Tech Talk for Thursday August 12th 2021

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.

U.S. equity index futures were quiet prior to release of the July Producer Price Index at 8:30 AM EDT. Consensus is an increase of 0.6% versus a gain of 1.0% in June. Excluding food and energy, consensus was a gain of 0.5% versus a gain of 1.0% in June.

eBay advanced $1.98 to $70.50 after reporting higher than consensus second quarter earnings. The company also expanded its share buyback program by $3 billion.

Earnings focus today is on Walt Disney.

Metro (MRU Cdn$62.93) is expected to open lower after reporting less than consensus second quarter revenues and earnings.

EquityClock's Daily Comment

Following is a link:

http://www.equityclock.com/2021/08/11/stock-market-outlook-for-august-12-2021/

Technical Notes released yesterday at

StockTwits.com@EquityClock

While the equity market shifts in an abnormal manner for this time of year, it is the abnormal rise in respiratory illnesses that has us concerned. equityclock.com/2021/08/10/… $STUDY $SPX #Economy #COVID

Consumer Staples SPDRs $XLP moved above $71.98 to an all-time high extending an intermediate uptrend.

NextEra Energy $NEE moved above $86.77 resuming an intermediate uptrend.

American International Group $AIG an S&P 100 stock moved above $53.75 extending an intermediate uptrend.

S&P/TSX REIT iShares $XRE.CA moved above $20.47 to an all-time high extending an intermediate uptrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 11th 2021

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for August 11th 2021

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 11th 2021

Green: Increase from previous day

Red: Decrease from previous day

All seasonality ratings are based on performance relative to the S&P 500 Index

Notes from uncommon SENSE Investor

Thank you to Mark Bunting and www.uncommonsenseinvestor.com for a link to the following comment:

S&P 500 index will hit 5,000 by end of 2022

Comments by Ed Yardeni:

S&P 500 Will Hit 5,000 By End of 2022. Here’s How. – Uncommon Sense Investor

Market Buzz

Greg Schnell discusses "The bizarre oil market". Following is a link:

https://www.youtube.com/watch?v=XIOs6MiirEw

Seasonality Chart of the Day

Emerging equity markets and related ETFs have a history on a real and relative basis (relative to the S&P 500 Index) of reaching a low this week and moving higher until at least the beginning of November and frequently to the end of January.

Technicals have started to recover. Notably, EEM units moved above their 20 day moving average yesterday and relative strength finally changed from Negative to at least Neutral.

S&P 500 Momentum Barometers

The intermediate term Barometer added 4.41 to 67.94 yesterday. It remains Overbought.

The long term Barometer gained 1.80 to 86.77 yesterday. It remains Extremely Overbought.

TSX Momentum Barometers

The intermediate term Barometer added 0.97 yesterday. It remains Neutral.

The long term Barometer added 1.93 to 71.98 yesterday. It remains Overbought.

Disclaimer: Seasonality 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