Stock Market Outlook for August 16, 2023
Consumers are becoming increasingly discerning and this is starting to take a toll on retail sales and inventories.
*** 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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Mettler Toledo Intl, Inc. (NYSE:MTD) Seasonal Chart
Ross Stores, Inc. (NASD:ROST) Seasonal Chart
Dick’s Sporting Goods Inc. (NYSE:DKS) Seasonal Chart
Silicon Laboratories, Inc. (NASD:SLAB) Seasonal Chart
Primoris Services Corp. (NASD:PRIM) Seasonal Chart
Orix Corp. (NYSE:IX) Seasonal Chart
iShares MSCI Global Energy Producers ETF (AMEX:FILL) Seasonal Chart
iShares Currency Hedged MSCI ACWI ex U.S. ETF (AMEX:HAWX) Seasonal Chart
The Markets
Stocks dropped on Tuesday following the release of various datapoints that provided indication of a weakening trajectory of the global economy as we progress through the back half of the year. The S&P 500 Index ended the day down by over one percent, once again intersecting with intermediate support at its rising 50-day moving average at 4446. A definitive break of this hurdle opens the door to the 100-day moving average, now at 4284, but, as has been noted in previous reports, levels all the way down to 4200 are fair game as part of this period of volatility/weakness for stocks. Resistance remains confirmed at the declining 20-day moving average at 4522. The Relative Strength Index (RSI) has slipped below its middle line, struggling to hold characteristics of a bullish trend that had been rather persistent during the bull market run that stems from the October low. Aside from a near-term bounce to test previous support, now resistance, at the 20-day moving average, there is very little to be enticed by the risk exposure that stocks present within this period of volatility for the market that encompasses the months of August and September.
Today, in our Market Outlook to subscribers, we discuss the following:
- US Retail Sales
- Retailer Inventories
- Empire State manufacturer sentiment
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Sentiment on Tuesday, as gauged by the put-call ratio, ended bearish at 1.05.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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