Stock Market Outlook for November 24, 2023
Gold mining ETF carving out a head-and-shoulders bottoming pattern ahead of its period of seasonal strength.
*** 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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Paramount Gold and Silver Corp. (AMEX:PZG) Seasonal Chart
Almaden Minerals Ltd. (TSE:AMM.TO) Seasonal Chart
Cognizant Technology Solutions Corp. (NASD:CTSH) Seasonal Chart
Micron Solutions, Inc. (AMEX:MICR) Seasonal Chart
Pohang Iron & Steel (Posco) (NYSE:PKX) Seasonal Chart
UMH Properties, Inc. (NYSE:UMH) Seasonal Chart
Canadian Solar Inc. (NASD:CSIQ) Seasonal Chart
Diodes Inc. (NASD:DIOD) Seasonal Chart
Moody’s Corp. (NYSE:MCO) Seasonal Chart
World Wrestling Entertainment, Inc. (NYSE:WWE) Seasonal Chart
New York Times Co. (NYSE:NYT) Seasonal Chart
SilverCrest Metals Inc. (TSE:SIL.TO) Seasonal Chart
Bausch Health Cos. Inc. (NYSE:BHC) Seasonal Chart
Winpak Ltd. (TSE:WPK.TO) Seasonal Chart
L.B. Foster Co. (NASD:FSTR) Seasonal Chart
Novo Nordisk A S (NYSE:NVO) Seasonal Chart
Note: As a result of the US Thanksgiving holiday closure of the US markets, there will be no report released on Thursday. Our next report will be disseminated at the end of the week (Saturday). Happy Thanksgiving!
The Markets
Stocks clawed their way higher in traditional pre-Thanksgiving Day fashion as prices hold at overbought territory heading into the holiday. The S&P 500 Index closed with a gain of just over four-tenths of one percent, reaching for the 52-week high that was charted in July at 4600. The Relative Strength Index (RSI) is back above 70, indicative of an overbought condition, and the MACD histogram is declining, both suggestive of near-term risks of a pullback as we head towards the tax-loss selling period in the first half of December. The intermediate path of the benchmark remains positive, which is all that matters to our seasonal approach, but a digestion of the recent strength seems inevitable at some point. Levels of support below remain numerous, including major moving averages and upside open gaps that were charted around 4450, 4325, and 4250. The major line in the sand is the horizontal band between 4100 and 4200, which, as long as it holds as support, reason for a positive intermediate bias into year-end exists.
Today, in our Market Outlook to subscribers, we discuss the following:
- US Durable Goods Orders
- US Petroleum Status and the state of supply/demand
- The tendency for the price of oil during election years
- The bottoming pattern on the chart of the Gold Miners ETF
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for November 24
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Sentiment on Wednesday, as gauged by the put-call ratio, end close to neutral at 0.94.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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