Stock Market Outlook for October 10, 2023
The labor market continues to show an impressive level of resilience, but the trends of some of the categories within are more characteristic of periods of economic weakness.
*** 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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Northern Trust Corp. (NASD:NTRS) Seasonal Chart
Questerre Energy Corp. (TSE:QEC.TO) Seasonal Chart
Titan Medical Inc. (TSE:TMD.TO) Seasonal Chart
Ternium SA (NYSE:TX) Seasonal Chart
ON Semiconductor Corp. (NASD:ON) Seasonal Chart
Visteon Corp. (NASD:VC) Seasonal Chart
VanEck Vectors Agribusiness ETF (NYSE:MOO) Seasonal Chart
PACCAR, Inc. (NASD:PCAR) Seasonal Chart
Walker & Dunlop Inc. (NYSE:WD) Seasonal Chart
Hyatt Hotels Corp. (NYSE:H) Seasonal Chart
Carriage Services, Inc. (NYSE:CSV) Seasonal Chart
Patterson-UTI Energy, Inc. (NASD:PTEN) Seasonal Chart
USX-US Steel Group, Inc. (NYSE:X) Seasonal Chart
Alcoa Corp. (NYSE:AA) Seasonal Chart
Note: Monday is a statutory holiday here in Canada for the celebration of Thanksgiving. As a result, our next Market Outlook report will be released on Tuesday. We will update our weekly chart books on schedule on Sunday night.
The Markets
Stocks jumped on Friday following the release of a much stronger than expected read of employment in both the US and Canada. The S&P 500 Index closed higher by 1.18%, erasing the losses that were recorded earlier in the week and bouncing from levels around the band of significant support between 4100 and 4200. Momentum indicators have started to curl higher from oversold territory and MACD appears poised to chart a bullish crossover with its signal line, each providing their own signal to buy. Resistance can be pegged overhead around the declining 20 and 50-day moving averages at 4357 and 4424, respectively. The short-term rebound from levels of support appears to be underway, but the sustainability of this advance continues to warrant scrutiny given the headwinds being imposed by interest rates and the US Dollar. The technicals of each are providing indication of near-term upside exhaustion, providing the leeway for stocks to realize a reprieve from their recent selling pressures navigating into earnings season ahead.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly look at the large-cap benchmark
- Technology and Communications Services sectors
- US Employment Situation
- Canada Labour Force Survey
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for October 10
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Sentiment on Friday, as gauged by the put-call ratio, ended close to neutral at 0.98.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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