Stock Market Outlook for March 12, 2024
While stocks are beginning to look exhausted, a number of influences are setting up favourably for an extension of the market’s strength into the start of spring.
*** 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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NextEra Energy Inc. (NYSE:NEE) Seasonal Chart
NuVista Energy Ltd. (TSE:NVA.TO) Seasonal Chart
Perpetual Energy Inc. (TSE:PMT.TO) Seasonal Chart
Lifetime Brands, Inc. (NASD:LCUT) Seasonal Chart
Artisan Partners Asset Management Inc. (NYSE:APAM) Seasonal Chart
Tekla Healthcare Opportunies Fund (NYSE:THQ) Seasonal Chart
Sitio Royalties Corp. (NYSE:STR) Seasonal Chart
Docusign, Inc. (NASD:DOCU) Seasonal Chart
The Markets
Stocks closed mixed on Monday as the steam continues to come out of the once red-hot technology trade and as traders anticipate the release of the Consumer Price Index (CPI) on Tuesday. The S&P 500 Index dipped by just over one tenth of one percent, reaching back towards short-term support at the rising 20-day moving average (5065). Momentum indicators continue to negatively diverge from price, indicative of the waning buying demand that is present around these market heights. The intermediate-term trend of the benchmark remains definitely positive, warranting buying the dips, but a digestion of the strength derived since last October appears to be required in order to entice the next round of buyers into the market. The significant indecision candlestick charted on the weekly chart of the large-cap benchmark last week has enticed us to step back from our view to Accumulate the benchmark (and related ETF – SPY) as we focus on other more appealing opportunities heading through the remainder of the best six month timeframe for stocks that peaks in May.
Today, in our Market Outlook to subscribers, we discuss the following:
- The rollover of the Dow Jones Industrial Average
- US Dollar Index
- The bounce of bond funds from 20-week moving averages
- Net Assets on the Fed’s Balance Sheet and the dwindling use of the Fed’s Repo facility
- Our Weekly Chart Books update, along with our list of all segments of the market to either Accumulate or Avoid
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Want to know which areas of the market to buy or sell? Our Weekly Chart Books have just been updated, providing a clear Accumulate, Avoid, or Neutral rating for currencies, cryptocurrencies, commodities, broad markets, and subsectors/industries of the market. Subscribers can login and click on the relevant links to access.
- Currencies
- Cryptocurrencies
- Commodities
- Major Benchmarks
- Sub-sectors / Industries
- ETFs: Bonds | Commodities | Equity Markets | Industries | Sectors
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Sentiment on Monday, as gauged by the put-call ratio, ended slightly bearish at 1.02
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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