Stock Market Outlook for April 18, 2023
Manufacturer sentiment in the New York region showed a shocking and abrupt rebound for April, raising questions as to how imminent an economic recession may be.
*** 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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SiteOne Landscape Supply, Inc. (NYSE:SITE) Seasonal Chart
Barclays ETN+ Shiller CAPE Index ETN (AMEX:CAPE) Seasonal Chart
HealthEquity, Inc. (NASD:HQY) Seasonal Chart
Johnson & Johnson (NYSE:JNJ) Seasonal Chart
ServiceNow, Inc. (NYSE:NOW) Seasonal Chart
Northwest Pipe Co. (NASD:NWPX) Seasonal Chart
Meridian Bioscience Inc. (NASD:VIVO) Seasonal Chart
The Markets
Stocks drifted higher to start the week as market participants anticipate an upbeat earnings season now that the bar has been lowered amidst talk of recession over the past few months. The S&P 500 Index closed higher by a third of one percent, remaining within the range of resistance between 4100 and 4200. Momentum continues to struggle as investors wait for a catalyst to fuel a break, one way or the other. Major moving averages are gradually developing a positive slope, attempting to move beyond the declining trajectory of the past year. The confluence of major moving averages can be seen between 3950 to 4050, providing a point of short-term support below as the market nears the seasonal transition point from risk-on to risk-off plays.
Today, in our Market Outlook to subscribers, we discuss the following:
- Empire State Manufacturing Index
- REITs
- Upgrades and downgrades in this week’s chart books
- The overarching theme that remains prevalent across the charts
- Upside exhaustion in the price of Gold
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Sentiment on Monday, according to the put-call ratio, ended bearish at 1.08.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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