Stock Market Outlook for January 23, 2024
Everything but Apple and China are two themes that have emerged in the market, threatening some seasonal trades for the start of the year, while providing potential to others that are not exposed.
*** 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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Central Garden & Pet Co. (NASD:CENT) Seasonal Chart
Grayscale Ethereum Trust (OTCMKT:ETHE) Seasonal Chart
Crane NXT, Co. (NYSE:CXT) Seasonal Chart
Ryerson Holding Corp. (NYSE:RYI) Seasonal Chart
BCE, Inc. (NYSE:BCE) Seasonal Chart
Universal Stainless & Alloy Products, Inc. (NASD:USAP) Seasonal Chart
Flowserve Corp. (NYSE:FLS) Seasonal Chart
DXP Enterprises, Inc. (NASD:DXPE) Seasonal Chart
Teledyne Technologies (NYSE:TDY) Seasonal Chart
Idex Corp. (NYSE:IEX) Seasonal Chart
Stella-Jones, Inc. (TSE:SJ.TO) Seasonal Chart
Rogers Corp. (NYSE:ROG) Seasonal Chart
VeriSign, Inc. (NASD:VRSN) Seasonal Chart
The Markets
Stocks stretched their legs on Monday as investors embraced the removal of significant resistance on the charts of major equity benchmarks last week, fuelling fresh all-time highs. The S&P 500 Index closed with a gain of just over two-tenths of one percent, now around 50 points above previous resistance that capped the benchmark for the past two years at 4800. The target of a short-term bullish head-and-shoulders pattern presented an initial upside target of 4900, something that could easily be achieved this week. Short-term support can be pegged around the rising 20-day moving average at 4764. The positive intermediate-term trend stemming from the October of 2022 low remains firmly intact. Seasonal tendencies for stocks through the first eight to ten weeks of the year point to weakness, but the technicals are not providing anything actionable from a negative point of view.
Want to know which areas of the market to buy or sell? Our Weekly Chart Books have just been updated, providing a clear Accumulate, Avoid, or Neutral rating for currencies, cryptocurrencies, commodities, broad markets, and subsectors/industries of the market. Subscribers can login and click on the relevant links to access.
- Currencies
- Cryptocurrencies
- Commodities
- Major Benchmarks
- Sub-sectors / Industries
- ETFs: Bonds | Commodities | Equity Markets | Industries | Sectors
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Today, in our Market Outlook to subscribers, we discuss the following:
- Our weekly chart books update, along with our list of all segments of the market to either Accumulate or Avoid
- The threat of the downfall of China
- The seasonal trade in precious metals
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for January 23
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Mission Accomplished
January is always a busy month for us given all the of the updates that are required for our seasonal research, available via the chart database at https://charts.equityclock.com/. Our charts were updated just a few days into the new year and, as of last Monday, our seasonal test that derives our optimal holding periods has been updated as well. Our seasonal test is a much more demanding process that takes many weeks to complete given the exhaustive nature of the study by testing each and every date combination to find periods of defined historical buying demand. The results have been uploaded to the database for your reference. Annual subscribers can also download the spreadsheet (https://charts.equityclock.com/download) that includes all of these results, providing a unique way to filter the data and perform your own queries right from your desktop. This exhaustive research is alone well worth the value of an annual subscription, however, if you are a monthly subscriber and have been with us for over a year, feel free to reach out to us to request access to this spreadsheet as well. Enjoy!
Sentiment on Monday, as gauged by the put-call ratio, ended bullish at 0.86.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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