Stock Market Outlook for January 10, 2023
*** 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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iShrs Core MSCI US Quality Dividend Index ETF (TSE:XDU.TO) Seasonal Chart
BMO Low Volatility US Equity Hedged to CAD ETF (TSE:ZLH.TO) Seasonal Chart
ONE Gas Inc. (NYSE:OGS) Seasonal Chart
Atmos Energy Corp. (NYSE:ATO) Seasonal Chart
Power Corp. Of Canada (TSE:POW.TO) Seasonal Chart
CVS Health Corp. (NYSE:CVS) Seasonal Chart
Colgate-Palmolive Co. (NYSE:CL) Seasonal Chart
The Markets
Stocks failed to sustain follow-through from Friday’s strength as comments from Atlanta’s Fed President Raphael Bostic poured cold water on the prospect of the easing of monetary policy following recent indications from the services sector that it is in contraction. The S&P 500 Index closed down by just less than a tenth of one percent, unable to hold a breakout above horizontal resistance at 3900 that was achieved intraday. The horizontal hurdle also aligns with 50, 100, and 150-day moving averages in what remains a highly pivotal hurdle for the benchmark to contend with over the short to intermediate-term. The more formidable hurdle is declining trendline resistance that now hovers around 4000. MACD has crossed back above its signal line as of the end of last week, providing a buy signal, but the longer-term path of the benchmark suggests that this may not be the low-risk buy opportunity that has been seen in the past when stocks have rebounded from the lows.
Today, in our Market Outlook to subscribers, we discuss the following:
- Growth ETF bouncing from support, Value ETF showing rejection around resistance
- Bond ETFs continue to show enticing price action
- Gold
- Upgrades and downgrades in this week’s chart books
- International equity ETFs
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Important Updates:
We have been busy since the start of the year updating the charts in our database to incorporate the data from the year just past. We are pleased to announce that all charts have now been updated, along with the downloads for each stock available at the bottom of each profile. Our optimal holding period updates, which is a much more exhaustive calculation, will take a couple more weeks and will be announced when complete. In the meantime, three of the four download files available to Yearly subscribers have been updated (Commodities, Forex, and Industries), while the Exchange Listed Securities file, as alluded to, is still pending. Note that while the links to these files may have changed, the decryption password remains the same (listed on the Download page). Enjoy!
Sentiment on Monday, as gauged by the put-call ratio, ended bullish at 0.88.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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