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Stock Market Outlook for February 20, 2024

Housing starts just showed the weakest January change since 2009, at the height of the Great Financial Crisis.

Real Time Economic Calendar provided by Investing.com.

 

 

*** 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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Sempra Energy (NYSE:SRE) Seasonal Chart

Sempra Energy (NYSE:SRE) Seasonal Chart

BMO Real Return Bond Index ETF (TSE:ZRR.TO) Seasonal Chart

BMO Real Return Bond Index ETF (TSE:ZRR.TO) Seasonal Chart

Wayfair Inc. (NYSE:W) Seasonal Chart

Wayfair Inc. (NYSE:W) Seasonal Chart

American Tower Corp. (NYSE:AMT) Seasonal Chart

American Tower Corp. (NYSE:AMT) Seasonal Chart

Essex Property Trust, Inc. (NYSE:ESS) Seasonal Chart

Essex Property Trust, Inc. (NYSE:ESS) Seasonal Chart

FTI Consulting, Inc. (NYSE:FCN) Seasonal Chart

FTI Consulting, Inc. (NYSE:FCN) Seasonal Chart

Waste Connections, Inc. (NYSE:WCN) Seasonal Chart

Waste Connections, Inc. (NYSE:WCN) Seasonal Chart

Invesco Preferred ETF (NYSE:PGX) Seasonal Chart

Invesco Preferred ETF (NYSE:PGX) Seasonal Chart

 

 

The Markets

Stocks closed lower on Friday after another report of inflation in the economy stoked fears that conditions may not be present for the Fed to start cutting rates according to the market’s expectations.  The S&P 500 Index closed down by half of one percent, pulling back from the intraday all-time high level charted in the past week at 5048.  Gradually, we are seeing evidence of an equity market that is losing upside traction as momentum indicators (MACD and RSI) negatively diverge from price, a sign that buying demand is not as robust as it once was now that the market has reached record heights.  Short-term support remains firmly ingrained around the 20-day moving average at 4942, a hurdle that is likely to be put to the test amidst the period of seasonal weakness for the market through the back half of February.  While the previous all-time high of 4800 is the logical retracement point to a near-term market pullback, levels all the way down to previous horizontal resistance at 4600 are fair game as part of a healthy digestion of the strength that has been achieved in recent months.

Today, in our Market Outlook to subscribers, we discuss the following:

  • Weekly look at the large-cap benchmark
  • The normalization of the path of initial jobless claims
  • The weakest January change in Housing Starts since the Great Financial Crisis

Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for February 20

Not signed up yet?  Subscribe now to receive full access to all of the research and analysis that we publish.

Sentiment on Friday, as gauged by the put-call ratio, ended close to Neutral at 0.93.

 

 

Seasonal charts of companies reporting earnings today:

Walmart Inc. Seasonal Chart Home Depot, Inc. (The) Seasonal Chart BHP Group Limited Seasonal Chart Palo Alto Networks, Inc. Seasonal Chart Barclays PLC Seasonal Chart Medtronic plc Seasonal Chart Public Storage Seasonal Chart Realty Income Corporation Seasonal Chart CoStar Group, Inc. Seasonal Chart Diamondback Energy, Inc. Seasonal Chart Keysight Technologies Inc. Seasonal Chart International Flavors & Fragrances, Inc. Seasonal Chart Westlake Corporation Seasonal Chart Expeditors International of Washington, Inc. Seasonal Chart Telefonica Brasil S.A. Seasonal Chart CenterPoint Energy, Inc. Seasonal Chart Celanese Corporation Seasonal Chart Sun Communities, Inc. Seasonal Chart Allegion plc Seasonal Chart Toll Brothers, Inc. Seasonal Chart Chesapeake Energy Corporation Seasonal Chart WillScot Mobile Mini Holdings Corp. Seasonal Chart Caesars Entertainment, Inc. Seasonal Chart The Middleby Corporation Seasonal Chart Graphic Packaging Holding Company Seasonal Chart BanColombia S.A. Seasonal Chart Ternium S.A. Seasonal Chart KBR, Inc. Seasonal Chart UFP Industries, Inc. Seasonal Chart Globus Medical, Inc. Seasonal Chart Fluor Corporation Seasonal Chart Matador Resources Company Seasonal Chart Gerdau S.A. Seasonal Chart Viper Energy, Inc. Seasonal Chart Choice Hotels International, Inc. Seasonal Chart Element Solutions Inc. Seasonal Chart Boise Cascade, L.L.C. Seasonal Chart Flowserve Corporation Seasonal Chart EnLink Midstream, LLC Seasonal Chart Workiva Inc. Seasonal Chart SolarEdge Technologies, Inc. Seasonal Chart Halozyme Therapeutics, Inc. Seasonal Chart Armstrong World Industries Inc Seasonal Chart

 

S&P 500 Index

 

TSE Composite

 

 

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