Stock Market Outlook for March 3, 2022
A weak February for vehicle sales in the US presents neither a bullish nor bearish backdrop to stocks in the auto industry.
*** 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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DTE Energy Co. (NYSE:DTE) Seasonal Chart
SunOpta Inc. (NASD:STKL) Seasonal Chart
Kopin Corp. (NASD:KOPN) Seasonal Chart
The Markets
Stocks jumped on Wednesday as investors continue to monitor headlines pertaining to Russia/Ukraine and digest testimony from Fed Chair Jerome Powell. The S&P 500 Index gained just less than two percent, continuing in its recent consolidation range above significant support at 4280. Short-term resistance at the 20-day is now closing in at 4421, while the more formidable threat on the upside remains the 200-day moving average at 4463. Momentum indicators continue to positively diverge from price, which has hinted on waning selling pressures over the past month, typically a precursor to a change of trend. MACD is crossing back above its signal line as the momentum indicator rebounds from the low charted at the end of January. The technical setup is there for the market to rebound from present levels, but questions remain as to whether headlines will stand in the way.
Today, in our Market Outlook to subscribers, we discuss the following:
- Large-cap benchmark back to declining trendline resistance
- Weekly petroleum status and evidence that the high price of fuel has started to weigh on demand
- Crude oil pressuring resistance at the 2012 through 2014 highs
- US Vehicle Sales and the stocks of auto companies
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Sentiment on Wednesday, as gauged by the put-call ratio, ended slightly bullish at 0.94.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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