Stock Market Outlook for March 19, 2024
Price of Bitcoin showing indecision as buying pressures for some of this year’s market leaders wane.
*** 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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iShares Global Infrastructure Index ETF (NASD:IGF) Seasonal Chart
ProMIS Neurosciences Inc. (NASD:PMN) Seasonal Chart
SandRidge Energy, Inc. (NYSE:SD) Seasonal Chart
Four Corners Property Trust, Inc. (NYSE:FCPT) Seasonal Chart
Tortoise Pipeline & Energy Fund, Inc. (NYSE:TTP) Seasonal Chart
SPDR Dow Jones Global Real Estate ETF (NYSE:RWO) Seasonal Chart
Pimco Corporate Opportunity (NYSE:PTY) Seasonal Chart
VanEck Vectors Mortgage REIT Income ETF (NYSE:MORT) Seasonal Chart
Western Asset Investment Grade Defined Opportunity Trust Inc. (NYSE:IGI) Seasonal Chart
iShares International Developed Real Estate ETF (NASD:IFGL) Seasonal Chart
SPDR S&P Global Infrastructure ETF (NYSE:GII) Seasonal Chart
First Trust Natural Gas ETF (NYSE:FCG) Seasonal Chart
Invesco Taxable Municipal Bond ETF (NYSE:BAB) Seasonal Chart
Brookfield Global Infrastructure Securities Income Fund (TSE:BGI/UN.TO) Seasonal Chart
Cenovus Energy Inc. (NYSE:CVE) Seasonal Chart
The Markets
Stocks received lift early into the new week as the growth trade saw new life amidst deal news between Google (GOOGL) an Apple (AAPL). The S&P 500 Index closed with a gain of just over six-tenths of one percent, reaching back towards the all-time intraday high charted a week and a half ago around 5189. Short-term resistance at this aforementioned hurdle can be easily picked out, threatening to cap the advance of the equity market in the near-term as portfolio managers continue to shuffle the deck in their allocations ahead of the end of the quarter. Short-term support remains evident at the rising 20-day moving average (5103). Upside exhaustion in equity prices remains best portrayed by the divergence of momentum indicators (RSI and MACD) versus price as market participants scrutinize whether adding new positions is prudent around these market heights. The intermediate-term path of the benchmark, which is the focus in our seasonal approach, remains definitively positive and is not expected to show anything that could be deemed negative until at least the start of the “off-season” for stocks that begins in May.
Today, in our Market Outlook to subscribers, we discuss the following:
- Communication Services Sector
- Our Weekly Chart Books update, along with all segments of the market to either Accumulate or Avoid
- Indecision on the chart of Bitcoin
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for March 19
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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 bullish at 0.90.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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