Stock Market Outlook for October 16, 2023
The resolution of the direction of Industrials could be indicative of the sustainable path for stocks, generally, 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:
Subscribers Click on the relevant link to view the full profile. Not a subscriber? Signup here.
Howmet Aerospace Inc. (NYSE:HWM) Seasonal Chart
iShares MSCI USA Equal Weighted ETF (NYSE:EUSA) Seasonal Chart
Biogen Inc. (NASD:BIIB) Seasonal Chart
Wesco Intl, Inc. (NYSE:WCC) Seasonal Chart
Advanced Semiconductor (NYSE:ASX) Seasonal Chart
Taro Pharmaceutical Industries Ltd. (NYSE:TARO) Seasonal Chart
Clear Channel Outdoor Holdings Inc. (NYSE:CCO) Seasonal Chart
Zebra Technologies Corp. (NASD:ZBRA) Seasonal Chart
Champion Iron Ltd. (TSE:CIA.TO) Seasonal Chart
Vodafone Group Public Limited Company (NASD:VOD) Seasonal Chart
Vanguard U.S. Total Market Index ETF (TSE:VUN.TO) Seasonal Chart
Verizon Communications (NYSE:VZ) Seasonal Chart
Toyota Motor Corp. (NYSE:TM) Seasonal Chart
Acuity Brands, Inc. (NYSE:AYI) Seasonal Chart
Toromont Industries Ltd. (TSE:TIH.TO) Seasonal Chart
SPDR S&P Aerospace & Defense ETF (NYSE:XAR) Seasonal Chart
iShares U.S. Regional Banks ETF (NYSE:IAT) Seasonal Chart
Spirit Airlines, Inc. (NYSE:SAVE) Seasonal Chart
Domino’s Pizza Group LTD (NYSE:DPZ) Seasonal Chart
The Markets
Stocks pulled back slightly to close the week as an apparent escalation of tensions in the middle east has investors seeking safety within portfolios. The S&P 500 Index closed down by half of one percent, continuing to show reaction to resistance around the declining 50-day moving average. Support remains embedded at 4200, aligning with the level of the rising 200-day moving average. Momentum indicators on the daily chart are showing hints of starting to roll over at levels around their middle lines, a revelation that is characteristic of a bearish trend. The short-term trend stemming from the July peak can continue to be deemed as that of lower-lows and lower-highs, but the intermediate-term trend stemming from last October’s low is still suggested to be positive, supported by longer-term moving averages. The prevailing intermediate path remains conducive to keeping market participants engaged heading towards the start of the best six months of the year timeframe that gets underway at month-end, but there remains significant questions as to the sustainability of the strength from here.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly look at the large-cap benchmark
- The jump in the price of Gold
- Downfall of growth as rates pull back
- Industrial Sector
- The state of energy commodity supply and demand, along with where our biases are in the sector
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for October 16
Not signed up yet? Subscribe now to receive full access to all of the research and analysis that we publish.
Sentiment on Friday, as gauged by the put-call ratio, ended bearish at 1.08.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
| Sponsored By... |
|
