Equity Clock

Stock Market Outlook for March 9, 2021

We’ve just upgraded the TSX Composite from Neutral to Accumulate in our weekly chart books given the improvement in the trend of relative performance.

 

 

 

*** 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:

Subscribers – Click on the relevant link to view the full profile. Not a subscriber? Signup here.

CSX Corp. (NASD:CSX) Seasonal Chart

Advantage Oil Gas Ltd. (TSE:AAV.TO) Seasonal Chart

Cenovus Energy Inc. (TSE:CVE.TO) Seasonal Chart

Ovintiv Inc (TSE:OVV.TO) Seasonal Chart

IntriCon Corp (NASD:IIN) Seasonal Chart

Laredo Petroleum Holdings, Inc. (NYSE:LPI) Seasonal Chart

Sprague Resources LP (NYSE:SRLP) Seasonal Chart

BMO Covered Call Utilities ETF (TSE:ZWU.TO) Seasonal Chart

 

 

The Markets

Stocks reversed earlier gains after the bulls were unable to maintain early day strength attributed to the passage of the $1.9 Trillion stimulus bill in congress.  The S&P 500 Index closed down by just over half of one percent, reversing precisely at the now declining 20-day moving average.  The rejection from this hurdle confirms that the market is in a short-term decline and the probability increased that we will see a test of our previously highlighted downside level of risk at 3350.  The benchmark closed marginally below intermediate support at the 50-day moving average by the closing bell.  Momentum indicators continue to point lower and the makings of a short-term topping pattern are in place.

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

• A hourly look at the large-cap benchmark
• Industry rating changes in this week’s chart books and the sector that is starting to show emerging strength
• The currency headwind and what it means for stocks and other risk assets
• Our upgraded view of the Canadian market

Subscribe now and we’ll send this outlook to you.

 

Want to know which areas of the market to buy or sell?  Our Weekly Chart Books have just been updated, providing a clear Accumulate, Avoid, or Neutral rating for currencies, cryptocurrencies, commodities, broad markets, and subsectors/industries of the market.  Subscribers can login and click on the relevant links to access.

• Currencies
• Cryptocurrencies
• Commodities
• Major Benchmarks
• Sub-sectors / Industries

Subscribe now.

Sentiment on Monday, as gauged by the put-call ratio, ended bullish at 0.79. 

 

 

 

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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