Stock Market Outlook for February 26, 2024
Energy stocks showing intriguing price action ahead of their period of seasonal strength.
*** 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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Ecolab, Inc. (NYSE:ECL) Seasonal Chart
Verisk Analytics Inc. (NASD:VRSK) Seasonal Chart
Greif Bros. Corp. (NYSE:GEF) Seasonal Chart
Linde plc (NASD:LIN) Seasonal Chart
AirBoss of America Corp. (TSE:BOS.TO) Seasonal Chart
Agnico Eagle Mines Ltd. (NYSE:AEM) Seasonal Chart
Vanguard Communication Services ETF (NYSE:VOX) Seasonal Chart
Nu Skin Enterprises, Inc. (NYSE:NUS) Seasonal Chart
Jamieson Wellness Inc. (TSE:JWEL.TO) Seasonal Chart
Willis Towers Watson Public Ltd. Co. (NASD:WTW) Seasonal Chart
The Markets
Stocks ended generally mixed on Friday as traders took a breather following a wild week in the market. The S&P 500 Index closed with a gain of a mere three basis points (0.03%), charting a fresh record closing high and extending the bounce that has materialized around the rising 20-day moving average. Thursday’s upside gap between 4983 and 5038 has created another zone of support for the bulls to shoot off of as the benchmark becomes more comfortable with levels above the psychologically important 5,000 level. Momentum indicators have been negatively diverging from price, indicative of waning buying demand at these record heights, but this merely sets the benchmark up for a period of short-term exhaustion within a rising intermediate-term path that began in October of 2022. Seasonal tendencies call for weakness through the back half of February before entering the notoriously positive months of March and April, but with NVIDIA pushing back against this normal negativity that results in a round of profit-taking, we may have to expect a more subdued result than normal in the month of March as portfolio managers seek to right-size some of their imbalances that have resulted in portfolios following the technology run.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly look at the large-cap benchmark
- Net assets on the Fed’s balance sheet
- Weekly Jobless Claims and the health of the labor market
- Encouraging price action in energy exploration and production stocks
- Energy commodity supply and demand in the US
- Looking for optimism in the price of Natural Gas
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Sentiment on Friday, as gauged by the put-call ratio, ended close to neutral at 0.96.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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