Stock Market Outlook for September 14, 2023
The ramp in respiratory illness season is just one of the many risks for the market and economy through the end of the year.
*** 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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Genuine Parts Co. (NYSE:GPC) Seasonal Chart
SIFCO Industries, Inc. (AMEX:SIF) Seasonal Chart
Telesat Corporation (NASD:TSAT) Seasonal Chart
The Markets
Stocks traded generally mixed on Wednesday as strength in growth (eg. technology) offset weakness in some of the core-cyclical sectors on the day. The S&P 500 Index closed higher by just over a tenth of one percent, finding an extremely tight consolidation span between the benchmark’s 20 and 50-day moving averages at 4445 and 4480, respectively. Momentum indicators continue to show signs of moving toward their middle lines, threatening the adoption of characteristics of a bearish trend. The benchmark remains at risk of further declines towards its June breakout point at 4200 as it navigates towards its weakest time of the year encompassing the back half of September. Seasonals alone restrict us from holding a bullish view at this time, but the technical and fundamental backdrops are not providing much to be encouraged by either.
Today, in our Market Outlook to subscribers, we discuss the following:
- Respiratory Illness Season
- US Consumer Price Index (CPI)
- The sharp decline in gasoline demand and the resulting uptick in energy commodity supplies last week
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Sentiment on Wednesday, as gauged by the put-call ratio, ended overly bearish at 1.31.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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