Stock Market Outlook for September 8, 2023
The change of Continued Claims this year is showing a path that has only ever been seen during recessionary periods over the past five decades.
*** 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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Invesco S&P SmallCap Financials ETF (NASD:PSCF) Seasonal Chart
Alphabet Inc. (NASD:GOOGL) Seasonal Chart
Intevac, Inc. (NASD:IVAC) Seasonal Chart
Warner Bros. Discovery Inc. (NASD:WBD) Seasonal Chart
Lamb Weston Holdings, Inc. (NYSE:LW) Seasonal Chart
Agilent Technologies, Inc. (NYSE:A) Seasonal Chart
Healthcare Services Group, Inc. (NASD:HCSG) Seasonal Chart
Mastercard (NYSE:MA) Seasonal Chart
Lam Research Corp. (NASD:LRCX) Seasonal Chart
ConocoPhillips (NYSE:COP) Seasonal Chart
The Markets
Stocks closed mixed on Thursday as investors gravitated towards defensive market segments amidst growing risks equity price declines. The S&P 500 Index closed with a loss of around a third of one percent, continuing to roll over below gap resistance between 4550 and 4575 that was charted early in August. Momentum indicators are rolling over around their middle lines, hinting of the pending adoption of characteristics of a bearish trend. Support at the 50-day moving average has been lost and the door remains open to see a test of the June breakout point around previous horizontal resistance at 4200. The market has yet to reach the weakest time of the year that encompasses the back half of September, but the technicals are certainly providing notable evidence that this normal period of volatility/weakness that began in August is resuming. So long as the benchmark remains above 4200, reason to look to buy the weakness ahead of the best six months of the year that starts in October exists.
Today, in our Market Outlook to subscribers, we discuss the following:
- The bid in defensive sectors
- High-beta/cyclical market segments showing ominous topping setups
- Weekly jobless claims and the health of the labor market
- Weekly petroleum supply and demand
- Natural Gas
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Sentiment on Thursday, as gauged by the put-call ratio, ended bearish at 1.10.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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