Stock Market Outlook for February 7, 2024
The trade deficit in the US continues to narrow, a phenomenon akin to past economic recessions.
*** 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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General Mills Inc. (NYSE:GIS) Seasonal Chart
Yum! Brands Inc. (NYSE:YUM) Seasonal Chart
Clean Harbors, Inc. (NYSE:CLH) Seasonal Chart
TreeHouse Foods Inc. (NYSE:THS) Seasonal Chart
Companias Cervecerias (NYSE:CCU) Seasonal Chart
K9 Gold Corp. (TSXV:KNC.V) Seasonal Chart
Ero Copper Corporation (TSE:ERO.TO) Seasonal Chart
Baytex Energy Corp. (NYSE:BTE) Seasonal Chart
The Markets
Stocks drifted generally higher on Tuesday as yields and the dollar saw a reprieve from their recent strength. The S&P 500 Index added just less than a quarter of one percent, holding just below last week’s high. An ultra short-term bull flag pattern can be picked out on the chart, the upside resolution of which would easily fulfill the 5,000 target that we have been expecting as part of the pull towards the psychologically important level through the period of strength that is normal for the equity market during the first half of February. Short-term support can continue to be pegged at the rising 20-day moving average (4852) as momentum indicators continue to show characteristics of an intermediate-term bullish trend.
Today, in our Market Outlook to subscribers, we discuss the following:
- Health Care sector and the industries within that look intriguing from a technical and fundamental perspective
- Emerging market equities
- US Vehicle Sales
- US International Trade in Goods
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for February 7
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Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.78.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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