Stock Market Outlook for March 18, 2022
Commodities bouncing from rising trendline support, warranting a re-look at exposure to this asset class.
*** 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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ConocoPhillips (NYSE:COP) Seasonal Chart
Coca Cola Co. (NYSE:KO) Seasonal Chart
ONEX Corp. (TSE:ONEX.TO) Seasonal Chart
Ashland Global Holdings Inc. (NYSE:ASH) Seasonal Chart
Alliance Data Systems (NYSE:ADS) Seasonal Chart
Crombie Real Estate Investment Trust (TSE:CRR/UN.TO) Seasonal Chart
Conn’s, Inc. (NASD:CONN) Seasonal Chart
Caesars Entertainment, Inc. (NASD:CZR) Seasonal Chart
Diamondback Energy, Inc. (NASD:FANG) Seasonal Chart
Gaming and Leisure Properties, Inc. (NASD:GLPI) Seasonal Chart
Restaurant Brands International Inc. (NYSE:QSR) Seasonal Chart
Fidelity MSCI Materials Index ETF (AMEX:FMAT) Seasonal Chart
Global X SuperDividend REIT ETF (NASD:SRET) Seasonal Chart
iPath Pure Beta Crude Oil ETN (NYSE:OIL) Seasonal Chart
Spin Master Corp. (TSE:TOY.TO) Seasonal Chart
The Markets
Stocks continued to rebound on Thursday as the market pulls itself out of the hole that it had dug through the first 10 weeks of the year. The S&P 500 Index was higher by 1.23%, continuing to make progress above recent short-term resistance at its 20-day moving average. The benchmark is testing the short-term highs that were charted around the start of March, striving to chart the first higher-high since the year began. The next major levels overhead are the 50 and 200-day moving averages, which can be seen at 4437 and 4469, respectively. Just as the market pullback is an evolution of tests of major moving averages as resistance on the way down, it is an evolution of tests of major moving averages as support on the way up. While the swift move above short-term resistance at the 20-day moving average is welcome, hinting that this is finally a market that is more willing to take down levels of resistance while maintaining levels of support, a retest of this short-term hurdle would be desirable to suggest that this market finally has the support below it to move sustainably higher. Momentum indicators remain on an upswing having positively diverged from price over the past month and a half, hinting of waning selling pressures prior to this rebound rally that is upon us.
Today, in our Market Outlook to subscribers, we discuss the following:
- Looking at the iShares S&P GSCI Commodity-Index Trust (GSG)
- US Industrial Production
- Manufacturer sentiment
- US Housing Starts and the stocks of the producers
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Sentiment on Thursday, as gauged by the put-call ratio, ended slightly bullish at 0.91.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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