Equity Clock

Stock Market Outlook for October 7, 2020

Stocks fall following the Trump tweet that was heard across Wall Street.

 

 

*** 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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Northern Trust Corp. (NASD:NTRS) Seasonal Chart

State Street Corp. (NYSE:STT) Seasonal Chart

Royal Caribbean Cruises (NYSE:RCL) Seasonal Chart

Questerre Energy Corp. (TSE:QEC.TO) Seasonal Chart

John B. Sanfilippo & Son, Inc. (NASD:JBSS) Seasonal Chart

Corridor Resources, Inc. (TSE:CDH.TO) Seasonal Chart

 

 

The Markets

Stocks dipped on Tuesday as investors were caught off-guard by headlines that Donald Trump has halted stimulus negotiations with the Democrats until after the election.  The S&P 500 Index shed 1.4%, closing back below its 50-day moving average.  The benchmark abruptly reversed a gain of close to seven-tenths of one percent seen directly ahead of the Trump tweet, which rejected a breakout that would have seen the benchmark move above resistance at 3425.  The dance around the 50-day moving average continues, but, as uncertainty grows, investors may be more prone to pinning their bets towards the 200-day, close to 3100.

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Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.84.

 

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

TSE Composite

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