Stock Market Outlook for September 13, 2023
Intermediate bond fund has pinned itself against horizontal support ahead of the all important read of the state of inflation on Wednesday.
*** 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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Emera Inc. (TSE:EMA.TO) Seasonal Chart
Rex American Resources Corp. (NYSE:REX) Seasonal Chart
Asure Software (NASD:ASUR) Seasonal Chart
The Markets
Stocks pulled back on Tuesday as the progression of weakness in the technology sector dragged down the market. The S&P 500 Index closed down by around six-tenths of one percent, closing back below its 50-day moving average that is starting to adopt a position of resistance. Downside gap resistance between 4550 and 4575 continues to act as a cap to the near-term upside trajectory of stocks heading into the most volatile period for the market through the back half of September. MACD remains on the verge of charting a bearish crossover of its signal line, a sell signal that is playing out around the mid-point to the momentum indicator’s span. Gradually, characteristics of a bearish trend are starting to emerge as the strength that has played out through the first seven months of the year fades. Levels down to the June breakout point at 4200 remain fair game as part of this normal period of weakness that is upon us, but so long as the benchmark remains above this hurdle, the setup will be present to take a stab at bullish bets again for the best six months of the year for stocks that starts in October.
Today, in our Market Outlook to subscribers, we discuss the following:
- Bonds of focus ahead of the latest CPI report
- Commitment of traders for stocks and bonds
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Sentiment on Tuesday, as gauged by the put-call ratio, ended close to neutral at 0.96.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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