Stock Market Outlook for September 6, 2023
The struggle in some of the most market and economically sensitive segments on Tuesday hints that this normal period of volatility/weakness that started last month is set to resume.
*** 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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VSE Corp. (NASD:VSEC) Seasonal Chart
Vanguard FTSE Developed All Cap ex North America Index ETF (TSE:VIU.TO) Seasonal Chart
Invesco S&P SmallCap 600 Equal Weight ETF (AMEX:EWSC) Seasonal Chart
iShares MSCI India Small-Cap ETF (AMEX:SMIN) Seasonal Chart
iShares MSCI Israel Capped ETF (NYSE:EIS) Seasonal Chart
BMO MSCI All Country World High Quality Index ETF (TSE:ZGQ.TO) Seasonal Chart
iShares MSCI World Index ETF (TSE:XWD.TO) Seasonal Chart
BP Amoco PLC (NYSE:BP) Seasonal Chart
Amerco (NASD:UHAL) Seasonal Chart
Winnebago Industries Inc. (NYSE:WGO) Seasonal Chart
Ingersoll Rand Inc (NYSE:IR) Seasonal Chart
The Markets
Stocks closed lower in the post Labor Day session as the short-term trend of stocks shows signs of rolling over following the normal positivity that surrounds the last long weekend of the summer. The S&P 500 Index ended with a loss of just over four-tenths of one percent, peeling back towards major moving averages at the 20 and 50-day at 4447 and 4472, respectively. Gap resistance between 4550 and 4575 remains threatening to cap the recent advance following the early August selloff. Momentum indicators are showing early signs of rolling over again with both MACD and RSI hovering around their middle lines. Traditionally, the normal positivity that surrounds the Labor day event supports stocks into the middle of September, or at least while portfolio managers are away from their desks for summer holidays. However, when this summer slumber comes to an end and investors focus on the business at hand, particularly ahead of the end of the quarter, volatility returns, taking equity prices down and setting them up for the best six months of the year for stocks that starts in October. The struggle in some of the most market and economically sensitive segments on Tuesday hints that this normal period of volatility/weakness that started last month is set to resume.
Today, in our Market Outlook to subscribers, we discuss the following:
- Small Caps and Transportation stocks
- Credit market remaining impressively stable
- Our weekly chart books update: Find out what joins our list of Accumulate candidates this week
- Oil has confirmed support at its rising 50-week moving average and is showing an abnormal rise for this time of year
- Home building stocks
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Sentiment on Tuesday, as gauged by the put-call ratio, ended bearish at 1.03.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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