Stock Market Outlook for March 14, 2024
Coincident indications of the health of the economy looking very good.
*** 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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WisdomTree International LargeCap Dividend Fund (NYSE:DOL) Seasonal Chart
iShares Evolved U.S. Technology ETF (AMEX:IETC) Seasonal Chart
Zai Lab, Ltd. (NASD:ZLAB) Seasonal Chart
Rentokil Initial plc (NYSE:RTO) Seasonal Chart
PIMCO 15+ Year U.S. TIPS Index ETF (NYSE:LTPZ) Seasonal Chart
iShares Global Utilities ETF (NYSE:JXI) Seasonal Chart
Entergy Corp Hldg Co. (NYSE:ETR) Seasonal Chart
iShares MSCI ACWI ex US ETF (NASD:ACWX) Seasonal Chart
Select Medical Holdings Corp. (NYSE:SEM) Seasonal Chart
MDU Resources Group, Inc. (NYSE:MDU) Seasonal Chart
Obsidian Energy Ltd. (TSE:OBE.TO) Seasonal Chart
Dollar General Corp. (NYSE:DG) Seasonal Chart
ARC Resources Ltd. (TSE:ARX.TO) Seasonal Chart
Oracle Corp. (NYSE:ORCL) Seasonal Chart
The Markets
Stocks closed fairly mixed on Wednesday as the ebb and flow in the Technology sector continues. The S&P 500 Index closed down by just less than two-tenths of one percent, continuing to show hesitation around 5200 as portfolio managers scrutinized their allocation to the once hot growth trade. The result is an ongoing negative divergence of momentum indicators versus price, a sign of upside exhaustion and typically a leading indication of a short-term pullback. Short-term support for the large-cap benchmark remains well defined at the rising 20-day moving average (5083). Just around two weeks remains before the quarter comes to a close and portfolio managers will be forced to bring allocations back to investment policy guidelines in order to not be over or underweight any one particular market segment.
Today, in our Market Outlook to subscribers, we discuss the following:
- High Yield Spreads
- Energy supply and demand
- The price of Oil
- The seasonal trade in the energy sector
- Copper and emerging market equities
- The spread of Influenza-like Illnesses
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Sentiment on Wednesday, as gauged by the put-call ratio, ended bullish at 0.82.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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