Contact | RSS Feed

Stock Market Outlook for October 5, 2023

A sharp downfall of gasoline demand emphasizes how discerning consumers have become amidst growing adversities.

Real Time Economic Calendar provided by Investing.com.

 

 

*** 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.

AdvisorShares Focused Equity ETF (AMEX:CWS) Seasonal Chart

AdvisorShares Focused Equity ETF (AMEX:CWS) Seasonal Chart

Raytheon Technologies Corp. (NYSE:RTX) Seasonal Chart

Raytheon Technologies Corp. (NYSE:RTX) Seasonal Chart

Dorel Industries Inc. - Class B (TSE:DII/B.TO) Seasonal Chart

Dorel Industries Inc. – Class B (TSE:DII/B.TO) Seasonal Chart

CRA International, Inc. (NASD:CRAI) Seasonal Chart

CRA International, Inc. (NASD:CRAI) Seasonal Chart

Nova Measuring Instruments Ltd. (NASD:NVMI) Seasonal Chart

Nova Measuring Instruments Ltd. (NASD:NVMI) Seasonal Chart

Green Brick Partners, Inc. (NYSE:GRBK) Seasonal Chart

Green Brick Partners, Inc. (NYSE:GRBK) Seasonal Chart

Weis Markets, Inc. (NYSE:WMK) Seasonal Chart

Weis Markets, Inc. (NYSE:WMK) Seasonal Chart

S&P Global Inc. (NYSE:SPGI) Seasonal Chart

S&P Global Inc. (NYSE:SPGI) Seasonal Chart

 

The Markets

Stocks rebounded on Wednesday given the reprieve in the rise of interest rates and the US Dollar that has burdened risk assets in recent days.  The S&P 500 Index closed with a gain of eight-tenths of one percent, continuing to hold above the significant band of support around 4200.  Momentum indicators continue to attempt to bottom, lending itself to the view of downside exhaustion, conducive to a bounce in the near-term.  Resistance can be pegged overhead at declining 20 and 50-day moving averages at 4374 and 4435, respectively.  The benchmark has achieved a logical downside target attributed to the normal correction/period of weakness that plays out in August and September and the risk-reward remains setup well to see a near-term upside attempt.  The sustainability of the rebound remains in question given the rising trends of rates and the US Dollar, but, with both at overbought extremes, a similar retracement of the prevailing trend appears likely.  The status quo suggests that weakness in rates and the dollar are bullish for stocks, while strength is perceived to be a bearish headwind.

Today, in our Market Outlook to subscribers, we discuss the following:

  • The downside exhaustion the hourly chart of the S&P 500 Index is expressing
  • The rising path of yields
  • US Vehicle Sales
  • The sharp falloff of demand for consumer gasoline and the state of the energy market
  • Semiconductor industry

Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for October 5

Not signed up yet?  Subscribe now to receive full access to all of the research and analysis that we publish.

Sentiment on Wednesday, as gauged by the put-call ratio, ended extremely bearish at 1.84.

 

Seasonal charts of companies reporting earnings today:

Constellation Brands Inc Seasonal Chart Lamb Weston Holdings, Inc. Seasonal Chart ConAgra Brands, Inc. Seasonal Chart Aehr Test Systems Seasonal Chart Park Aerospace Corp. Seasonal Chart CalAmp Corp. Seasonal Chart

 

S&P 500 Index

TSE Composite

 

 

 

Sponsored By...
Seasonal Advantage Portfolio by CastleMoore

Comments are closed.