Observations Commodity prices dropped sharply with strength in the U.S. Dollar Index. Ditto for commodity sensitive prices! Australian equity indices bucked the trend from world equity markets StockTwits Released Yesterday @EquityClock Technical action by S&P 500 stocks to 11:00: Bearish. 25 stocks broke intermediate support. 3 utility stocks broke resistance: $AEP $ED $PNW Editor’s Note: After 11:00 AM EDT, breakouts included HRL and breakdowns included NFLX, OKE, M, CTSH and SWKS. Notable among S&P 500 stocks breaking support: Energy: $APA $CVX $DVN $EOG $HAL $HES $MRO $NE $PXD $SLB. Energy ETF breakdowns: $XLE $OIH $FCG Caterpillar $CAT, a Dow Jones Industrial stock moved below $131.87 extending an intermediate downtrend. Eurozone ETF $EZU moved below $40.28 extending an intermediate downtrend. Ditto for Europe iShares $IEF. Emerging Markets iShares $EEM moved below $66.00 and $65.59 extending an intermediate downtrend. EAFE iShares $EFA moved below$66.00 and $65.59 extending an intermediate downtrend. Coal ETF $KOL moved below $15.33 extending an intermediate downtrend. More base metal stocks breaking down: $SCCO $BHP. Forest Product iShares $WOOD moved below $74.27 extending an intermediate downtrend. Palladium ETN $PALL moved below $81.93 extending an intermediate downtrend. Rogers Communications $RCI.B.CA, a TSX 60 stock moved above $68.00 extending an intermediate uptrend. Weakness in world equity markets triggered by a breakdown in Chinese stocks and ETFs $FXI Netflix $NFLX, one of the FAANG stocks moved below $329.00 extending an intermediate downtrend. Materials SPDRs $XLB moved below $57.14 extending an intermediate downtrend. TSX Energy ETF $XEG.CA moved below $12.28 completing a double top pattern. Related breakdown: $CVE.CA Uranium ETF $URA moved below $12.25 extending an intermediate downtrend. Related breakdown $CCJ $CCO.CA Short-term trend in #Oil stockpiles showing signs of bottoming at a time when drawdowns are typical. $USO $CL_F $XLE $XOP #Business Sales up 2.3% (NSA) in H1, while Inventories up 2.1%. Average gain for each: 1.4% and 2.0%, respectively. $MACRO $STUDY US Industrial Production down 1.4% in July, much better than the 2.8% decline that is average for the summer month. $MACRO #Economy Empire State Manufacturing Survey showing +22.2 (NSA) in August, firmly above +7.4 average for this time of year. $MACRO #Economy Total #Retail Trade down 0.7% (NSA) in July. Average is for no change in the month. $MACRO #Economy $XRT Trader’s Corner Equities and Related ETFs Daily Seasonal/Technical Equity Trends for August 15th 2018 Green: Increase from previous day Red: Decrease from previous day Commodities Daily Seasonal/Technical Commodities Trends for August 15th 2018 Green: Increase from previous day Red: Decrease from previous day Sectors Daily Seasonal/Technical Sector Trends for August 15th 2018 Green: Increase from previous day Red: Decrease from previous day S&P 500 Momentum Barometer The Barometer dropped 5.20 to 58.00 yesterday. It changed to Intermediate neutral from intermediate overbought and continues to trend down. TSX Momentum Barometer The Barometer dropped 2.27 to 45.23 yesterday. It remains intermediate neutral and trending down. 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