Equity Clock

Stock Market Outlook for August 6, 2021

Traders starting to nibble at Airline stocks around a significant zone of support.

 

 

 

*** 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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United Airlines Holdings Inc. (NASD:UAL) Seasonal Chart

Nelnet Inc. (NYSE:NNI) Seasonal Chart

Aerie Pharmaceuticals, Inc. (NASD:AERI) Seasonal Chart

Actuant Corp. (NYSE:EPAC) Seasonal Chart

VictoryShares US EQ Income Enhanced Volatility Wtd ETF (NASD:CDC) Seasonal Chart

Direxion Daily CSI 300 China A Share Bull 2x Shares (AMEX:CHAU) Seasonal Chart

First Trust High Income ETF (NASD:FTHI) Seasonal Chart

VanEck Vectors ChinaAMC A-Share ETF (NYSE:PEK) Seasonal Chart

Teucrium Soybean Fund (NYSE:SOYB) Seasonal Chart

 

 

The Markets

Stocks ticked higher ahead of the release of the monthly payroll report on Friday with the S&P 500 Index gaining six-tenths of one percent on the day.  The benchmark continues to hold short-term support at the rising 20-day moving average, now hovering at 4379.  The short-term trading range between 4373 and 4430 remains intact into Friday’s payroll print, but, clearly, the upper limit to the range is being threatened.  The resolution to the range, whether it be higher or lower, projects an almost 60-point move in the direction of the break. 

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

• The bounce in Airline stocks from a zone of significant support
• The breakout of stocks in the Investment Services industry and how to play it
• Weekly jobless claims and the health of the labor market
• A look at what to expect for July’s Nonfarm Payroll report
• Natural gas inventories and the fundamental backdrop for the commodity heading into its period of seasonal strength
• US Vehicle Sales and auto industry stocks

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Sentiment on Thursday, as gauged by the put-call ratio, ended bullish at 0.82.

 

 

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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