Equity Clock

Stock Market Outlook for February 22, 2021

S&P 500 Index showing reaction to the upper limit of its long-term rising trend channel.

 

 

 

*** 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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Charter Communications Inc. (NASD:CHTR) Seasonal Chart

Forrester Research, Inc. (NASD:FORR) Seasonal Chart

iShares U.S. Telecommunications ETF (NYSE:IYZ) Seasonal Chart

Vanguard FTSE Pacific ETF (NYSE:VPL) Seasonal Chart

Ford Motor Co. (NYSE:F) Seasonal Chart

ATS Automation Tooling Systems, Inc. (TSE:ATA.to) Seasonal Chart

Masimo Corp. (NASD:MASI) Seasonal Chart

Take-Two Interactive Software, Inc. (NASD:TTWO) Seasonal Chart

United States Cellular Corp. (NYSE:UZA) Seasonal Chart

Fidelity Corporate Bond ETF (AMEX:FCOR) Seasonal Chart

ProShares Ultra QQQ (NYSE:QLD) Seasonal Chart

 

 

The Markets

Stocks closed mixed on Friday as investors celebrated the one-year anniversary of the pre-pandemic peak for equity benchmarks in the US.  The S&P 500 Index closed lower by almost two-tenths of one percent, remaining within reach of the record highs charted at the start of the week.  Intermediate support remains solid at the rising 50-day moving average, while short-term support at the rising 20-day moving average provides a level for traders to shoot off of.  The benchmark is showing early indications of rolling over from the upper limit to its rising trend channel.  Trend channel support is now reaching towards the psychologically important 3900 level.  A move lower towards previous resistance, now support, at 3550 remains fair game in order to keep the intermediate path of higher-highs and higher-lows alive.  The week ahead is bound to be dominated by month-end portfolio reallocations, which could cause some gyrations as portfolio managers seek to close their books.

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

• Weekly look at the S&P 500 Index and the limits of its rising range
• A look at what the credit market is telling us on the one-year anniversary of the pre-pandemic equity market peak
• US Existing Home Sales
• Residential REITs
• Retail Sales in Canada

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Sentiment on Friday, as gauged by the put-call ratio, ended bullish at 0.75.

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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