Stock Market Outlook for April 25, 2023
As the US Dollar Index nears a pivotal point on the chart, scrutiny of its direction is vitally important to gauge the direction of stocks moving forward.
*** 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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OGE Energy Corp. (NYSE:OGE) Seasonal Chart
Genesis Energy L P (NYSE:GEL) Seasonal Chart
Westport Fuel Systems Inc. (NASD:WPRT) Seasonal Chart
Eaton Vance Enhanced Equity Income Fund (NYSE:EOI) Seasonal Chart
The Markets
Stocks closed around the flat-line on Monday as investors hold the tape steady ahead of the release of major earnings reports in the week ahead. The S&P 500 Index added just less than a tenth of one percent, again remaining in the range of overhead resistance between 4100 and 4200. Momentum indicators continue to show signs of struggle with MACD on the verge of triggering a sell signal. The technicals are certainly not providing the enticement to add or be aggressive in risk (stocks) at this point as we near the average peak to the best six months of the year trend for stocks at the start of May. Major moving averages below in the range of 4050 to 4150 are in a position to support the benchmark upon a downside retracement and it would take a move below the December low at 3764 to suggest negative intermediate implications spanning months into the future. Until then, the market is seeking some kind of catalyst to dictate direction, whether it be higher or lower, but with the macro fundamental degradation that remains ongoing, the technicals that are failing to suggest anything particularly upbeat, and the end of the period of seasonal strength in just days from now, it is difficult to be biased towards an upside surprise at this point.
Today, in our Market Outlook to subscribers, we discuss the following:
- Waning downside momentum of the US Dollar Index at a significant pivot point
- Weekly chart books update: Find out what groups have been added to our list of areas of the market to Accumulate and those to Avoid
- Our list of all segments of the market to either Accumulate or Avoid
- Questionable momentum among Chinese equities
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- Cryptocurrencies
- Commodities
- Major Benchmarks
- Sub-sectors / Industries
- ETFs: Bonds | Commodities | Equity Markets | Industries | Sectors
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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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