seasonal Chart

AMERISAFE, Inc. (NASD:AMSF) Seasonal Chart

iShares Canadian Select Dividend Index ETF (TSE:XDV.TO) Seasonal Chart

Global Payments, Inc. (NYSE:GPN) Seasonal Chart

LyondellBasell Industries NV (NYSE:LYB) Seasonal Chart

J&J Snack Foods Corp. (NASD:JJSF) Seasonal Chart

TransGlobe Energy Corp. (NASD:TGA) Seasonal Chart

iShares Core US Growth ETF (NASD:IUSG) Seasonal Chart

Invesco QQQ Trust (NASD:QQQ) Seasonal Chart

Cheesecake Factory Inc. (NASD:CAKE) Seasonal Chart

iShares Equal Weight Banc & Lifeco ETF (TSE:CEW.TO) Seasonal Chart

Granite Construction Inc. (NYSE:GVA) Seasonal Chart

ASGN Inc. (NYSE:ASGN) Seasonal Chart

AutoWeb, Inc. (NASD:AUTO) Seasonal Chart

Rogers Communications, Inc. (NYSE:RCI) Seasonal Chart

iShares North American Tech ETF (NYSE:IGM) Seasonal Chart

ProShares Short 7-10 Year Treasury (NYSE:TBX) Seasonal Chart

 

 

The Markets

Stocks gained to end the week following a stronger than expected read on employment for the month of July.  The S&P 500 Index closed with a gain of just less than two tenths of one percent, supported by core-cyclical bets (energy, financials, industrials, materials) that have seen renewed buying demand in the past week and a half.  The benchmark remains supported in the short-term by its rising 20-day moving average, now at 4382, while intermediate support remains solid around the 50-day moving average at 4307.  While momentum indicators continue to negatively diverge from price, indicative of waning buying demand, positive trends across multiple timeframes remain intact.

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

• Weekly look at the large-cap benchmark
• US Nonfarm Payroll report; what is driving activity and how to take advantage
• Wages and the jitters being sent through the bond market following Friday’s report
• Canada Labour Force Survey

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Sentiment on Friday, as gauged by the put-call ratio, ended close to neutral at 0.95.

 

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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