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Stock Market Outlook for February 22, 2024

The market is stealthily pricing in the uptick of inflationary pressures, emphasizing the importance of tailoring portfolios to areas of the market that continue to have pricing power.

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*** 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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Amphastar Pharmaceuticals, Inc. (NASD:AMPH) Seasonal Chart

Amphastar Pharmaceuticals, Inc. (NASD:AMPH) Seasonal Chart

Ovid Therapeutics Inc. (NASD:OVID) Seasonal Chart

Ovid Therapeutics Inc. (NASD:OVID) Seasonal Chart

McCoy Bros., Inc. (TSE:MCB.TO) Seasonal Chart

McCoy Bros., Inc. (TSE:MCB.TO) Seasonal Chart



The Markets

Stocks closed little changed on Wednesday as investors awaited earnings from NVIDIA after the closing bell.  The S&P 500 Index ended the day with a gain of just over one-tenth of one percent, managing to climb out of negative territory that was seen through much of the session.  Once again, short-term support at the rising 20-day moving average (4955) was tested, enticing buyers to step in order to bet on the positive intermediate-term trend that is ongoing.  Near-term, conditions remain dicey as the market progresses further into this period of seasonal weakness that dominates that back half of February.  Momentum indicators (MACD and RSI) continue to show negative divergences versus price, an indication of upside exhaustion.  Levels down to 4600 on the large-cap benchmark are fair game, accounting for a normal and healthy correction of the recent market strength, a retracement that, if realized, would provide the ideal setup for the strength that is normal through March and April.

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

  • Canada Consumer Price Index (CPI)
  • Inflationary pressures stealthily being priced into the market
  • REITs
  • Evidence of aggressive risk aversion remains absent

Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for February 22

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Sentiment on Wednesday, as gauged by the put-call ratio, ended bearish at 1.09.






Seasonal charts of companies reporting earnings today:

Intuit Inc. Seasonal Chart Booking Holdings Inc. Seasonal Chart MercadoLibre, Inc. Seasonal Chart EOG Resources, Inc. Seasonal Chart VALE S.A. Seasonal Chart Pioneer Natural Resources Company Seasonal Chart Pacific Gas & Electric Co. Seasonal Chart Copart, Inc. Seasonal Chart Keurig Dr Pepper Inc. Seasonal Chart Block, Inc. Seasonal Chart Cheniere Energy, Inc. Seasonal Chart Newmont Corporation Seasonal Chart Dominion Energy, Inc. Seasonal Chart Moderna, Inc. Seasonal Chart VICI Properties Inc. Seasonal Chart Quanta Services, Inc. Seasonal Chart Edison International Seasonal Chart Telefonica SA Seasonal Chart Builders FirstSource, Inc. Seasonal Chart Live Nation Entertainment, Inc. Seasonal Chart Entergy Corporation Seasonal Chart Coca Cola Femsa S.A.B. de C.V. Seasonal Chart Iron Mountain Incorporated Seasonal Chart Teck Resources Ltd Seasonal Chart Coterra Energy Inc. Seasonal Chart Pembina Pipeline Corp. Seasonal Chart Ameren Corporation Seasonal Chart BioMarin Pharmaceutical Inc. Seasonal Chart Pool Corporation Seasonal Chart Insulet Corporation Seasonal Chart LKQ Corporation Seasonal Chart American Homes 4 Rent Seasonal Chart Gold Fields Limited Seasonal Chart Teleflex Incorporated Seasonal Chart Floor & Decor Holdings, Inc. Seasonal Chart Morningstar, Inc. Seasonal Chart Penumbra, Inc. Seasonal Chart Carvana Co. Seasonal Chart


S&P 500 Index


TSE Composite




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