Stock Market Outlook for September 19, 2023
Investors are shying away from risk amidst this period of volatility/weakness for stocks.
*** 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:
Subscribers Click on the relevant link to view the full profile. Not a subscriber? Signup here.
PHX Energy Services Corp. (TSE:PHX.TO) Seasonal Chart
Park Lawn Corp. (TSE:PLC.TO) Seasonal Chart
Dolby Laboratories (NYSE:DLB) Seasonal Chart
CVB Financial Corp. (NASD:CVBF) Seasonal Chart
HomeStreet, Inc. (NASD:HMST) Seasonal Chart
The Markets
Stocks closed fairly flat on Monday as traders hold the tape steady ahead of the next FOMC announcement on Wednesday. The S&P 500 Index closed with a gain of just less than an tenth of one percent, still pressuring short-term support at the 20-day moving average. The appearance of a lower-peak below the July high threatens a downside resolution of a topping pattern as the strength in the market that has been achieved through the first seven months of the year is digested. After weeks of threatening a bearish crossover, MACD has moved below its signal line, presenting a renewed sell signal around the mid-point to the momentum indicator’s span. Gradually, characteristics of a bearish trend are being adopted. Levels down to the June breakout point at 4200 remains fair game as part of this normal period of volatility/weakness that runs through the months of August and September. The seasonal timeline presents very little reason to be aggressive in risk at this point in the year and it is often best to simply take a step back from the market until better setups are presented towards the start of the fourth quarter.
Today, in our Market Outlook to subscribers, we discuss the following:
- Signs of risk aversion in the market
- Our Weekly Chart Books update: Find out which areas of the market are worthy to Accumulate and those that you should Avoid
- Investment Services stocks
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for September 19
Not signed up yet? Subscribe now to receive full access to all of the research and analysis that we publish.
Want to know which areas of the market to buy or sell? Our Weekly Chart Books have just been updated, providing a clear Accumulate, Avoid, or Neutral rating for currencies, cryptocurrencies, commodities, broad markets, and subsectors/industries of the market. Subscribers can login and click on the relevant links to access.
- Currencies
- Cryptocurrencies
- Commodities
- Major Benchmarks
- Sub-sectors / Industries
- ETFs: Bonds | Commodities | Equity Markets | Industries | Sectors
Subscribe now.
Sentiment on Monday, as gauged by the put-call ratio, ended bearish at 1.07.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
| Sponsored By... |
|
