Stock Market Outlook for February 17, 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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WisdomTree CBOE S&P 500 PutWrite Strategy Fund (AMEX:PUTW) Seasonal Chart
iShares Canadian HYBrid Corporate Bond Index ETF (TSE:XHB.TO) Seasonal Chart
Vanguard Intermediate-Term Government Bond ETF (NASD:VGIT) Seasonal Chart
Schwab US Aggregate Bond ETF (NYSE:SCHZ) Seasonal Chart
Invesco S&P 500 Equal Weight Utilities ETF (NYSE:RYU) Seasonal Chart
Kellogg Co. (NYSE:K) Seasonal Chart
SPDR Barclays High Yield Bond ETF (NYSE:JNK) Seasonal Chart
iShares Global Real Estate Index ETF (TSE:CGR.TO) Seasonal Chart
Farmland Partners Inc. (NYSE:FPI) Seasonal Chart
Fifth Third Bancorp (NASD:FITBI) Seasonal Chart
Public Service Enterprise (NYSE:PEG) Seasonal Chart
Rogers Corp. (NYSE:ROG) Seasonal Chart
Allete Inc. (NYSE:ALE) Seasonal Chart
Wayfair Inc. (NYSE:W) Seasonal Chart
The Markets
Stocks remained in their recent consolidation range as another report on inflationary pressures in the economy pointed to the fact that the unwanted increase in the cost of living has yet to go away. The S&P 500 Index closed down by 1.38%, once again reaching back to short-term support at the 20-day moving average at 4088. Consolidation around the 4100 level continues, resulting in a coiling on the chart that is likely to provide an explosive move, either higher or lower, in the days ahead. A congestion of support around major moving averages at the 50, 100, and 200-day between 3900 and 4000 remain in a position to catch this market should it fall. Seasonal norms point to weakness for the large-cap benchmark between now and the start of March before stocks gain a footing for the runup to the Investment Retirement Account (IRA) contribution deadline in April. MACD remains on a sell signal following Friday’s bearish crossover and a divergence compared to price can be seen, signalling waning buying pressures following the rally in the market over the past four months.
Today, in our Market Outlook to subscribers, we discuss the following:
- Major equity benchmarks continue to struggle at last year’s breakdown points
- Investor sentiment pulling back as stocks stall
- Weekly Jobless Claims and the health of the labor market
- Philadelphia Fed Business Outlook Survey
- Producer Price Index (PPI)
- US Housing Starts
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for February 17
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Sentiment on Thursday, as gauged by the put-call ratio, ended bullish at 0.90.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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