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Stock Market Outlook for April 20, 2023

Doubt pertaining to the demand backdrop in the energy market has led to the break of the trend of crack spreads, threatening our lone Accumulate candidate in the energy sector.

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*** 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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Apartment Investment and Management Co. (NYSE:AIV) Seasonal Chart

Apartment Investment and Management Co. (NYSE:AIV) Seasonal Chart

Green Dot Corp. (NYSE:GDOT) Seasonal Chart

Green Dot Corp. (NYSE:GDOT) Seasonal Chart

BeiGene, Ltd. (NASD:BGNE) Seasonal Chart

BeiGene, Ltd. (NASD:BGNE) Seasonal Chart



The Markets

Stocks held around the flat-line on Wednesday as investors digest the earnings that have been released and anticipate the onslaught of results through the days ahead.  The S&P 500 Index was essentially unchanged, remaining stuck in this range of resistance between 4100 and 4200.  Momentum continues to struggle as the benchmark battles this overhead supply, leading to the ongoing contraction in the MACD histogram as the technical indicator converges on its signal line.  The market is in need of a catalyst, whether it be positive or negative, in order to entice traders to take a position one way or the other.  Until then, investors continue to sit on the fence given the fundamental uncertainties that are ongoing and as core-cyclical sectors struggle just below their year-to-date highs.  The bulls have much to prove, but there is not enough, yet, technically to suggest abandoning risk, outright, as the market nears closer to the end of the best six months for stocks that peaks at the end of April/start of May.

Today, in our Market Outlook to subscribers, we discuss the following:

  • The decline in shipping volumes and expenditures for March
  • The fundamental state of the energy market
  • The break of trend of crack spreads and the implications for our lone Accumulate candidate that is left in the energy sector

Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for April 20

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Sentiment on Wednesday, as gauged by the put-call ratio, ended bearish at 1.03.


Seasonal charts of companies reporting earnings today:

Taiwan Semiconductor Manufacturing Company Ltd. Seasonal Chart Philip Morris International Inc Seasonal Chart AT&T Inc. Seasonal Chart American Express Company Seasonal Chart Union Pacific Corporation Seasonal Chart Marsh & McLennan Companies, Inc. Seasonal Chart Blackstone Inc. Seasonal Chart CSX Corporation Seasonal Chart Truist Financial Corporation Seasonal Chart Nucor Corporation Seasonal Chart D.R. Horton, Inc. Seasonal Chart PPG Industries, Inc. Seasonal Chart Nokia Corporation Seasonal Chart Genuine Parts Company Seasonal Chart Fifth Third Bancorp Seasonal Chart Huntington Bancshares Incorporated Seasonal Chart W.R. Berkley Corporation Seasonal Chart Seagate Technology Holdings PLC Seasonal Chart Pool Corporation Seasonal Chart Snap-On Incorporated Seasonal Chart Watsco, Inc. Seasonal Chart KeyCorp Seasonal Chart Knight Transportation, Inc. Seasonal Chart SEI Investments Company Seasonal Chart East West Bancorp, Inc. Seasonal Chart Iridium Communications Inc Seasonal Chart Webster Financial Corporation Seasonal Chart AutoNation, Inc. Seasonal Chart Valmont Industries, Inc. Seasonal Chart Comerica Incorporated Seasonal Chart Alaska Air Group, Inc. Seasonal Chart Synovus Financial Corp. Seasonal Chart Home BancShares, Inc. Seasonal Chart Glacier Bancorp, Inc. Seasonal Chart Bank OZK Seasonal Chart ManpowerGroup Seasonal Chart Virtu Financial, Inc. Seasonal Chart Badger Meter, Inc. Seasonal Chart Herc Holdings Inc. Seasonal Chart Associated Banc-Corp Seasonal Chart Texas Capital Bancshares, Inc. Seasonal Chart Cathay General Bancorp Seasonal Chart First Financial Bancorp. Seasonal Chart


S&P 500 Index


TSE Composite


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