Equity Clock

Stock Market Outlook for April 23, 2021

The housing market continues to suffer from extremely low inventory.  Find out why that could be a bad thing for the economy in today’s report.

 

 

*** 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.

TransAlta Corp. (NYSE:TAC) Seasonal Chart

Luminex Corp. (NASD:LMNX) Seasonal Chart

Stepan Co. (NYSE:SCL) Seasonal Chart

FLY Leasing Ltd. (NYSE:FLY) Seasonal Chart

Cornerstone OnDemand, Inc. (NASD:CSOD) Seasonal Chart

ProShares Ultra Consumer Goods (NYSE:UGE) Seasonal Chart

iShares MSCI Argentina and Global Exposure ETF (AMEX:AGT) Seasonal Chart

Nuveen Calif Muni Valu Fund (NYSE:NCA) Seasonal Chart

 

 

The Markets

Stocks dropped on Thursday, retracing the prior session’s gain, as headlines pertaining to President Biden’s tax plan sent jitters through the market.  The S&P 500 Index shed just over nine-tenths of one percent, falling back, almost precisely, to the level it closed at on Tuesday.  Reaction to trend-channel resistance, now hovering around 4200, remains obvious as stocks turn back towards levels of support.  The rising 20 and 50-day moving averages are the most relevant downside targets in the short-term, hovering at 4081 and 3970, respectively.  Trend channel support currently hovers around 3975.  Momentum indicators continue to roll over with new sell signals with respect to MACD and stochastics triggered during the Thursday session.

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

• Jobless claims and what the trends are saying about the health of the labour market and the momentum of the economic recovery
• Natural gas inventories and what the fundamental trend has to say about whether or not we should be investors during this period of seasonal strength
• US existing home sales and the stocks of the builders
• Why the hot housing market may be a bad thing for the economy

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Sentiment on Thursday, 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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