Stock Market Outlook for March 18, 2024
Back-to-back weekly indecision candlesticks on the chart of the S&P 500 Index continues to highlight upside exhaustion.
*** 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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Talos Energy, Inc. (NYSE:TALO) Seasonal Chart
Invesco S&P 500 GARP ETF (AMEX:SPGP) Seasonal Chart
Invesco DWA Developed Markets Momentum ETF (NASD:PIZ) Seasonal Chart
Global X MLP & Energy Infrastructure ETF (AMEX:MLPX) Seasonal Chart
ALPS Equal Sector Weight ETF (NYSE:EQL) Seasonal Chart
PepsiCo, Inc. (NASD:PEP) Seasonal Chart
Shake Shack Inc. (NYSE:SHAK) Seasonal Chart
Permianville Royalty Trust (NYSE:PVL) Seasonal Chart
PHX Minerals Inc. (NYSE:PHX) Seasonal Chart
Crescent Point Energy Corp. (NYSE:CPG) Seasonal Chart
Targa Resources Corp. (NYSE:TRGP) Seasonal Chart
MEG Energy Corp. (TSE:MEG.TO) Seasonal Chart
DISH Network Corp. (NASD:DISH) Seasonal Chart
Invesco S&P Emerging Markets Momentum ETF (AMEX:EEMO) Seasonal Chart
Shell Plc (NYSE:SHEL) Seasonal Chart
Global X SuperDividend Alternatives ETF (NASD:ALTY) Seasonal Chart
Constellation Brands, Inc. (NYSE:STZ) Seasonal Chart
TransAlta Corp. (NYSE:TAC) Seasonal Chart
Deckers Outdoor Corp. (NYSE:DECK) Seasonal Chart
ConocoPhillips (NYSE:COP) Seasonal Chart
Laboratory Corporation of America Holdings (NYSE:LH) Seasonal Chart
Williams Cos., Inc. (NYSE:WMB) Seasonal Chart
ONEX Corp. (TSE:ONEX.TO) Seasonal Chart
CI Financial Corp. (TSE:CIX.TO) Seasonal Chart
American Fncl Group, Inc. (NYSE:AFG) Seasonal Chart
Ritchie Bros Auctioneers (NYSE:RBA) Seasonal Chart
Diageo PLC (NYSE:DEO) Seasonal Chart
Caesars Entertainment, Inc. (NASD:CZR) Seasonal Chart
BRP Inc. (NASD:DOOO) Seasonal Chart
Restaurant Brands International Inc. (NYSE:QSR) Seasonal Chart
iShares U.S. Preferred Stock ETF (NASD:PFF) Seasonal Chart
The Markets
Stocks closed lower on Friday as the momentum in the formerly hot technology trade loses its glow. The S&P 500 Index closed lower by two-thirds of one percent, pulling back to short-term support at the 20-day moving average (5095). A distinct rollover of Stochastics, RSI, and MACD from overbought territory can be seen as these momentum indicators continue to diverge from the direction of price, a sign of upside exhaustion. An ultra-short-term double top can be picked out on the chart of the large-cap benchmark just below 5200, a setup that would project a downside move to 5010 should support at 5095 become violated. The digestion of recent strength that is now playing out is expected to persist through the next week and a half as portfolio managers re-balance their books ahead of the end of the first quarter. Strength in the final hours of the quarter amidst portfolio window dressing and fund inflows through the month of April are slated to re-impose buying demand shortly, ideally following a rest and reset of the upward trajectory in the days ahead.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly look at the large-cap benchmark
- US Industrial Production
- What the trend of Industrial Production has to say about who will win the presidential election this November
- Manufacturer sentiment
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for March 18
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Sentiment on Friday, as gauged by the put-call ratio, ended bullish at 0.81.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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