Equity Clock

Stock Market Outlook for April 13, 2021

After many months of being bullish of stocks, we are seeing reason for caution.

 

 

 

*** 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.

Summit Industrial Income REIT (TSE:SMU/UN.TO) Seasonal Chart

Blackbaud Inc. (NASD:BLKB) Seasonal Chart

Option Care Health Inc. (NASD:OPCH) Seasonal Chart

GrubHub Inc. (NYSE:GRUB) Seasonal Chart

 

 

The Markets

Stocks closed mixed on Monday as the rising case counts of coronavirus around the globe kept investors on edge.  The S&P 500 Index shed less than a point, charting a minor doji (indecision) pattern on the session.  Momentum indicators are showing early hints of peaking around overbought territory as volume continues to fade.  Support for the large-cap benchmark remains intact around rising 20 and 50-day moving averages, now 3.37% and 5.28% below present levels, a stretched condition by any measure.  The benchmark continues to hover very close to the upper limit to its rising intermediate-term trend channel, which spans approximately between 3950 and 4150.  While the path remains that of higher-highs and higher-lows, the ability to achieve substantial gains from here may be difficult.

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

• A cautionary note for the equity market
• The breakdown of Indian ETFs
• Breadth indicators showing comparisons to the February 2020 peak for stocks
• Notable changes of ratings in this week’s chart books
• The US dollar

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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
  

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Sentiment on Monday, as gauged by the put-call ratio, ended bullish at 0.73.

 

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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