Stock Market Outlook for January 26, 2024
The median price of new homes sold showed the largest calendar year decline on record in 2023 as builders sought to offset the increase in the cost of borrowing with incentives.
*** 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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Canadian National Railway Co. (TSE:CNR.TO) Seasonal Chart
Visa Inc. (NYSE:V) Seasonal Chart
Parke Bancorp Inc. (NASD:PKBK) Seasonal Chart
Gladstone Land Corp. (NASD:LAND) Seasonal Chart
CHAR Technologies Ltd. (TSXV:YES.V) Seasonal Chart
Cathedra Bitcoin Inc. (TSXV:CBIT.V) Seasonal Chart
Range Resources Corp. (NYSE:RRC) Seasonal Chart
Aptargroup, Inc. (NYSE:ATR) Seasonal Chart
Lattice Semiconductor Corp. (NASD:LSCC) Seasonal Chart
FleetCor Technologies Inc. (NYSE:FLT) Seasonal Chart
Shopify Inc. (TSE:SHOP.TO) Seasonal Chart
Note to subscribers using Apple email servers (icloud.com, me.com, mac.com): Our distribution of this Market Outlook report to your email address was rejected by Apple on Thursday for reasons that are not immediately clear. Apple was the only email provider to deny our emails to you. Sometimes it can simply be a factor of a mention of one of the companies in our “Stocks Entering Period of Seasonal Strength” or “Seasonal Charts of Companies Reporting Earnings Today” that can trigger a rejection from various email providers, even if there is no justification for the denial. We apologize for this inconvenience and we will monitor if further actions are warranted upon the release of our next distribution. In the meantime, you can access the bounced report via the link below.
The Markets
The string of new all-time highs continues as investors embraced a stronger than expected read of economic growth for the fourth quarter by way of the US GDP report. The S&P 500 Index closed higher by just over half of one percent, pushing back towards the 4900 target that the breakout of the short-term consolidation pattern charted at the start of the year suggested. The move produced an inside candlestick where the high and the low was within the range of the previous day’s session. This can be an indication of indecision as investors scrutinize the market heights, but we certainly do not have evidence of investors wanting to exit equity exposure. The Relative Strength Index (RSI) continues to push further into overbought territory above 70, but, while this could easily exhaust buying demand in the near-term, both RSI and MACD are showing characteristics of a bullish trend, holding above their middle lines. Seasonal tendencies call for sluggish/weak market performance through the first eight to ten weeks of the year, but traders are pushing for an alternate path as all eyes move towards the psychologically important 5000 level on the large-cap benchmark, a milestone that may act as a magnet for prices in the weeks ahead.
Today, in our Market Outlook to subscribers, we discuss the following:
- The short-term bottoming pattern on the chart of Oil
- The action that we are taking in the Super Simple Seasonal Portfolio
- US Durable Goods Orders
- US New Home Sales
- Weekly Jobless Claims and the health of the labor market
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Sentiment on Thursday, as gauged by the put-call ratio, ended bullish at 0.90.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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