Stock Market Outlook for April 20, 2021
Evidence of risk aversion continues to grow as investors express their concerns over the rising case count of coronavirus globally.
*** 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.
Huntington Bancshares Inc. (NASD:HBAN) Seasonal Chart
Unifi, Inc. (NYSE:UFI) Seasonal Chart
FlexShopper, Inc. (NASD:FPAY) Seasonal Chart
Brightcove, Inc (NASD:BCOV) Seasonal Chart
CareDx Inc. (NASD:CDNA) Seasonal Chart
PCM Fund (NYSE:PCM) Seasonal Chart
The Markets
Stocks dipped to start the new week amidst concerns relating to the uncontrolled spread of the coronavirus around the globe. The S&P 500 Index shed just over half of one percent, chipping away at last week’s gain. The benchmark is showing initial reaction to rising trend-channel resistance that was surpassed at the height of the market last week. The relative strength index (RSI) just barely triggered a sell signal, crossing out of overbought territory above 70, and MACD continues to converge on its signal line. Variable support at 20 and 50-day moving averages are now 2.7% and 4.8% below present levels. A stretched market combined with ballooning fundamental risks to the reopening of the global economy is leaving the broader equity market vulnerable.
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.
Subscribe now.
Today, in our Market Outlook to subscribers, we discuss the following:
- The downfall of industry groups within the consumer discretionary sector and what it says about investor sentiment
- Gold Miners and when to play them
- Small-cap and Mid-cap stocks
- Bitcoin and why we are downgrading our view of the cryptocurrency after an over 300% gain since we upgraded the asset to Accumulate in October.
Subscribe now and we’ll send this outlook to you.
Sentiment on Monday, 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
| Sponsored By... |
|
