Stock Market Outlook for April 24, 2023
Investors continue to shy away from core-cyclicals and are favoring defense.
*** 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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Edgewell Personal Care Co. (NYSE:EPC) Seasonal Chart
Artivion, Inc. (NYSE:AORT) Seasonal Chart
Thermo Fisher Scientific Inc. (NYSE:TMO) Seasonal Chart
IDT Corp. (NYSE:IDT) Seasonal Chart
Atlassian Corp. (NASD:TEAM) Seasonal Chart
Meta Platforms, Inc. (NASD:META) Seasonal Chart
The Markets
Stocks were little changed to end the week as investors continue to digest the release of earnings reports for the first quarter. The S&P 500 Index closed higher by just less than a tenth of one percent, remaining stuck below horizontal resistance between 4100 and 4200. Momentum indicators are showing early signs of rolling over with MACD on the precipice of recording a sell signal given the convergence with its signal line. The bearish MACD crossover, if confirmed, would be recorded at a lower level than the bearish cross that preceded it, effectively charting a divergence versus price that has been apparent throughout the best six months for stocks that started in October. This can be a leading indication of a similar move in price ahead. Moving averages remain in a position of support below, including the 200-day, which has been sloped higher through the course of the month of April. The long-term hurdle currently hovers around 3950, providing a critical level for the bulls to hold if they intend to keep any kind of bullish momentum alive.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly look at the large-cap benchmark
- The cap to core-cyclical sectors of the market
- Declining trend of Forward EPS
- Central bank liquidity
- A review of our forecasted direction for stocks ahead
- Canada Retail Sales
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Sentiment on Friday, as gauged by the put-call ratio, ended bullish at 0.93.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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