Stock Market Outlook for February 14, 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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Molson Coors Brewing Co. (NYSE:TAP) Seasonal Chart
Thomson Reuters Corp. (TSE:TRI.TO) Seasonal Chart
Mercury General Corp. (NYSE:MCY) Seasonal Chart
Limoneira Co. (NASD:LMNR) Seasonal Chart
Forrester Research, Inc. (NASD:FORR) Seasonal Chart
Canadian Tire Corp, Ltd. (TSE:CTC/A.TO) Seasonal Chart
WisdomTree Europe Hedged Equity Fund (NYSE:HEDJ) Seasonal Chart
iShares International Developed Property ETF (NYSE:WPS) Seasonal Chart
The Markets
Stocks closed higher to start the week as investors brace for the latest read of inflationary pressures scheduled to be released on Tuesday by way of the Consumer Price Index (CPI). The S&P 500 Index ended with a gain of 1.14%, continuing to bounce from the rising 20-day moving average that was tested as support on Friday. The consolidation around the 4100 pivot point continues, providing enough food for thought to the bulls and the bears to maintain their conviction into the important economic data points ahead. Below the rising 20-day moving average, a cloud of moving averages between 3900 and 4000 are in a position to support a retracement, as is normal from a seasonal perspective through the remainder of February. MACD triggered a fresh sell signal on Friday with a cross below its signal line, charting a divergence versus price, a signal of waning buying demand. MACD has yet to achieve a higher-high since August, but a lower-low has similarly been absent, conducive to this neutral state that the benchmark remains.
Today, in our Market Outlook to subscribers, we discuss the following:
- A look at gauges of risk sentiment in the market
- The rebound in the Volatility Index above an important level of resistance
- Bull-flag pattern on the chart of the US Dollar Index
- Rating changes in this week’s chart books: Find out what directional bets we are placing this week, both bearish and bullish
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Sentiment on Monday, as gauged by the put-call ratio, ended bullish at 0.94.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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