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Stock Market Outlook for August 8, 2024

Data continues to confirm that the economy is within decline.

Real Time Economic Calendar provided by Investing.com.

 

 

*** 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:

Subscribers Click on the relevant link to view the full profile. Not a subscriber? Signup here.

Mawson Gold Limited (TSE:MAW.TO) Seasonal Chart

Mawson Gold Limited (TSE:MAW.TO) Seasonal Chart

Reviva Pharmaceuticals Holdings Inc. (NASD:RVPH) Seasonal Chart

Reviva Pharmaceuticals Holdings Inc. (NASD:RVPH) Seasonal Chart

Reinsurance Group of America (NYSE:RGA) Seasonal Chart

Reinsurance Group of America (NYSE:RGA) Seasonal Chart

Invesco S&P 500 BuyWrite ETF (NYSE:PBP) Seasonal Chart

Invesco S&P 500 BuyWrite ETF (NYSE:PBP) Seasonal Chart

United States Copper Fund (AMEX:CPER) Seasonal Chart

United States Copper Fund (AMEX:CPER) Seasonal Chart

iShares Core S&P/TSX Composite High Dividend Index ETF (TSE:XEI.TO) Seasonal Chart

iShares Core S&P/TSX Composite High Dividend Index ETF (TSE:XEI.TO) Seasonal Chart

Saga Communications, Inc. (NASD:SGA) Seasonal Chart

Saga Communications, Inc. (NASD:SGA) Seasonal Chart

 

The Markets

Stocks reversed early gains on Wednesday as the rally attempt following recent pronounced weakness sputters.  The S&P 500 Index closed with a loss of just over three-quarters of one percent, remaining capped below Monday’s downside gap and the 100-day moving average around 5308.  A test of the now declining 50-day moving average (5445) has yet to be achieved and cannot be ruled out before the next pronounced downleg is revealed.  The intermediate-term trend, which is of greatest importance to us in our seasonal approach, is under threat, giving the edge to further weakness through the period of volatility for stocks that spans the third quarter. MACD on the daily chart has fallen to the lowest level since October of 2022, the month that started the recent intermediate-term bull market run; gradually, the adoption of characteristics of a bearish trend can be seen.  Levels around the April lows (~4960) warrant heightened scrutiny given that a break of this zone would confirm the end to the path of higher-highs and higher-lows that has been intact for the past 21 months.  As we have been emphasizing, defensive assets and volatility hedges are certainly preferred at this time of year (see our list of Accumulate candidates that are showing price action conducive to adding to portfolios).

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

  • US Vehicle Sales
  • US Petroleum Demand and Supply, along with our view of stocks in the energy sector
  • US International Trade in Goods

Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for August 8

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Sentiment on Wednesday, as gauged by the put-call ratio, ended bearish at 1.06.

 

 

Seasonal charts of companies reporting earnings today:

Eli Lilly and Company Seasonal Chart Gilead Sciences, Inc. Seasonal Chart Petroleo Brasileiro S.A.- Petrobras Seasonal Chart Brookfield Corporation Seasonal Chart Parker-Hannifin Corporation Seasonal Chart CRH PLC Seasonal Chart The Trade Desk, Inc. Seasonal Chart Cheniere Energy, Inc. Seasonal Chart Martin Marietta Materials, Inc. Seasonal Chart Vistra Corp. Seasonal Chart Take-Two Interactive Software, Inc. Seasonal Chart Restaurant Brands International Inc. Seasonal Chart Pembina Pipeline Corp. Seasonal Chart TKO Group Holdings, Inc. Seasonal Chart Liberty Media Corporation Seasonal Chart Liberty Media Corporation Seasonal Chart Expedia Group, Inc. Seasonal Chart Credicorp Ltd. Seasonal Chart News Corporation Seasonal Chart Paramount Global Seasonal Chart News Corporation Seasonal Chart NRG Energy, Inc. Seasonal Chart Akamai Technologies, Inc. Seasonal Chart Insulet Corporation Seasonal Chart Viatris Inc. Seasonal Chart US Foods Holding Corp. Seasonal Chart Natera, Inc. Seasonal Chart Suzano S.A. Seasonal Chart EPAM Systems, Inc. Seasonal Chart Advanced Drainage Systems, Inc. Seasonal Chart Lamar Advertising Company Seasonal Chart Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp Seasonal Chart Insmed Incorporated Seasonal Chart e.l.f. Beauty, Inc. Seasonal Chart CyberArk Software Ltd. Seasonal Chart Liberty Broadband Corporation Seasonal Chart Americold Realty Trust, Inc. Seasonal Chart Onto Innovation Inc. Seasonal Chart BanColombia S.A. Seasonal Chart

 

S&P 500 Index

 

TSE Composite

 

 

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