Equity Clock

Stock Market Outlook for April 29, 2021

Strength in oil, strength in the consumer, and weakness in the US Dollar all point to ongoing strength in the Canadian Dollar.

 

 

 

*** 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.

Alimentation Couche-Tard, Inc. (TSE:ATD/B.TO) Seasonal Chart

Echo Global Logistics Inc. (NASD:ECHO) Seasonal Chart

Richards Packaging Income Fund (TSE:RPI/UN.TO) Seasonal Chart

IQ Real Return ETF (NYSE:CPI) Seasonal Chart

GPStrategies Corp. (NYSE:GPX) Seasonal Chart

K9 Gold Corp. (TSXV:KNC.V) Seasonal Chart

Nuveen Enhanced Municipal Value Fund (NYSE:NEV) Seasonal Chart

 

 

The Markets

Stocks closed mildly lower on Wednesday as investors reacted to comments from Fed Chair Jerome Powell.  The S&P 500 Index closed lower by just less than a tenth of one percent, continuing to show short-term struggle below resistance at 4,200.  The market continues to show reaction to the upper limit of the rising intermediate-term trend channel, the span of which can be seen between 4,000 and 4,225.  MACD continues to point lower following the sell signal triggered last week and the relative strength index continues to come off of the overbought levels that were prominent mid-month.  While the trend to the market is still clearly positive over the intermediate-term, investors are digesting data being released in the short-term, resulting in this rather sluggish activity over the past week and a half.

It’s that time again…

Our monthly report for May will be released in the days ahead, providing insight on how to position through the month(s) ahead.  Look out for this report in your inbox by the end of this week.  If not subscribed yet, be sure to do so in order to be included on our distribution list.  Subscribe now via the following link: https://charts.equityclock.com/subscribe

 

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

• US petroleum inventory and what the data has to say about how to position in the energy sector
• The price of Oil
• Canadian Retail Sales and what is driving the aggregate result
• The path of the Canadian dollar and its impact on investment portfolios

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Sentiment on Wednesday, as gauged by the put-call ratio, ended bullish at 0.81.

 

 

 

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

 

TSE Composite

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