Stock Market Outlook for May 17, 2023
Building materials and garden equipment store sales showing the weakest performance through the first four months of the year in decades, not good for companies like Home Depot.
*** 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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Evoqua Water Technologies Corp. (NYSE:AQUA) Seasonal Chart
Sunrun Inc. (NASD:RUN) Seasonal Chart
Applied Optoelectronics Inc. (NASD:AAOI) Seasonal Chart
WD-40 Co. (NASD:WDFC) Seasonal Chart
Consolidated Water Co. Ltd. (NASD:CWCO) Seasonal Chart
Otter Tail Power Co. (NASD:OTTR) Seasonal Chart
First Cash (NASD:FCFS) Seasonal Chart
Idacorp, Inc. (NYSE:IDA) Seasonal Chart
Salesforce.com, Inc. (NYSE:CRM) Seasonal Chart
The Markets
Stocks closed lower on Tuesday as investors monitor the ongoing negotiations on the debt ceiling limit. The S&P 500 Index ended down by nearly two-thirds of one percent, continuing to show struggle in the band of resistance between 4100 and 4200. Support is implied at the congestion of major moving averages in the range of 3950 to 4050. Momentum indicators are converging back on their middle lines in what has become a directionless market, waiting for a catalyst.
Today, in our Market Outlook to subscribers, we discuss the following:
- US Retail Sales
- Struggling Building Material and Garden Equipment store sales
- US Industrial Production
- The weak trend of Utility production following an abnormally mild winter
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for May 17
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Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.88.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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