Pre-opening Comment for Thursday August 18th
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.
Index futures were virtually unchanged following release of the August Philly Fed report at 8:30 AM EDT. Consensus was a drop of 5.0 versus a decline of 12.3 in July. Actual was an increase of 6.2%
Cisco advanced $1.55 to $48.16 after reporting higher than consensus fiscal fourth quarter revenues and earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0011-10.png "clip_image001[1]")
Apple added $1.52 to $174.55 after announcing plans to launch new products on September 7th including the iPhone 14.
Kohl’s dropped $2.95 to $31.00 after reporting less than consensus second quarter revenues and earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/08/clip_image0031-9.png "clip_image003[1]")
Este Lauder declined $4.92 to $271.60 after reporting less than consensus fiscal fourth quarter results.
EquityClock’s Daily Comment
Headline reads “Waning demand and inventories that are out of control point to a consumer economy that threatens to bring upon a recession”.
http://www.equityclock.com/2022/08/17/stock-market-outlook-for-august-18-2022/
Technical Notes for yesterday
Loblaw Companies $L.TO a TSX 60 stock moved above $123.18 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 17th 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for August 17th 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 17th 2021
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Links from Mark Bunting and www.uncommonsenseinvestor.com
Five Reasons the Market Hasn’t Hit Bottom – Uncommon Sense Investor
Three Signals That Prove a New Bull Market for Stocks Has Begun – Uncommon Sense Investor
Market Buzz by Greg Schnell
Why Energy Investing Is So Hard | Greg Schnell, CMT | Market Buzz (08.17.22) – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer slipped 0.40 to 91.60 yesterday. It remains Overbought.
The long term Barometer dropped 2.80 to 48.40 yesterday. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer dropped 5.04 to 68.49 yesterday. It remains Overbought and showing early short term signs of rolling over.
The long term Barometer was unchanged at 48.22 yesterday. It remains Neutral.
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
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August 18th, 2022 at 9:10 am
AAPL – Amazing recovery to just over 4% from the Jan 2022 high. The speed of the advance was so fast that if it continued at the same pace you could make a new high with the 50 day maybe still under the 200 day MA. Overbought though.
August 18th, 2022 at 10:40 am
Energy – XLE has cleared resistance at 78.66 with a lot of room on the chart to move higher. Refer also to XOP
CNQ – It will complete a H&S bottom with a neck-line break at 72.87 again with a lot of room on the chart all the way up to the highs at 87.
TOU – Cup and handle formation close to its’ high
AAV – Pennies away from new high
I think you will find a lot of bullish chart formation on many energy stocks
Nat gas again making new highs and oil moving higher.
August 18th, 2022 at 6:58 pm
Ron/BC,
Re #6. Yesterday.
I wrote XGD off some time back but, based on your excellent chart, it seems to deserve consideration. When I compare the stocks in XGD with GDX, there is a higher weighting in NEM and ABX and other “large” cap companies in XGD. I think I have done this comparison before and it led me to consider NEM, which would have the most influence on XGD at an almost 19% weighting. The dividend yield is almost 5% if you happen to own it when it goes x-dividend (probably not worth that being an important consideration). I’m sure we have had this discussion before b/c I have an old NEM chart of yours. Look at that drop:
https://schrts.co/MyZeIfFQ
August 18th, 2022 at 7:09 pm
Re $WTIC,
I read a report by Bob Yawger, a sometime guest on BNN. He pointed out that if $WTIC falls below this level being tested ~ $87, there is no support until $62.43 So I looked at a chart and drew the line. It bounced today but still facing lots of resistance:
https://testresearch6.td.com/tdwca/Public/Stocks/News/ca/CPG
“Crude Oil, Yawger noted, was down 2.89% versus 86.83 as of 11:39 am, and traded to a new six month low of 86.69 in the past few minutes [the note came in about 1.30pm ET]. He said” “As I mentioned in the past few afternoon reports, Crude Oil is staring at the abyss here, with no obvious support level until the 62.43 previous wave low from December 2.” He noted crude Oil had already traded below all moving averages and the retracements. The market extended the downward spiral today after the European Union declared that Iran’s response to the blueprint for reviving the 2015 deal was constructive. The prospect of new Iranian barrels hitting the global market, comes just as Saudi Aramco announced plans to increase production, and EIA Crude Oil storage hits the highest levels since December. The Iranian barrels also threaten to hit the market just as the Chinese economy shows significant demand destruction from the country’s Zero Covid policy. Yawger noted WTI Crude Oil RSI was 35.96, implying there is still room to roam to the downside before the market trades to RSI oversold levels below 30.0.”
https://schrts.co/usMcQFDZ