Stock Market Outlook for September 21, 2021
Time to buy this short-term oversold extreme?
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*** 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:
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Lam Research Corp. (NASD:LRCX) Seasonal Chart
Provident Financial Services Inc. (NYSE:PFS) Seasonal Chart
PBF Energy Inc. (NYSE:PBF) Seasonal Chart
Eagle Bancorp Montana, Inc. (NASD:EBMT) Seasonal Chart
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The Markets
Stocks sold off on Monday as concerns pertaining to the Chinese property market raised fears of contagion in other parts of the economy. The S&P 500 Index shed 1.70%, breaking definitively below the rising 200-point trading range that has been in place all year, as well as the rising 50-day moving average, both of which were cracked on Friday. At the lows of the session, the benchmark tested levels around the rising 100-day moving average, a level highlighted in our report released to subscribers on Thursday as a potential level to provide a backstop to the market during period of weakness for stocks that is normal through the back half of September. Momentum indicators have given up their characteristics of a bullish trend with the Relative Strength Index (RSI) and MACD below their middle lines. RSI is very close to 30, which is the dividing line between a neutral and an oversold market.
Today, in our Market Outlook to subscribers, we discuss the following:
- Hourly look at the large-cap benchmark and whether it is appropriate to buy this short-term oversold extreme
- Notable changes in this week’s chart books and general commentary on how the vast majority of market industries are viewed
- The rotation towards reopening plays and how to play it via these two ETFs
- The bearish shift in investor sentiment
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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.
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Sentiment on Monday, as gauged by the put-call ratio, ended bearish at 1.08.Â
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Seasonal charts of companies reporting earnings today:
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S&P 500 Index
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TSE Composite
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