Stock Market Outlook for February 9, 2024
Energy commodities showing a bullish setup as their period of seasonal strength gets 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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Iridium Communications Inc. (NASD:IRDM) Seasonal Chart
MYR Group, Inc. (NASD:MYRG) Seasonal Chart
Trip.com Group Limited (NASD:TCOM) Seasonal Chart
Genco Shipping & Trading Ltd. (NYSE:GNK) Seasonal Chart
Chemours Co. (NYSE:CC) Seasonal Chart
The Markets
Stocks closed marginally higher on Thursday with the S&P 500 Index continuing to knock on the door of the psychologically important 5,000 level. The large-cap benchmark gained a mere 0.06%, still working away at fulfilling the upside potential of the ultra short-term bull flag pattern that was observed in recent days. Short-term support remains embedded at the 20-day moving average (4875) and momentum indicators are maintaining characteristics of a bullish trend above their middle lines. The strength in the past couple of sessions has pushed the benchmark back into overbought territory, but while this could always lead to the risk of short-term buying exhaustion, it is just another attribute of an intermediate-term bullish path. Seasonal tendencies call for strength for stocks through the first half of February, followed by weakness through the back half and this seems like a reasonable bet once the pull towards the important 5,000 level is complete.
Today, in our Market Outlook to subscribers, we discuss the following:
- Incremental bullishness emerging in the energy sector as the period of seasonal strength gets underway
- The bullish setup in energy commodity prices
- Weekly jobless claims and the health of the labour market
- US Wholesale Trade and the concerning trend it is portraying pertaining to the health of the economy
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Sentiment on Thursday, as gauged by the put-call ratio, ended bullish at 0.85.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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