Stock Market Outlook for March 26, 2024
Commodity strength is, perhaps, the biggest theme in the market at present, but it is not without risks as the US Dollar index threatens a move that is counter to seasonal norms.
*** 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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Eaton Vance Tax-Advantaged Global Dividend Income Fund (NYSE:ETG) Seasonal Chart
Virtus LifeSci Biotech Products ETF (AMEX:BBP) Seasonal Chart
Principal Real Estate Income Fund (NYSE:PGZ) Seasonal Chart
Linamar Corp. (TSE:LNR.TO) Seasonal Chart
Morguard North American Residential REIT (TSE:MRG/UN.TO) Seasonal Chart
NexPoint Residential Trust, Inc. (NYSE:NXRT) Seasonal Chart
NGL Energy Partners LP (NYSE:NGL) Seasonal Chart
CarParts.com (NASD:PRTS) Seasonal Chart
WEX Inc. (NYSE:WEX) Seasonal Chart
Pine Cliff Energy Ltd. (TSE:PNE.TO) Seasonal Chart
The Markets
Stocks closed lower to start the week amidst end-of-quarter portfolio re-balancing as portfolio managers attempt to bring allocations back inline with Investment Policy Statements (IPS). The S&P 500 Index shed three-tenths of one percent, digesting some of the strength that was achieved following last week’s Fed meeting. Short-term support remains well ingrained at the rising 20-day moving average (5147), a variable hurdle that has supported the grind higher of prices since the year began. Negative divergences with respect to MACD and RSI persist, highlighting waning buying demand and a reluctance to commit new funds at these heights. The same momentum indicators are holding positions above their middle lines and moving averages are expanding above one another, both of which are characteristics of a bullish intermediate-term (multi-month) trend. Just a few days remain of this portfolio re-shuffling period before the quarter comes to a close and the setup for the market remains favourable for the month of April when start of quarter inflows and contributions to Investment Retirement Accounts (IRAs) drive benchmarks towards their normal highs around the start of May.
Today, in our Market Outlook to subscribers, we discuss the following:
- Our Weekly Charts Books update, along with our list of all segments of the market to either Accumulate or Avoid
- US Dollar Index
- Euro
- Bond price stability
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for March 26
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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 neutral at 1.00.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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