Stock Market Outlook for November 21, 2023
Precious metals are in focus as their periods of seasonal strength get set to begin.
*** 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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Invesco S&P 500 High Dividend Low Volatility ETF (AMEX:SPHD) Seasonal Chart
Universal Stainless & Alloy Products, Inc. (NASD:USAP) Seasonal Chart
CBRE Group, Inc. (NYSE:CBRE) Seasonal Chart
Boise Cascade Co. (NYSE:BCC) Seasonal Chart
Invesco NASDAQ Internet ETF (NASD:PNQI) Seasonal Chart
Taiwan Fund, Inc. (NYSE:TWN) Seasonal Chart
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (AMEX:GSLC) Seasonal Chart
ProShares Ultra Telecommunications (NYSE:LTL) Seasonal Chart
SunPower Corp. (NASD:SPWR) Seasonal Chart
DaVita Inc. (NYSE:DVA) Seasonal Chart
Vornado Realty Trust (NYSE:VNO) Seasonal Chart
Boyd Gaming Corp. (NYSE:BYD) Seasonal Chart
iShares U.S. Real Estate ETF (NYSE:IYR) Seasonal Chart
Superior Plus Corp. (TSE:SPB.TO) Seasonal Chart
SL Green Realty Corp. (NYSE:SLG) Seasonal Chart
Amedisys (NASD:AMED) Seasonal Chart
Cardinal Health, Inc. (NYSE:CAH) Seasonal Chart
The Markets
Stocks rallied to start the holiday shortened US Thanksgiving week as renewed optimism in growth had investors buying technology and communication services. The S&P 500 Index gained just less than three-quarters of percent, increasingly inching back to resistance at the July high of 4600. The benchmark has now crossed into overbought territory according to the Relative Strength Index (RSI), but this is not deterring traders from buying during this seasonally favourable time of year. The large-cap benchmark is now higher by around 11% since its low charted on October 27th, just as the best six month of the year timeframe for stocks was about to begin. While welcomed, the move is certainly extreme and a period of digestion, at some point, should be expected. The 15-day rate of change has been bordering on the highest level since August 16th of 2022, profiling an extreme move that can make it difficult to draw in the next incremental buyer. The technicals remain supportive of an intermediate-term rising trend into the end of the year, buoyed by major moving averages, but the desire to accumulate new risk exposure in the near-term is low.
Today, in our Market Outlook to subscribers, we discuss the following:
- Small Cap ETF testing a pivotal point amidst the start of its period of seasonal strength
- Our weekly Chart Books update: Find out what joins our list of market segments to Accumulate this week
- Commodity market in focus
- The rollover of the US Dollar Index
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- Cryptocurrencies
- Commodities
- Major Benchmarks
- Sub-sectors / Industries
- ETFs: Bonds | Commodities | Equity Markets | Industries | Sectors
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Sentiment on Monday, as gauged by the put-call ratio, ended neutral at 1.00.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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