Stock Market Outlook for March 15, 2024
Producer Prices spiked in February, once again emphasizing the need for inflation hedges for portfolios.
*** 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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Wrap Technologies, Inc. (NASD:WRAP) Seasonal Chart
iShares MSCI Saudi Arabia Capped ETF (AMEX:KSA) Seasonal Chart
Tortoise Power & Energy Infrastructure Fund Inc. (NYSE:TPZ) Seasonal Chart
Ovintiv Inc (NYSE:OVV) Seasonal Chart
Vanguard FTSE All-World ex-US ETF (NYSE:VEU) Seasonal Chart
Vanguard FTSE Developed Markets ETF (NYSE:VEA) Seasonal Chart
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (NYSE:PXF) Seasonal Chart
American Intl Group, Inc. (NYSE:AIG) Seasonal Chart
iShares Core MSCI Europe ETF (AMEX:IEUR) Seasonal Chart
SPDR MSCI ACWI ex-US ETF (NYSE:CWI) Seasonal Chart
iShares MSCI ACWI ETF (NASD:ACWI) Seasonal Chart
Cross Timbers Royalty Tr (NYSE:CRT) Seasonal Chart
Empire Co. Ltd. (TSE:EMP/A.TO) Seasonal Chart
Sasol Ltd. (NYSE:SSL) Seasonal Chart
The Markets
Stocks closed generally lower on Thursday as a hotter than expected read of producer prices ignited concerns that the Fed may be reluctant to cut rates as aggressively as expected this year. The S&P 500 Index closed down by three-tenths of one percent, continuing to stall below the all-time high charted last week at 5189. Struggle below the important 5200 hurdle has become apparent given that this has been the proposed target that many analysts have expected the benchmark to close at by the end of the year and this is equating to a slowing of buying demand around these heights, as portrayed by the negative divergence of momentum indicators versus price. Short-term support remains well defined at the rising 20-day moving average (5091) and characteristics of a positive intermediate-term trend, supported by the 20-week moving average (~4800), remain well embedded. Only one session remains in the week and should it fail to overcome the aforementioned peak charted a week ago, it would be the first week since the start of the year and only the second time since last October’s lows that a higher level above the prior week’s high has not been charted, another signal of investor indecision and possibly the start of a short-term pullback in prices ahead of the end of the first quarter. Recall that last week’s significant doji indecision candlestick took us off of our view to Accumulate the large-cap benchmark and we now sit with a Neutral bias, a view that continues to look prudent the more that the broader benchmark stalls.
Today, in our Market Outlook to subscribers, we discuss the following:
- The jump in Producer Prices for February
- The desire to pursue inflation hedges in portfolios
- REITs and Small Caps
- US Retail Sales
- The change in retail inventories
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for March 15
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Sentiment on Thursday, as gauged by the put-call ratio, ended close to neutral at 0.94.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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